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An emergency fund should be in a very low risk investment not one of the most volatile.
Indeed. But that will depend upon the exact nature of the emergency and we will not know that before we get there. Some folks see holding FRNs as a lot riskier than holding PMs. They have some valid points in that position. Fortunately, one does not need to approach the solutions to such potential problems in an "all or nothing" manner. A healthy mix of various things is likely to cover more possibilities than just holding PMs or just holding FRNs.