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.
Nevertheless, the gold bugs propelled a new price surge that helped the asset near its ATH. It failed to breach it and currently sits under $2,000/oz. According to Van Metre’s latest analysis on the SPDR Gold Shares, their price is poised to correct further as the RSI has declined recently, while the MACD shows a “negative cross.”
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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.
Should gold indeed plummet by up to 50% from its current position, Kiyosaki said he would buy more as he is an investor, not a trader. At the same time, he reaffirmed his belief in BTC, for which he recently explains why he loves it, while also dismissing keeping any cash as it is “trash.”
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
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