Americans are becoming less trusting of banks as they continue closing. On May 1st, First Republic Bank closed, one of the many banks to collapse this year. Many other banks have already closed this year and several others appear to be on the edge of collapse.
US regional bank stocks collapse after First Republic Bank failure:
– PacWest: 🔻30%
– Western Alliance: 🔻25%
– Metro Bank: 🔻20% pic.twitter.com/CJemG1bjp4
— Radar🚨 (@RadarHits) May 2, 2023
Additionally, it has become common to see many local bank branches close. This has happened for a variety of reasons across all banks including lower budgets and increased digital banking. As traditional banking is being uprooted by bank closures and branches shutting down, inflation has also skyrocketed in the past couple of years.
More people are buying gold and its popularity has increased by 20% over the past year. Many people who have studied gold believe that this increase in demand and popularity of gold is due to the inflation surge and instability of the government and banks. Additionally, many people do not think that the US Dollar, stocks, or traditional investments are reliable anymore. This has been one of the reasons cryptocurrency has become so popular. People are increasingly looking to diversify their assets in these turbulent and uncertain times.
Gold is also highly trusted globally. In India, China, and the US, top investors trust gold 70%, 69%, and 60% respectively more than they trust national currencies. Gold investors are also more loyal than investors of other assets. 64% of people who have invested in gold bars, coins, and jewelry have said they will invest in gold again. Gold is surging among many demographics. Gen X has increased gold purchases by 26%. Additionally, 34% of 18-34-year-olds have invested in gold over the past year.
Gold IRAs are a popular form of investment. Many people view gold as an alternative to other investments that have been losing value in light of the inflation crisis in the US. One of the biggest attractions of gold is that it usually maintains and even increases in value as the USD loses value. Goldco has been one of the best places to purchase gold investments and gold IRAs. If you want to learn more about investing in gold to protect yourself from the astronomical inflation under Biden, check out Goldco. There are three simple steps to protecting your wealth and diversifying your assets. Just use the link to learn more about their offers and how you can protect your finances through the timeless investment of gold and silver.
Erin Casey is a Staff Writer at Turley Talks
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