Sweden and Norway’s banking systems, previously untouched by the world global credit crisis, look set to be the latest victims of the credit crunch, reports Britain’s Financial Times.

Sweden’s Riksbank said the global credit crisis increased the sensitivity of banks to other shocks, adding that it had warned that growth in the Baltic states could slow down more suddenly than expected.

Dominic Frisby in Money Week reckons the spread of the global credit crisis will benefit gold and precious metals.

And all these meaningless statements from central bankers about fighting inflation do is present us with another opportunity to buy them.

Given that we are now in a seasonally a weak time of year and given also the move it has made since last August, I am impressed with gold’s resilience. I am even more impressed with silver, which quickly retraced much of yesterday’s losses. I will write more on this in the coming weeks, but it seems that silver’s time may finally be coming.

Another retest of $850 is possible for gold, even likely. But the technical support at this level makes it such an obvious buy-point, I really don’t see it slipping much below there for any significant period, except perhaps to shake out a few weak hands. $850 is where I have some buy orders. Perhaps you should have some there too.