Rich Dad, Poor Dad author Robert Kiyosaki is warning that the biggest crash in history is here. He’s advising investors to buy more gold and silver. “My answer is always to buy more gold and silver,” said Kiyosaki. “It’s not an investment… I buy gold and silver for one reason, because if push comes to shove, I can spend it anywhere in the world.” In other news, Ray Dalio is warning that the Fed could hike rates by 4.5-5% in the years ahead.
Business Insider/Theron Mohamed
Billionaire investor Ray Dalio predicts the Fed will hike interest rates to at least 4.5% – and warns a major recession is likely
Ray Dalio expects the US to face stubborn inflation and interest rates of at least 4.5% in the years ahead, and forecasts a roughly 20% plunge in stock prices.
“My guesstimate is that it will be around 4.5% to 5% long term,” he wrote, referring to inflation, in a LinkedIn post on Wednesday.
The rate of price increases could be “significantly higher” if there are any shocks, such as economic crises in Europe and Asia or droughts and floods, he added.
The Consumer Price Index report this week showed that core CPI rose by 0.6% in August, or 7.4% on an annualized basis. Dalio predicted US inflation would slow slightly in the coming months, as previous shocks such as the spike in energy prices fades, then trend higher in the medium term.
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‘The economy is breaking hard’ and CEO confidence is miserable, says billionaire investor Barry Sternlicht
The U.S. economy is teetering on the brink of serious downturn if the Federal Reserve doesn’t pump the brakes on its rate hikes, billionaire CEO Barry Sternlicht said.
The central bank has already raised interest rates four times this year and is widely expected to hike them by 75 basis points next week in an effort to tame inflation. Earlier this week, consumer prices rose 0.1% instead of the 0.1% decline economists surveyed by Dow Jones were expecting.
However, Sternlicht believes the Fed was late to the game and is now being too aggressive.
“The economy is breaking hard,” the chairman and CEO of Starwood Capital Group told CNBC’s “Squawk Box” Thursday.
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Kitco News/Cornelius Christian
The ‘biggest crash in history’ is here – should you protect yourself with gold, silver, and livestock? – Robert Kiyosaki
The S&P 500 has lost 18 percent of its value over the year, and it is only going to get worse, according to Robert Kiyosaki, best-selling author of the Rich Dad, Poor Dad series. Kiyosaki suggested that investors protect their portfolios with “hard assets” like gold, silver, and livestock, as the “biggest crash in history” unfolds.
Kiyosaki spoke with Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News.
“Anything that can be printed, like a stock certificate, a bond, or a dollar, I don’t want it,” he stated. “I’m a hardcore gold, silver, oil, and food buff… I’m a hardcore hard assets person.”
He suggested that these assets are “insurance” rather than an investment.
You can keep reading, here.