Buy gold, silver, and Bitcoin before the economy crashes - Robert Kiyosaki
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(Kitco News) - Gold, silver, and Bitcoin are set to skyrocket if the economy craters, said best-selling author of 'Rich Dad Poor Dad' Robert Kiyosaki.
“Bad news IF stock & bond market crash gold&silver skyrocket,” Kiyosaki wrote in a series of tweets on Monday. “WORSE NEWS IF world economy crashes BC $1 million Gold $ 75K silver to $60k. SAVERS of FAKE US $ F’d. DEBT too high.”
Kiyosaki also wrote that between gold and silver, he thinks silver is the better long-term investment. “Problem gold is multple X more expensive than silver,” he wrote. “Silver an industrial precious metal growing more rare as used up. To me silver is better bargain as long term investment. Best of all everyone can silver. Get it? Got it? B4Gone?”
Spot gold was trading at $1,902.23 at the time of writing, and spot silver last traded at $22.51, so gold is currently 84.5X more expensive than silver.
In July, Kiyosaki tweeted that the end of the U.S. dollar was near and cited the upcoming BRICS summit in South Africa later this month as a trigger.
Kiyosaki wrote that he expected the BRICS group, comprised of Brazil, Russia, India, China, and South Africa, to announce a new gold-backed digital currency during its summit on August 22-24, and said it would have dire consequences for the U.S. dollar.
"August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die," Kiyosaki tweeted on July 11. "Trillions of US $ rush home. Inflation through the roof."
His advice on how to deal with the coming fall of the U.S. dollar as the world's reserve currency stayed the same — stock up on gold, silver, and Bitcoin — which he views as real money. Kiyosaki also forecasts Bitcoin to hit $120,000 next year.
On July 3, the Russian Embassy in Kenya tweeted that BRICS was preparing to launch a new gold-backed currency at the upcoming summit.
“The BRICS countries are planning to introduce a new trading currency, which will be backed by gold,” they wrote.
But on July 20, Anil Sooklal, South Africa's ambassador to BRICS, attempted to put the rumors of a gold-backed currency announcement to rest when he told reporters that a BRICS currency is not in the cards at the upcoming summit.
"There's never been talk of a BRICS currency. It's not on the agenda," he said during a media briefing. "What we have said, and we continue to deepen, is trading in local currencies and settlement in local currencies."
The ambassador added, however, that the bloc's member countries will continue to move away from the U.S. dollar, and that Western sanctions against Russia imposed after the Ukraine invasion are accelerating the transition.
"BRICS started a process that has been expedited as a result of the conflict, as a result of unilateral sanctions," Sooklal said. "The days of a dollar-centric world is over, that's a reality. We have a multipolar global trading system today."