Robert Kiyosakithe author of “Rich father, poor father‘, is bullish on silver and has advised accumulating the commodity at a time when all other assets, including bonds, stocks and real estate, are plummeting.
The view: Kiyosaki explained in his tweet that silver is moving sideways and could stay at the $20 level in the coming times. He believes the commodity has a huge upside in store for the long term.
“TIME FOR POOR TO BECOME RICH. reverse convertibles, Investment funds, ETF & real estate crash. As predicted, the middle class will be wiped out. Silver moves sideways. Silver stays at $20 for 3-5 years and then goes up to $100-$500. Everyone can afford silver, even the poor. Collect silver now,” the author said in his tweet.
TIME FOR POOR TO BECOME RICH. Stocks, bonds, mutual funds, ETFs and real estate crash. As predicted, the middle class will be wiped out. Silver moves sideways. Silver stays at $20 for 3-5 years and then goes up to $100-$500. Everyone can afford silver, even the poor. Collect silver now. — therealkiyosaki (@theRealKiyosaki) September 13, 2022
What happened: Recession fears, led by aggressive central bank rate hikes, have pushed commodity prices lower in recent months. Silver prices are currently trading above the $19/ounce mark after falling to a two-year low in early September.
Historic high: According to the Silver InstituteSilver bullion prices rose from $11 an ounce in September 1979 to $49.45 an ounce in January 1980 based on the London PM Fix during the Hunt brothers accumulation of goods. Prices eventually fell below $11 an ounce two months later, it said.
price action: That iShares Silver Trust SLV has gained more than 7% in the last five days. That ProShares Ultra Silver AGQ is up more than 15% while the abrdn Physical Silver Shares ETF SIVR, has gained over 7% in the same period…
