Gold has exploded for an 11% gain over the past month, giving long-suffering gold bugs a chance for some chest-puffery as prices track toward their highest close in more than six years on the back of unsettling geopolitical developments.
Count Robert Kiyosaki, the best-selling author of “Rich Dad, Poor Dad,” among those basking in the yellow glow of gold’s resurgence.
‘Gold is God’s money… The Fed has destroyed the monetary system of the world along with its central banks. It has manipulated the market. In my opinion they went criminal… So when I watch Wall Street, I watch the price of stocks and I watch what the Fed is doing — I just get nauseous. I just buy more gold.’
That’s from a recent interview with Kitco News, in which Kiyosaki railed against the “criminal” Federal Reserve and touted gold’s prospects as the stock market bubble continues to inflate.
“I’ve been on the gold standard since 1972,” he said. “So I’ve gone through heaven and hell with gold and silver, and now I look like a genius.”
At last check, gold
was rising toward $1,425, while silver
was also tallying gains in Tuesday’s session.
Watch the full interview:
Kiyosaki, with a net worth reported to be around $80 million, has been calling for the stock market to crash for a while now, which would be a most welcomed development for gold bugs. Back in December, he said investors were perhaps facing the final stages of the financial bubble.
“Now, more than ever, it’s important to focus on value, not price. When prices are low, finding value’s easy,” Kiyosaki wrote in a blog post at the time. “Now you know why I say, ‘I love market crashes.’”
No crash yet. Since then, the Dow Jones Industrial Average
has moved from about 23,600 to where it stands now at 26,618.