You are 100% correct.
For most depositors who have less than $250k in an account, they will think they just wan the highest rate, and will not care about the risk, because FDIC will make them whole. This creates what is called a "moral hazard."
It is essential that FDIC makes sure that no insane risks are being taken, because it is the FDIC putting its money on the line with risks. And by its money, I mean our taxpayer money.
Now they want to bet our economy that gold will never go down... Right after it has gone down by 9% in one day.