My colleagues have been writing about this since well before I joined the team at Cayman Financial Review, and in my first update to the masses, I’m sort of doubling-down on what they have been hinting at over the course of 2023. Banks are failing, and iconic Billionaire investor Warren Buffet believes more bank failures are imminent. Today I’l break down that news as well as share with you what that could mean for investors deposits at these banks.
First, let me tell you that I don’t worry about these things as much, thanks to converting my 401k to physical gold (and silver even.)
In particular, with Goldco. My full review is below and you can check out why I decided to invest part of my retirement savings in gold and silver. The video walks you through my process, and maybe even puts a little fear into you today. I’m not trying to be a doomsday person, but I almost got wiped out last time this happened, and with many more zero’s to protect this time around, I’ve learned from my mistake.
Warren Buffet Says More Bank Failures Will Happen
Although Buffet said this, (source CNBC) he did mention that he feels depositors shouldn’t worry.
Banks go bust. But depositors aren’t going to be hurt.
Personally, even if my deposits are going to be made whole, I don’t want to go through the hassle of even losing a night’s sleep over it. We saw $126 billion pulled from banks recently, and Americans are becoming increasingly worried about what COULD happen to our already floundering economy.
The investing legend went on to add that the FDIC failed banks that have been driving people to look at alternative assets was due to “mismatched assets and liabilities” in addition to some shaky accounting practices. Some of these shaky practices are getting exposed during this time of crisis, and there are more on the horizon. We already saw what Silicon Valley Bank’s demise send gold prices surging, and this will only continue as other banks start showing signs of weakness and eventually become insolvent.
The Berkshire Hathaway founder and CEO also mentioned that a handful of bankers will go on with their behavior and continue to create risk for shareholders of the corresponding stocks.
He did add that depositors shouldn’t worry about their money at this time because there is a system in place to help protect the assets of the entire nation. Whether he is correct on that assessment will only be tested over time, but you can count on me, for one, who has some worry. At this time I’m investing in alternative asset classes and pumping money into my business ventures in order to “bet on myself” versus putting money into what is a very troubling stock market.
Confidence in banks can be lost in mere seconds, as we saw when many investors came to us for advice on where to invest in gold and silver. March saw our website traffic hit record levels, and many people applied our recommended tactic of using retirement funds to do a gold IRA rollover.
He stressed that it’s crucial that banks retain the confidence of the public and they can lose that confidence in seconds, as highlighted in the recent blowup.
If you’ve been following Cayman Financial for a while, you have seen that Buffet isn’t the only person out there who is worried. Investors such as Stanley Druckenmiller and John Paulson are betting on gold.
If you have any questions, feel free to contact us. We are media friendly and very welcoming to questions from our audience.
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