bigredfish
Known around here
Gold has been on a rip for two months now, but WTF was that about this morning at 8am pre market?
Money & Economics
- Thread starter bigredfish
- Start date
My 12yo son has started a hobby about a year ago collecting coins. He discovered going to the bank and buying rolls of penny's, nickels, dimes and quarters. He'll go through the rolls, pull out what he needs for his collection and also pull out all premiums 64 stuff that's silver and the copper pennies.
He's been watching the silver market. Just this weekend he weighed all his silver coins in his tote. If he were to be able to get spot price for his silver alone right now he'd be able to buy a vehicle that's nicer than any vehicle me and my wife can drive.......
That boy will spend hours each night sifting through coins. Then he has us take him to the bank a few times a each week to exchange.
He also took up the hobby of smoking meat, making BBQ sauces and rubs. A little word of mouth and what started as smoking meat for some friends family get together in November turned into almost once a week small catering job....
With his income from that he goes to the bank to buy coins.
The kid is a genius in my book, obviously got his smarts from mom. The local bank now asks him how much he needs in coins so they can plan ahead for their shipments.
He's now asking about bitcoin and wanting to buy that
He's been watching the silver market. Just this weekend he weighed all his silver coins in his tote. If he were to be able to get spot price for his silver alone right now he'd be able to buy a vehicle that's nicer than any vehicle me and my wife can drive.......
That boy will spend hours each night sifting through coins. Then he has us take him to the bank a few times a each week to exchange.
He also took up the hobby of smoking meat, making BBQ sauces and rubs. A little word of mouth and what started as smoking meat for some friends family get together in November turned into almost once a week small catering job....
With his income from that he goes to the bank to buy coins.
The kid is a genius in my book, obviously got his smarts from mom. The local bank now asks him how much he needs in coins so they can plan ahead for their shipments.
He's now asking about bitcoin and wanting to buy that
He's also wanting us to homeschool so he has more time to cook and sort coins
bigredfish
Known around here
Smart kid. But I’d sure be cautious on Bitcoin..
Roth IRA vs traditional IRA | Comparing IRAs | Fidelity
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Money Market account is finally making a return:
Ssayer
BIT Beta Team
bigredfish
Known around here
US Leading Economic Indicators Tumble For 10th Straight Month, Signal Recession Imminent
US Leading Economic Indicators Tumble For 10th Straight Month, Signal Recession Imminent | ZeroHedge
Recession Signals Grow As Consumers Struggle To Pay Bills
Recession Signals Grow As Consumers Struggle To Pay Bills | ZeroHedge
US Leading Economic Indicators Tumble For 10th Straight Month, Signal Recession Imminent | ZeroHedge
Recession Signals Grow As Consumers Struggle To Pay Bills
Recession Signals Grow As Consumers Struggle To Pay Bills | ZeroHedge
bigredfish
Known around here
Wall St. Journal Report Says You Should Stop Eating To Save Money
Wall St. Journal Report Says You Should Stop Eating To Save Money | ZeroHedge
Wall St. Journal Report Says You Should Stop Eating To Save Money | ZeroHedge
But we already only eat two meals a day. Biden's America sucks. Or maybe I should say Biden's handler's America sucks.
No you can include him and his son, they knew what they were doing with China and Ukraine...
Last edited:
tigerwillow1
Known around here
T-bills, too...
tigerwillow1
Known around here
I'm partial to US government securities over CDs, because for any non-US interest, the state of Oregon takes 9% of it. 
bigredfish
Known around here
bigredfish
Known around here
Hope this doesn’t get as ugly as it could.
"Expect Mass Layoffs..." - The Real-World Impact Of SVB's Failure
www.zerohedge.com
For most people in America, the news that a 'bank in Silicon Valley' has failed will be forgotten quicker than a story about soaring shoplifting in their local supermarket.
It shouldn't.
Reality is that the contagion of the shuttering of the 18th largest bank in the US are widespread.
First things first, there is a long line of depositors who are over the $250,000 FDIC insured limit (in fact only somewhere between 3 and 7% of total deposits are insured). The following list, while incomplete, is approximately sorted by size of exposure:
"Expect Mass Layoffs..." - The Real-World Impact Of SVB's Failure
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
For most people in America, the news that a 'bank in Silicon Valley' has failed will be forgotten quicker than a story about soaring shoplifting in their local supermarket.
It shouldn't.
Reality is that the contagion of the shuttering of the 18th largest bank in the US are widespread.
First things first, there is a long line of depositors who are over the $250,000 FDIC insured limit (in fact only somewhere between 3 and 7% of total deposits are insured). The following list, while incomplete, is approximately sorted by size of exposure:
- USDC - Crypto Stablecoin run by Circle - Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally.
