The fallout from this spring’s deposit crisis is still affecting banks, with many issues surrounding deposits remaining unresolved. Recently, two banks—California’s PacWest Bank and Kansas’s Heartland Tri-State Bank—both shut their doors. Banking insiders say more turmoil could unfold for regional banks.
“Regional banks have been under pressure since March , when Silicon Valley Bank’s collapse put a spotlight on midsize lenders. Many such banks say it has become increasingly difficult for them to compete with the country’s largest institutions as depositors prize the relative stability that big banks can offer.”
—The New York Times, July 25, 2023
How can consumers protect their portfolios from uncertainty in the banking system, and what assets could be free from the influence of uncertainty?
Click on the video link below for exclusive executive insights on this topic from Edmund C. Moy, 38th Director of the U.S. Mint and Senior IRA Strategist for U.S. Money Reserve.
Related headlines from around the web:
- The New York Times: “PacWest Bank, Thrashed by Deposit Crisis, Will Be Taken Over”
- Yahoo Finance: “Banking turmoil arrives in small-town USA with Heartland Tri-State failure”
- Bloomberg: “U.S. Banking Crisis Could Play Out for Two More Years, Ares CEO Says”
Protect your portfolio with precious metals today.
Gold has historically been used as a hedge against economic uncertainty and market turbulence. As paper-based assets like stocks continue to experience volatility and inflation continues to deflate the dollar’s purchasing power, now may be the perfect time to add wealth protection to your portfolio in the form of physical gold.
Watch U.S. Money Reserve’s “Market Insider” each week for more economic insights. Nothing herein should be considered as portfolio or retirement advice as U.S. Money Reserve (“USMR”) cannot and does not offer financial advice. Clients should consult a financial advisor for specific advice. This commentary is provided by USMR for informational purposes only and is provided on an “as is” basis without any warranty of any kind, whether express or implied. Your use of the information provided in this commentary is entirely at your own risk. In no event will USMR be held liable for any indirect, special, incidental, or consequential damages arising from the use of information contained in this commentary.