Bank deposit withdrawals reached multi-decade highs during the first quarter of 2023, according to data released by the Federal Deposit Insurance Corporation (FDIC) on May 31, 2023. The FDIC also says the number of banks with “financial, operational, or managerial weaknesses” increased in the first quarter of 2023.
“The more lasting effects of the [banking] industry’s response to [the] stress [caused by increased withdrawals] may not become fully apparent until we’ve received the second-quarter results.”
—Martin Gruenberg, FDIC Chair
How worried should you be about these “weaknesses,” and what can you do to help protect your money?
Click on the video link below for exclusive Executive Insights on this topic from Philip N. Diehl, President of U.S. Money Reserve and former Director of the U.S. Mint.
Related headlines from around the web:
- Yahoo Finance: “FDIC: U.S. bank deposits dropped by most in 39 years to start 2023”
- Forbes: “Dow falls 130 points after FDIC reveals record plunge in bank deposits”
- CNN: “The banking crisis has gone quiet, but it isn’t over”
Don’t wait for another market downturn—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.