- ROKU - Roku had 26% of its cash, $487 million with Silicon Valley Bank
- BLOCKFI - BlockFi has $227 million in "unprotected" funds in Silicon Valley Bank, according to a bankruptcy document, and may be in violation of U.S. bankruptcy law.
- RBLX - Roblox said 5% of its $3b cash and securities balance is held at SVB.
- DNA - Gingko Bioworks: Only the cash balance of the company's wholly-owned subsidiary Zymergen Inc. is held in deposit accounts at SVB, representing approximately $74M or 6% of the company's cash and cash equivalents as of December 31, 2022
- RKLB - RocketLab USA had about $38 million in its accounts with the bank, representing about 7.9% of the startup’s cash and equivalents
- LC - Lending Club warned about potentially losing funds on deposit at SVB of $21 million, said amount isn't material to its liquidity position or capital levels, and doesn't pose a risk to the group's business or operations.
- PAYO - Payoneer: Of the company's approximately $6.4B in total cash balances as of December 31, 2022, less than $20M is held at SVB
- PTGX - Protagonist Therapeutics considers its exposure to any liquidity concern at SVB to be limited, given that cash held at SVB is approximately $13 million as of March 9, 2023.
- ACHR - Archer Aviation entered into a $20 million loan with SVB in 2021, $10 million of which is due for repayment in 2023
- COHU - Cohu announced that it has deposit accounts with SVB with an aggregate balance of approximately $12.3M, which is approximately 3.8% of the company's total cash and investments.
- IGMS - IMG Biosciences: 'As of March 10, 2023, the Company holds less than $5.0 million in deposits at SVB. Therefore, the Company believes it does not have any material exposure to any liquidity concerns at SVB.'
- RYTM - Rhythm Pharmaceuticals announced that it has deposit accounts with SVB with an aggregate balance of approximately $3.4 million, which is approximately 1.1% of the Company's total cash and cash equivalents.'
- SYRS - Syros Pharmaceuticals discloses that, as of March 10, 2023, it has two deposit accounts at Silicon Valley Bank. One of these accounts has a balance of less than $250,000, and the other has a balance of approximately $3.1 million pursuant to a letter of credit that the Company was required to provide to its landlord in connection with the execution of the lease for its corporate headquarters...
- EYPT - EyePoint Pharmaceuticals currently maintains a de minimis amount of cash, in the single digit millions of U.S. dollars, with Silicon Valley Bank (SIVB)
- ATRA - Atara Biotherapeutics currently maintains an account at Silicon Valley Bank (“SVB") holding cash deposits of approximately $2 million, which amount the Company considers to be immaterial to its liquidity.'
- ISEE - Iveric Bio currently maintains a de minimis amount of cash and cash equivalents, in the low single digit millions of U.S. dollars, with Silicon Valley Bank ("SVe").'
- VERA - Vera Therapeutics currently holds approximately 1.2% of its cash and investments with SVB. Accordingly, the Company considers its risk exposure relating to SVB to be minimal.
- XFOR - X4 Pharmaceuticals had approximately 2.5% of its cash deposits with SVB.
- CTMX - CytomX Therapeutics does not consider its exposure to any liquidity concern at SVB to be significant. The cash held at SVB in CytomX’s operating CTMX account is at or near the FDIC-insured limit of $250,000. CytomX also maintains a deposit account at SVB under a standby letter of credit issued pursuant to its office lease for approximately $917,000.'
- AXSM - Axsome Therapeutics has material cash deposits with SVB.
- WVE - Wave Life Sciences aggregate amount of the company's cash and restricted cash held at SVB is approximately $1.5M.
- JNPR - Juniper Networks maintains operating accounts at SVB with a minimal cash balance of less than 1% of the company's total cash
- QS - QuantumScape has very limited exposure to SVB, with only a low single digit percentage exposure relative to both the Company's total liquidity and total assets.
This is what scares me about this, within a few hours the Bank Run drained a quarter of their funding. As we have witnessed with how people react in Fear with Covid, a country wide Bank Run Fear would be devastating...wonder if that will be the next Plandemic?Hope this doesn’t get as ugly as it could.
"Expect Mass Layoffs..." - The Real-World Impact Of SVB's Failure
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
For most people in America, the news that a 'bank in Silicon Valley' has failed will be forgotten quicker than a story about soaring shoplifting in their local supermarket.
It shouldn't.
Reality is that the contagion of the shuttering of the 18th largest bank in the US are widespread.
First things first, there is a long line of depositors who are over the $250,000 FDIC insured limit (in fact only somewhere between 3 and 7% of total deposits are insured). The following list, while incomplete, is approximately sorted by size of exposure:
And, investors are out a lot...
- USDC - Crypto Stablecoin run by Circle - Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally.
- ROKU - Roku had 26% of its cash, $487 million with Silicon Valley Bank
- BLOCKFI - BlockFi has $227 million in "unprotected" funds in Silicon Valley Bank, according to a bankruptcy document, and may be in violation of U.S. bankruptcy law.
