Gold has been the subject of investor attention since the beginning of 2024, as a result of its relentless ascent, which has allowed it to surpass the benchmark S&P 500 index year-to-date (YTD) and reach numerous new all-time highs (ATH).
On October 22, Robert Kiyosaki, a renowned investor and the author of the best-selling personal finance book “Rich Dad Poor Dad,” addressed his followers on X to emphasize that gold is not all that glitters.
In fact, Kiyosaki advised his readers to switch to silver, the other main precious metal, before it gains too much value. To be more precise, the author simultaneously predicted that silver would continue its rally, which has, in fact, been greater than gold’s year-to-date performance, and, at the very least, reach $50 per ounce.
The tweet simultaneously suggested that waiting for a price of this magnitude would result in being too late to the party and warned against overlooking the potential benefits.
In the event that silver does reach $50, it would indicate that it has increased by an additional 47% from its press time price of approximately $34. This would result in a $1,000 investment at press time being worth $1,470.
Despite the fact that $50 is an ambitious objective that would necessitate a minor increase in silver’s rally from the beginning of 2024, the commodity’s trajectory certainly makes it feasible.
Silver is currently trading at $34.15, with a year-to-date return of 43.79%. The commodity’s upward trajectory is also apparent in the six-month chart, where it is 25.77% in the green. Additionally, it has increased by 11.06% in the past 30 days.
However, it is important to remember that the precious metal was unable to decisively breach above $30 for months, trading between approximately $27 and $31 between May and September, despite an approximate $11 increase from its January prices. It has only recently surged higher.
The intensity of the ongoing uptrend and its potential instability are both indicated by such a trend. For the time being, the commodity’s price action has shown that the ongoing uptrend will continue. Technical analysis on October 17 indicated that silver was poised for a significant rally, as it was already at an all-time high before inflation was taken into account.
The precious metal exceeded its 12-year high just two days later, indicating that the anticipated and ongoing rally is well and truly underway, even without considering the dollar’s devaluation.
Also Read: US election may not spark market growth
