Do You Know? | The Gold Standard 2418

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Welcome to The Gold Standard, where hostess Jennifer Horn and special guest Ken Russo, SVP of the Midas Gold Group, dive deep into thought-provoking questions that challenge our understanding of the world. In this episode, they explore the intriguing question, “Do you know...?” Get ready for a captivating discussion as they unravel fascinating insights, starting with a recent event that’s bound to pique your curiosity: the first FDIC-insured bank failure of 2024. Join us as we uncover more “Do you know...?” moments that will keep you informed and engaged.

The Failure of Republic First Bank

In a surprising turn, Pennsylvania regulators seized Republic First Bancorp, marking the first FDIC-insured bank failure of 2024. The bank’s struggles were evident in its failed attempts to secure new funds and its declining deposits, especially in mortgage lending. Despite plans to focus on consumer deposits and exit the mortgage business, Republic First faced setbacks, including withdrawing a $35 million investment deal. As a result, it was delisted from Nasdaq and ultimately seized by regulators. Fulton Bank has taken over Republic First’s branches and assets, significantly impacting the banking landscape in Pennsylvania, New York, and New Jersey. Explore the details of this financial saga in our latest episode of The Gold Standard with Jennifer Horn and Ken Russo.

First Republic Bank’s Sudden Collapse in 2023

Amidst the banking turmoil of recent years, First Republic Bank stood as a beacon of stability and success, targeting wealthy clients with its innovative business model. However, this façade crumbled as the bank became the second-largest to fail in American history (Washington Mutual collapsed during the 2008 financial crisis), ultimately offloading its assets to JPMorgan Chase. The downfall came as a series of events, including soaring interest expenses and challenges navigating the relentless Federal Reserve’s interest rate hikes. As fellow banks like Silicon Valley Bank and Signature Bank faced closures and liquidity crises, First Republic struggled to maintain its footing. The rapid rise in interest rates proved fatal, causing a 41% outflow in deposits and triggering a desperate scramble for solutions from the Biden Administration. Finally, on May 1, First Republic ceased to exist, closing a 38-year chapter in banking history and underscoring vital lessons in innovation and risk management for the financial sector.

Do you know what an absolute mess our financial system is in?

Rampant inflation and other economic indicators fluctuate wildly, like an EKG reading of a patient in trouble. The Federal Reserve will maintain interest rates at a 23-year high to put a stranglehold on inflation. The Fed’s wrestling match highlights the complexities and challenges of a financial system addicted to debt. The Fed’s cautious approach underscores the delicate balance between stimulating growth and controlling inflation. The persistence of high interest rates reflects the Federal Reserve’s stance on combating inflationary pressures, even as market expectations shift. As investors and economists navigate this uncertain terrain, questions arise about the Fed’s next steps and the impact on borrowing costs, investments, and economic stability.

“What is the only form of money that has existed and survived in its original form throughout history? And that would be gold.”
— Ken Russo

Do you Know the Best Way to Protect Yourself?

The best way to protect your wealth can vary based on individual circumstances and goals. However, investing in assets like gold is one widely recognized form of preserving wealth. Gold has historically been a hedge against market volatility and economic uncertainties. It retains its value over time. Gold and silver can act as a store of wealth in times of financial turbulence or inflationary pressures. Many investors turn to gold to diversify their portfolios and mitigate risks associated with traditional investments like stocks or bonds.

The Financial Realities

Do you know that the purchasing power of the dollar is dwindling? As inflation erodes currency’s value, it’s crucial to understand the implications for your finances. Do you know that a sovereign debt crisis is quickly approaching? With mounting debt burdens globally, the stability of economies is under scrutiny. Do you know that the looming Central Bank Digital Currency, or CBDC, threatens your financial privacy? As governments explore digital currencies, concerns about surveillance and control over financial transactions arise.

Join us as hostess Jennifer Horn and her guest, precious metals expert Ken Russo, take us on a tour of some of the most pressing financial realities and challenges impacting all of us.

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