Nevertheless, the Rich Dad, Poor Dad author continues to bet on the precious metal.
By quoting Portfolio Shield’s inventor, Steven Van Metre, Robert Kiyosaki warned that gold prices could be heading toward a massive correction that could slash the value in half.
At the same time, he reaffirmed his stance that “cash is trash” and his belief in the yellow metal as well as bitcoin.
Gold to Drop Hard?
The precious metal has been long praised as the go-to safe haven investment tool, given its history and positive performance in times of economic uncertainty. The past few years have indeed been uncertain, to say the least, with a global pandemic breaking out, a war in Ukraine, and galloping worldwide inflation.
The bullion skyrocketed when during the early days of the COVID-19 pandemic and topped $2,000 to chart a new all-time high. Its performance since then, though, has been somewhat shaky. It dropped below $1,700 a few months down the line, tried its hand at $2,000 once again in 2022 before another correction brought it back down to $1,600 last November.
By outlining the triple top, which had less and less volume during each consecutive attempt, Van Metre concluded that gold could go down by up to $1,000, which would essentially cut its USD value in half.
Kiyosaki on Gold and BTC
Rich Dad, Poor Dad’s author has been a long-time advocate of the yellow metal, as well as silver, and bitcoin, since more recently. However, even he warned that Van Metre’s doomsday scenario for gold could play out as investors and markets are “tired of waiting” for the bullion to go higher.
GOLD to CRASH. Steve Van Meter whom I respect predicts gold to crash to $1000. He states markets are tired of waiting for gold to go higher. If gold drops to $1000 I will buy more. I am an investor not a trader. To me, Gold, Silver, &Bitcoin are real money. To me Cash is trash.
— Robert Kiyosaki (@theRealKiyosaki) April 23, 2023