Australia could have struck gold because of the collapse of a significant US financial institution.
Silicon Valley Bank, which had $315 billion in property, was seized by US regulators final week after depositors rushed to withdraw funds amid considerations the financial institution may change into bancrupt.
Aussie gold miners surged on the ASX on Monday, so why is that this US financial institution so essential to the worldwide economic system?
“It lends to tech companies, which makes it vulnerable to the boom and bust cycles of tech,” says finance skilled Sarah Hughan on the most recent episode of The West Australian’s new finance present Trading Up.
“Last year, tech crashed, meaning they started withdrawing more cash and the fancy tech-focused bank was brought down by the oldest issue in banking — a good old run.”
Also on Trading Up, the Aussie brewer thirsty for $20 million from new traders and MinRes staff’ new resort-style mining website digs.
WATCH THE LATEST EPISODE IN THE VIDEO PLAYER ABOVE
Source: www.perthnow.com.au
