According to Steven Van Metre, the inventor of Portfolio Shield, gold prices may experience a massive correction that could cut its value in half. Robert Kiyosaki reiterated his belief in the precious metal and bitcoin, while maintaining that “cash is trash.”
Is Gold Headed for a Major Correction?
Gold has always been considered a safe haven investment tool due to its historical track record of positive performance during times of economic uncertainty. In recent years, the world has witnessed several unpredictable events, including a global pandemic, a conflict in Ukraine, and rampant inflation.
The bullion saw a significant increase in value in the early days of the COVID-19 outbreak, reaching an all-time high of over $2,000. However, it has been experiencing an unstable performance since then, dropping under $1,700 before briefly reaching $2,000 again in 2022. It slumped back to $1,600 in November of the same year.
Despite this, gold enthusiasts were able to trigger another surge in price, nearly equaling its all-time high. However, based on Van Metre’s latest analysis of the SPDR Gold Shares, the asset’s value is poised to take a further plunge, with the RSI decreasing and the MACD showing a “negative cross.”
Van Metre predicted that gold could plummet by as much as $1,000, effectively halving its USD value, by outlining a triple top with decreasing volume with each attempt made.
Kiyosaki’s View on Gold and Bitcoin
As a long-time advocate of gold and silver, and more recently bitcoin, Robert Kiyosaki cautioned that Van Metre’s catastrophic gold scenario might come true since investors and markets are tired of waiting for the metal to appreciate in value. However, he would purchase more gold if its price drops by 50% or more since he considers himself an investor and not a trader. He reaffirmed his belief in bitcoin, for which he recently expressed his affection, and disapproved of holding onto cash, referring to it as “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