Banking Crisis Contagion Fears

Fears amongst investors around the recent collapse of Silicon Valley Bank and its potential contagion within the banking sector has seen gold hit a new record GBP high today with spot prices peaking at £1600/oz (£51.50/gram). Concerns over the giant Credit Suisse bank were alleviated when the Swiss National Bank announced that they would step in if necessary, but it didn’t stop share markets around the world falling sharply.

Conversely, strong demand for precious metals has seen silver make steady gains over the past two days peaking this morning at £18.50/oz.