First Republic meets its ‘end', ‘financial calamity' will send gold above $5k - Michael Lee banking gold recession
First Republic Bank, which suffered a 40 percent fall in customer deposits in Q1 and a 96 percent year-to-date fall in its share price, will be placed under FDIC receivership over the weekend, according to those familiar with the matter.
“You’ll see a lot less small savings banks, across the country,” he forecast. “We could get the number of banks [across the U.S.] cut in half, just from consolidation… that collapse in lending that you’re going to see countrywide is what is going to slow the economy down. It’s what is going to get inflation under control.
“I think he [Fed Chair Powell] will raise at least once more… I think rates stay there,” he predicted. “There’s not an immediate pivot.”
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