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The Fed BTFP (bank term funding program) is winding up on March 11 - it was announced earlier in Jan this year I believe. This was the FDIC mechanism of bailing out regional banks in the US. The market/gold is sniffing out turmoil right around the corner.

Have a look at a chart for NYCB on NYSE.

All their CLOs are under water and at higher for longer interest rates the Fed cant afford to keep printing to keep bailing them out.

The Fed is trying to engineer a controlled break in the market. But gold knows what’s coming!