- RBLX - Roblox said 5% of its $3b cash and securities balance is held at SVB.
- DNA - Gingko Bioworks: Only the cash balance of the company's wholly-owned subsidiary Zymergen Inc. is held in deposit accounts at SVB, representing approximately $74M or 6% of the company's cash and cash equivalents as of December 31, 2022
- RKLB - RocketLab USA had about $38 million in its accounts with the bank, representing about 7.9% of the startup’s cash and equivalents
- LC - Lending Club warned about potentially losing funds on deposit at SVB of $21 million, said amount isn't material to its liquidity position or capital levels, and doesn't pose a risk to the group's business or operations.
- PAYO - Payoneer: Of the company's approximately $6.4B in total cash balances as of December 31, 2022, less than $20M is held at SVB
- PTGX - Protagonist Therapeutics considers its exposure to any liquidity concern at SVB to be limited, given that cash held at SVB is approximately $13 million as of March 9, 2023.
- ACHR - Archer Aviation entered into a $20 million loan with SVB in 2021, $10 million of which is due for repayment in 2023
- COHU - Cohu announced that it has deposit accounts with SVB with an aggregate balance of approximately $12.3M, which is approximately 3.8% of the company's total cash and investments.
- IGMS - IMG Biosciences: 'As of March 10, 2023, the Company holds less than $5.0 million in deposits at SVB. Therefore, the Company believes it does not have any material exposure to any liquidity concerns at SVB.'
- RYTM - Rhythm Pharmaceuticals announced that it has deposit accounts with SVB with an aggregate balance of approximately $3.4 million, which is approximately 1.1% of the Company's total cash and cash equivalents.'
- SYRS - Syros Pharmaceuticals discloses that, as of March 10, 2023, it has two deposit accounts at Silicon Valley Bank. One of these accounts has a balance of less than $250,000, and the other has a balance of approximately $3.1 million pursuant to a letter of credit that the Company was required to provide to its landlord in connection with the execution of the lease for its corporate headquarters...
- EYPT - EyePoint Pharmaceuticals currently maintains a de minimis amount of cash, in the single digit millions of U.S. dollars, with Silicon Valley Bank (SIVB)
- ATRA - Atara Biotherapeutics currently maintains an account at Silicon Valley Bank (“SVB") holding cash deposits of approximately $2 million, which amount the Company considers to be immaterial to its liquidity.'
- ISEE - Iveric Bio currently maintains a de minimis amount of cash and cash equivalents, in the low single digit millions of U.S. dollars, with Silicon Valley Bank ("SVe").'
- VERA - Vera Therapeutics currently holds approximately 1.2% of its cash and investments with SVB. Accordingly, the Company considers its risk exposure relating to SVB to be minimal.
- XFOR - X4 Pharmaceuticals had approximately 2.5% of its cash deposits with SVB.
- CTMX - CytomX Therapeutics does not consider its exposure to any liquidity concern at SVB to be significant. The cash held at SVB in CytomX’s operating CTMX account is at or near the FDIC-insured limit of $250,000. CytomX also maintains a deposit account at SVB under a standby letter of credit issued pursuant to its office lease for approximately $917,000.'
- AXSM - Axsome Therapeutics has material cash deposits with SVB.
- WVE - Wave Life Sciences aggregate amount of the company's cash and restricted cash held at SVB is approximately $1.5M.
- JNPR - Juniper Networks maintains operating accounts at SVB with a minimal cash balance of less than 1% of the company's total cash
- QS - QuantumScape has very limited exposure to SVB, with only a low single digit percentage exposure relative to both the Company's total liquidity and total assets.
We got the answer just a few moments after that tweet, when the California Department of Financial Protection and Innovation reported that shortly after the Bank announced a loss of approximately $1.8 billion from a sale of investments and was conducting a capital raise (which we now know failed), and despite the bank being in sound financial condition prior to March 9, 2023, "investors and depositors reacted by initiating withdrawals of $42 billion in deposits from the Bank on March 9, 2023, causing a run on the Bank."
As a result of this furious drain, as of the close of business on Thursday, March 9, "the bank had a negative cash balance of approximately $958 million."
At this point, despite attempts from the Bank, with the assistance of regulators, "to transfer collateral from various sources, the Bank did not meet its cash letter with the Federal Reserve. The precipitous deposit withdrawal has caused the Bank to be incapable of paying its obligations as they come due, and the bank is now insolvent."
Some context: as a reminder, SIVB had $173 billion in deposits as of Dec 31., which means that in just a few hours a historic bank run drained a quarter of the bank's funding!
bigredfish
Known around here
I’ve got our cash split between 3 banks for just this reason.
Plan on buying some 13 and 26 week T bills at 5% Monday
Plan on buying some 13 and 26 week T bills at 5% Monday