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Tidbits, Banking, Digital Currency, Markets & Rain Days Update 4/10/23

Highlights


On Friday, First Republic Bank filed a regulatory document that it will suspend quarterly cash dividends on its preferred stock “as a measure of prudent oversight.” The preferred stock dividends have been ~20%. First Republic Bank common stock has lost 90% of its value since early March.

Banking problems are short term bearish for commodities. Will this action by First Republic Bank create another banking collapse fear? A bank failure could happen without warning any day. It is unlikely First Republic Bank will fail because “everybody” has been pumping money into the bank… everyone except the depositors.

Turkey admitted Saturday the Ukraine grain deal is not being upheld by the west (that would be the EU and USA). Russian Foreign Minister Sergei Lavrov said (again) Russia may scrap the grain deal. Russian new crop wheat export prices are rising because the government told exporters to stop selling wheat so cheap (below breakeven).

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