by Richard (Rick) Mills, Gold Seek:

Gold is back in favor this week as a banking crisis that started with the failure of Silicon Valley Bank (SVB), had investors flocking to safe-haven assets including the US dollar, Treasuries and bullion.

Spot gold Wednesday hit an intra-day high of $1,933/oz, as European bank stocks fell. Credit Suisse shares came under intense selling pressure, after its largest investor said it could not provide the Swiss bank with more financial assistance. However, they surged on Thursday after the country’s central bank agreed to lend it up to $54 billion, following the collapse of three US banks — SVB, Silvergate and Signature Bank.