Capital Flight: Investors Flock to Gold Amid Banking Crisis.

The collapse of Silicon Valley Bank has triggered a banking crisis, leading to capital flight from oil to gold. Oil prices have crashed to multi-year lows, with WTI crude falling from $80.46 per barrel to the $67 range, while Brent declined from $86.18 per barrel to the $73 range. Commodity analysts at Standard Chartered have combined the CoT data with the equivalent Intercontinental Exchange (ICE) data and found that there was heavy selling of crude oil and gasoline, combined with a rapid move by funds into precious metals four days after the collapse of Silicon Valley Bank. Gold prices have jumped nearly 9% since March 10, and now sit at $1,995/Oz, not far from the all-time high while silver prices have rocketed over 16% to trade at $23.35/Oz.