This scenario is highly plausible. The recent collapse of SVB exemplifies the difficulty in retrieving funds from banks in a cashless society. Banks have resorted to closing branches and decreasing the number of ATMs in order to maintain profitability. As an alternative to cash during a bank run, physical gold has become increasingly attractive. In Australian dollars, gold prices have reached unprecedented highs, equal to those of March 2022. Although we have reached a point of resistance, the underlying factors suggest that gold prices will continue to rise, surpassing the $3000 mark. This is especially crucial for Australian gold mining companies that have been struggling to remain solvent. We anticipate further developments in this area.
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