By The Financial District
May 26, 20231 min
With only days left to avoid a historic default on the nation's debt, Americans are getting nervous about the potential impact on their money, from their investments to whether they'll get their Social Security checks on time, Aimee Picchi reported for CBS MoneyWatch.
Photo Insert: If you want to shift into cash, the safest option may be to sock away the money in a high-interest savings account at an FDIC-insured bank that pays a rate of more than 4% or in certificates of deposit, experts say.
If you want to shift into cash, the safest option may be to sock away the money in a high-interest savings account at an FDIC-insured bank that pays a rate of more than 4% or in certificates of deposit, experts say.
Some investors are turning to gold as a safe haven as the US gets closer to hitting the debt ceiling because the metal is a long-time hedge against instability, according to Bloomberg, citing an investor poll from early May.
Some are also considering Bitcoin, but to a lesser extent than gold, the publication noted.
Historically, gold hasn't offered the same type of returns as stocks, and bitcoin can be volatile, so it's best to be prudent, experts said.
"Consider making slow changes to your asset allocation in terms of adding some alternative asset classes, like gold and bitcoin," noted Ken Tumin, banking expert at DepositAccounts.com.
"Generally stocks and bonds have been tried and true over many, many decades," the Associated Press (AP) also reported.