'Rich Dad, Poor Dad' Author Tells Why Bitcoin, Gold, Silver Are Rising: 'Please Don't Get Poorer'

‘Rich Dad, Poor Dad’ author Robert Kiyosaki has once again presented the case for buying gold and silver. Kiyosaki, who is known to be bullish on the commodities, has asked retail investors to buy at least a silver coin.

‘Why are gold, silver, Bitcoin going higher? A: Because US poor and middle class getting poorer & deeper in bad debt. Please don’t get poorer. At least buy one silver coin. Only $30 and start to get richer,’ he tweeted.

Bitcoin BTC/USD prices have soared since the beginning of the year, having risen close to 39%. Spot Gold, too, has gained over 5% during the period. The SPDR Gold Trust GLD has risen 4.88% while the Abrdn Physical Silver Shares ETF SIVR has lost 0.96%.

Recession Impact: Kiyosaki also wrote about the effects of a recession and said gold and silver are priceless in these times. ‘Q: WHAT IS WORSE THAN A GREAT DEPRESSION? A: a global recession. UNFORTUNATELY we are in GLOBAL RECESSION. Hang on. Rough landing for world. BAD NEWS Bankruptcy, Unemployment, Homelessness soar. Retirements toast. GOOD NEWS. Bargains everywhere. Gold, Silver, BC PRICELESS," he tweeted.

Experts have increased their price predictions for gold as the Federal Reserve is widely anticipated to slow down the pace of its rate hike soon.

Suki Cooper, an analyst at Standard Chartered told Reuters she expects the dollar to weaken and bond yields to decline, but gold appears to have priced in much of this risk early. Gold prices could still hit $2,050 before cooling into the second half of the year, she said.