Why the panic is just beginning

Daily Reckonng/James Ricards/4-4-2023

“If those losses are realized to provide cash to fleeing depositors, it could wipe out much of the capital of the banking system. The most important question is: Is the crisis over? Has the Fed done enough to reassure depositors that the system is sound? Has the panic subsided? The answer is, no. The panic is just getting started.…This could be the crisis where the panic moves from the banks to the dollar itself. If savers lose confidence in the Fed (we’re almost there) not only will the banks collapse, but the dollar will collapse also. At that point, the only solution is gold bullion.”

USAGOLD note: Ricards weighs in on the bank crisis and a looming recession……”Step one,” he says, “is to get gold.”