Priya PatelThe Federal Reserve’s most recent policy statement came with a curious omission. Fed officials removed language from previous statements that proclaimed “the U.S. banking system is sound and resilient.”
Last week, shares of New York Community Bancorp suffered a dramatic selloff after it reported $252 million in losses for the fourth quarter of 2023. Broader troubles for regional banks loom in this supposedly strong economy.
None other than JPMorgan Chase CEO Jamie Dimon is warning of a debt crisis gathering. In recent remarks, Dimon said unsustainable growth in U.S. government debt is heading toward a “cliff” that will trigger a “rebellion” among global holders of Treasuries.
Meanwhile, JPMorgan Chase, Bank of America, PNC, and other big banks have recently announced the closures of hundreds of physical branch locations across the United States. Some customers of Chase Bank have recently reported thousands of dollars in deposits missing from their accounts and having difficulty obtaining a resolution.
Physical precious metals represent hard money that is no one else’s liability and cannot be digitally “lost” or canceled. The most secure way to store bullion is through a dedicated bullion vault facility such as Money Metals Depository that operates outside the banking system and doesn’t allow clients to use it for cash, jewelry, or anything else that could attract unwanted attention from authorities. Bullion held on behalf of clients in the Money Metals Depository is held in separate, individualized accounts. And in the unlikely event of theft or natural disaster, it is fully insured by Lloyd’s of London.
