Robert Kiyosaki, popular for his best-selling book “Rich Dad, Poor Dad,” on Sunday commented on the pullback in the precious metals gold and silver.
Gold and silver pulled back by $10 and $0.14 per troy ounce, respectively, Kiyosaki said in a post on X, formerly Twitter.
The precious metals had a strong runup in the aftermath of the Israel-Hamas conflict, riding on the back of their safe haven appeal in the event of geopolitical tension. Since the crisis in the Middle East started on Oct. 7, gold futures have been on a broader uptrend. From the sub-$1,900 level, gold futures rose as high as $2,009.20 on Friday, a gain of about 9%.
Since then, gold futures have slipped back. An ounce of gold is currently trading at $1,991.95, down 0.12%, following nearly A 0.5% pullback on Sunday.
Kiyosaki advocated for cryptocurrency investment since the height of the inflation and the plummeting of the stock market.
The famous author had previously endorsed longtime friend, former President Donald Trump, in the 2020 presidential election. He still remains loyal to him until this day.
He had often made predictions when it came to investment.
“Robert Kiyosaki always has interesting predictions! I’m curious to hear what others think about his outlook on gold and Bitcoin,” said an X user, Biz Crypto.
Silver futures have also followed a similar trajectory and they fell 0.88% on Sunday and lost an incremental 0.30% to $23.418 in Asian hours on Monday.
After gold and silver lost some of their luster, Kiyosaki said, “This is where ‘Dollar Cost Averaging’ pays off.”
Dollar-cost averaging is a strategy of investing the same amount of money in a target security at regular intervals over a certain period of time. This strategy is seen as ideal for uncertain times, helping to reduce the impact of volatility on portfolios.
“Rather than pretend to be Warren Buffet picking bottoms I am an average investor ‘accumulating’ the asset I want for the long term,” said Kiyosaki on X. He noted that he has been accumulating gold, silver, Bitcoin (CRYPTO: BTC), and real estate for years.
Highlighting the success of his strategy, the best-selling author noted that the gold coin, which he first bought at $50, has now appreciated to $2,000.
“You can become rich by being an average investor, using dollar cost averaging to get rich,” said Kiyosaki.
Produced in association with Benzinga
