With so much economic and political uncertainty in the United States, consumers continue to wonder if their money is safe in the bank. With this fear swirling around and seemingly growing by the day, many people are investing in alternative assets, such as gold.
Dave Ramsey — in true Dave Ramsey fashion — provided straightforward feedback on his thoughts about the U.S. banking system failing.
“People are going and buying gold; banks are going to fail,” he screamed. “It’s like they live in the wild, wild west or something.”
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Ramsey’s point is that the United States government is designed to effectively manage any situation that comes its way.
“You don’t know how the FDIC insurance works,” Ramsey asked. “The entire federal government would have to fail for you to not get your money out of your bank when you have less than $250,000.”
Yes, it’s true that there’s FDIC insurance to protect your money. But does that mean that you shouldn’t invest in alternative assets, such as gold?
While Ramsey emphasizes the robustness of FDIC insurance, the rising trend of investing in gold speaks to a broader sentiment of seeking tangible security in uncertain times.
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People turning towards gold, historically seen as a safe haven during economic turmoil, reflects a deep-rooted concern over the stability of traditional banking systems. This shift suggests that despite the safeguards in place, the confidence in these systems is waning, prompting individuals to explore alternative means to safeguard their wealth.
So, the question remains: is diversifying into assets like gold an overreaction or a prudent strategy in today’s volatile economic landscape?
It’s safe to say that Ramsey considers it an overreaction.
“Everything on the internet is true,” he joked about the rush of people leaving traditional banks to invest in gold. “Abraham Lincoln said that.”
Consulting a financial adviser can provide additional guidance and support for those struggling to decide where to invest. Financial advisers offer personalized investing strategies, create effective budgets and work toward long-term financial goals.
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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.
Chris Bibey has written about personal finance and investment for the past 15 years in a variety of publications and for a variety of financial companies. He is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Bibey believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.
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This article ‘People Are Going And Buying Gold’ Dave Ramsey Is Shocked By This Trend — ‘Banks Are Gonna Fail!’ originally appeared on Benzinga.com
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Source: finance.yahoo.com