Silicon Valley Bank drops another 60% and is halted Friday as it’s shut down by regulators
Shares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again.
March 10, 2023
Market update
Yesterday a bank run started the entire banking sector to tank as the market had a pretty big drop.
Silicon Valley Bank is going under just like Silvergate.
First a crypto bank and now a tech bank.
The bubbles are bursting.
When depositors start pulling their money out there is no escape from the spiral.
Now the jobs number came in higher than expected again which will trigger higher interest rates by the Fed to continue which will continue to burst the bubble in the market.
Keep your eye on Japan. Its bond market is imploding. It might be the domino to begin crashing central banks.
John Rubino is one of my longtime financial gurus.
CNBC
Silicon Valley Bank drops another 60% and is halted Friday as it’s shut down by regulators
Shares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again.
March 10, 2023
Next week will be very telling.
The S&P has big support down in the 3800 area which is where it is heading.
If it breaks that with heavy volume we will get our next big drop down into the 3500 area.
The market cannot go up without the banks participating and right now, like dominoes, they are beginning to fail.
March 10, 2023
Crypto banks started the ball rolling. First bubble to burst. Then tech stocks burst.
All these banks are interconnected in some way because the entire financial system has become centralized.
It’s called counterparts risk and it causes contagion in the entire system.
Bonds are imploding.
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First Republic, other regional bank stocks sink after failure of Silicon Valley Bank
The declines on Friday were building on large sell-off from Thursday.
March 10, 2023
The crypto banks are leading the banking implosion.
First FTX, then Silvergate and today it’s Signature bank.
It is now imploding.
One of my financial gurus ( Bob Moriarty) has been saying for a long time the crypto bubble will burst and all the money will be lost.
So much counterparty risk in the crypto space and we are only at the beginning.
Gold/ silver is the only real money.
Bob Moriarty
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Crypto: A Ticking Timebomb That’s Waiting To Blow Up | Bob Moriarty
Trillions of dollars were lost in the cryptocurrency sphere. The collapse of cryptos could take down the system, says Marine, Naval Aviator and financial author Bob Moriarty. “There’s going to be chaos, but it’s only chaos if your not prepared for it.” He says if people are prepared, they can prosper during crisis.
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March 10, 2023
You are insured up to 250,000 per account per bank. I wouldn’t have any one account anywhere with more than that in it.
I would also recommend having cash on hand in case it’s suddenly hard to come by.
March 10, 2023
When you think about bonds think about debt obligations.
Investopedia is a great source of general financial information.
https://www.investopedia.com/articles/bonds/08/bond-market-basics.asp
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Fasten your seatbelts, it’s going to be a bumpy ride.