2023 is here, and the economy is still in a dangerous place. Many investors are looking to alternative plans for their money ahead of a recession, and many are asking “should I buy gold or silver in 2023?” To anyone looking into precious metals investments, I would respond with a simple: why not both?
Today I’ll dive into the gold and silver predictions for 2023 and cite Robert Kiyosaki along the way. At the end of the day, it’s your choice, but as you’ll read, you can’t go wrong with gold or silver in 2023.
2023 Price Outlook for Gold and Silver
I’ll start with predictions from well known author Robert Kiyosaki, who wrote “Rich Dad, Poor Dad.” He needs no introduction to most, but to my amazement, he’s a big fan of precious metals!
Mr. Kiyosaki predicted in many news outlets (like this one) that gold would soar to $3,800 this year.
With gold sitting at $1,834 per troy ounce right now, his target price is about double what the current price is.
Imagine making more than double your money on an investment, during a recession!
Let’s just say that’s not enough of a return for you, and let’s look at Robert Kiyosaki’s silver prediction.
He’s got silver at $75!
Today’s Price? Just a little over $23!
So we are talking about two precious metals that are highly liquid, and tradable, looking at doubling and potentially tripling in price, during awful economic times.
Also Read: Gold Price Outlook 2023.
Should I Buy Gold or Silver in 2023?
Personally, I’d recommend both. I’m personally buying both, thanks to doing a 401k to gold IRA rollover.
I suggest you read that guide and become acquainted with how that works because it could be the key component of getting through these tough economic times with your full retirement intact.
As an example of how this works, let’s show you why gold and silver make sense.
Let’s say “Jim” is a 55 year old sales executive with $1,500,000 in his retirement savings.
In 2008, he watched his portfolio, obviously smaller at the time, dwindle by 40%.
Had Jim been proactively looking for a solution to move money inside the portfolio, rather than having a portfolio manager continue to hold sinking stocks and mutual funds, he could have come out ahead of the curve like the wise folks who invested in precious metals.
In this environment, imagine if Jim uses just 33% of his portfolio and allocates it to gold and silver.
Hypothetically, 2/3 of his portfolio could struggle for a while, putting a serious hamper on his early retirement plans.
However, if the 1/3 he allocated to metals does what Robert Kiyosaki, and many financial gurus predict, he could be setting himself up to be in a great spot ahead of his oncoming retirement.
Robert Kiyosaki and Gold
I’d mentioned that I didn’t know Robert Kiyosaki was into gold, so I went down a rabbit hole looking for information. He had said publicly that he was in Vietnam as a Marine pilot and looking to buy gold at a discount because the mine was in enemy hands. He eventually came to the conclusion that the price of gold is the same, no matter where you are in the world!
Makes perfect sense, as the commodity has perhaps the best store value of any asset around.
He then went into how he became a fan of silver.
The story goes that he was studying a dime when he noticed a copper tinge near the edge. He was young, only 17 at the time, but reasoned that people were “being screwed” via their money. He then figured out that the U.S. government had been violating something called “Gresham’s Law” because it details how falsified money can driver out gold and silver.
Kiyosaki expects the stock market to crash, and crash hard. Here’s a snippet from the story that I read with his commentary.
Lastly, he stated that he does NOT trust the Biden administration. That should tell you all you need to know about where he thinks we are headed.