It appears that the bank crisis we've been having has been something of a wake up call to savers. They've seen that cash held in banks can become inaccessible. They also understand that cash can be destroyed by inflation. With interest rates well below inflation, it isn't wise to keep all our savings in banks.
This is clear from a sudden surge in search interest related to gold and silver. It's also clear that people remain sceptical to risk, with both Bitcoin and Tesla seeing subdued search interest.
I remain confident in my prediction that Bitcoin is headed for another leg lower despite an impressive start to the year. I'm also confident that we'll see gold push through resistance at the $2,000 to $2,100 level, and that $3,000 is going to be reached within a year after that happens.
Things are becoming increasingly fragile and unstable, and this is now so evident among savers that it's affecting the supply of physical gold. My local gold store has only a few gold products on display. What's on offer is evidently being sold at a steady brisk pace.
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By Heritage Auctions for image, Mary Gillick for coin - Newman Numismatic Portal, Public Domain, Link
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