Typically, the FDIC only protects up to $250,000 in banking deposits, leaving the rest potentially more vulnerable to loss. After a wave of bank failures earlier this year, the FDIC was forced to step in and protect millions more in deposits. These extraordinary actions have forced regulators examine potential vulnerabilities in the banking deposit system.
“For the banking industry as a whole, reliance on uninsured deposit funding has been increasing.”
—FDIC chairman Martin Gruenberg, August 14, 2023
As more banks receive credit downgrades and concerns persist about deposit security and another potential recession, what can consumers do today to help protect their hard-earned savings and their retirement portfolio?
Click on the video link below for exclusive executive insights on this topic from Philip N. Diehl, 35th Director of the United States Mint and President of U.S. Money Reserve.
Related headlines from around the web:
- Barron’s: “FDIC Proposes Tougher Rules for Regional Banks”
- Reuters: “U.S. banks outline expected costs to replenish FDIC’s deposit insurance fund”
- MarketWatch: “Gold futures settle at a 3-week high as U.S. economic data pressure the dollar and Treasury yields”
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.
