Rich Dad Poor Dad author Robert Kiyosaki has warned his social media followers and others who look forward to his financial advice that the world is on the brink of another 1929-style crash and the great depression. He added that “investment legends” such as Warren Buffett and Jim Rogers have “sold most of their stocks and bonds” and are in “cash or silver”. He further said that he “sits tight with gold, silver and Bitcoin”.
‘Warren Buffett, Jim Rogers both in cash or silver’
“Do you have a 401k or IRA filled with stocks?” he asked in a post on X (formerly Twitter), before shooting out another question. It is: “Do you know investment legends Warren Buffett and Jim Rogers have sold most if not all of their stocks and bonds?”
What follows next is a revelation, not for those who religiously follow Robert Kiyosaki’s social media accounts, but definitely for new ones. “They are both [Buffett and Rogers] in cash or silver.”
He added, “If you do not know why Buffett and Rogers have sold their stocks and bonds, you may want to find out.”
Jim Rogers has sold his stocks everywhere except for China and Uzbekistan and has been looking for other markets. In an interview with ET, he said that he has yet to find a market that is “depressed” where “good changes” are taking place. “If India goes down, I hope I am smart enough to buy India again.”
‘I sit tight with gold, silver and Bitcoin’
Kiyosaki, who has time and again warned people against saving money and investing in gold, silver and Bitcoin, said that he “sits tight” with these commodities.
He is not alone who has invested in gold and silver. Jim Rogers, too, has invested in it. He said that he will continue buying silver if it remains cheap. “I own gold. I am not buying gold. I am buying silver because silver is down. Gold is not,” he told ET in an interview, adding that these commodities would be a part of his “estate” for his family.
Although Buffett has expressed his scepticism about investing in gold, he once bought a large chunk of silver and sat on a huge profit from the supply-demand imbalance. According to multiple reports, he sold his silver holding in 2006. His company, Berkshire Hathaway, is sitting on $347 billion in cash, per a report by Yahoo Finance.
‘Another 1929 crash, great depression’
He further predicts that a great depression and another 1929-style crash are incoming, and warned others against saving dollars, because, according to his own admission, “savers are losers”.
For those who don’t know, the 1929 crash, also known as the Wall Street crash, started in October and led to the decade-long, what is known as, Great Depression. It is considered to be the most severe stock market crash in US history.
“You can only print money to pay your bills… for so long,” he warned people.
He also said that the debt of the United States is “out of control” at the moment, and it is the “world’s biggest debtor nation in history”. He is not the only one with a harsh take on the US. Jim Rogers thinks so, too. “America is the largest debtor nation in the history of the world, and the debt gets worse every day,” he was quoted by ET as saying. He said that when the dollar goes up, he will sell it, but then doesn’t know where to put his money. “I do not know another currency that can compete with the US dollar.”