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Edmund C. Moy

Market Insider: August 29, 2023

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U.S. Money Reserve

Aug 29, 2023

One week after Moody’s downgraded the credit ranking of several banks, an analyst from another firm, Fitch Ratings, warned that Fitch may also be forced to downgrade the rankings of many U.S. banks, including JPMorgan Chase, one of the largest financial institutions in the world. Ongoing concerns in the banking sector have led many consumers to wonder how they might better protect their own savings in such a tumultuous financial climate.

“S&P cited Comerica’s $14 billion decline in average deposits from the second quarter of last year to this year as one of the reasons for its downgrade. It also pointed to its ‘relatively high proportion of commercial and uninsured deposits’ in a note explaining its decision.”

—CNN, August 21, 2023

How can consumers protect their portfolios from ongoing issues in the banking system, and which assets could be free from banks’ influence?

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:

  • CNBC: “Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase”
  • Fox Business: “S&P downgrades multiple U.S. banks, citing ‘tough’ lending environment”
  • Reuters: “Gold heads for best week in six ahead of key Powell speech”

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.

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