First Republic Bank was largely taken over by JPMorgan, while the FDIC is going to suffer an estimated $13 billion in losses.
Over the last two months, bank deposits in the US have shrunk nearly $500 billion.
If we continue to see bank failures, gold is going to go up, forecasts Robert Kientz, founder of GoldSilverPros.
He says many wealthy individuals are moving their money out of banks and into precious metals.
