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Banking turmoil has sent investors running from Oil to Gold. The selloff of oil and gasoline futures coincided with a move into precious metals, as silver and gold saw a net increase in long positions. while all other classes of crude and crude products saw a net increase in shorts.
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Bitcoin analysts are taking mixed views on short-term price movements. While optimistic long-term sentiment remains high, some predict a small pullback and settling around $25,000.00 this week. However, if current prices hold, the bulls could run the price up to $40,000.00 in April.
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And, finally, First Citizens Bank has bought Silicon Valley Bank. America's 30th largest bank bought about $72 billion worth of SVB's assets at a discount of $16.5 billion, leaving FDIC with some $90 billion in securities and other assets to dispose.
The DAPTake: A month ago, First Citizens was half the size of SVB. Nothing like a good crisis to show how absurd our banking system is.