With rising uncertainty in the world surrounding bubbling stock markets, trade wars, and geopolitical tensions, it makes sense for many investors to be rushing to gold, said best-selling author Robert Kiyosaki.
Kiyosaki told Kitco News that he prefers to store his gold outside banks. “I don’t store [gold and silver] in the banks. I’m completely outside the banking system, except I do go to the banking system to borrow money. I don’t save money inside the banking system, so my recommendation, much like my friend Jim Rickards’, is we say you’ve got to be able to operate outside the banking system, in case something, heaven forbid, happens, like a black swan goofy event and they shut the banks down,” Kiyosaki said. He noted that banks can be shut down on occasion, especially by cyber attacks.
With Gold Price Magic, Here’s What Rich Dad’s Robert Kiyosaki Is Doing
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Gold is soaring on the back of a dovish fed and investors for the first time in many years are really really excited. So is now finally the time to be stockpiling God's money as our guest today Robert Kiyosaki calls it Robert. As many of you know as the best selling author of Rich Dad Poor Dad and his latest book fake fake money fake teachers fake assets and he joins me now. Robert good to have you back. What a day to have you on.
I know it's amazing. Good timing.
Good timing. Gold having..
I talked to you earlier. But the thing I want to say to all of yours is I absolutely love your app your Kitco app is the best.
Thank you Robert.
Updated it and I live on that thing. It's so good. And that's how I keep up to date. What's going on in the world so thank you. for your fantastic app.
And that is an unsolicited plug by the way Robert thank you so much.
I really do love it because I get so tired of all the other financial news outlets I'm not getting what I want. So Carlos just gets cuts to the chase because the information I'm looking for. So thanks I got a great job there.
Thank you Robert. Well let's talk gold now having not just quite the day but quite the month. You've been bullish obviously for a long time. I love you. But what do you think is driving it here right now. Well where do we start.
Well obviously you know one day reportedly attack. A new oil tanker and all that stuff. And you know Trump rattling his saber on China. All the uncertainty in the world. Naturally its spokespeople plus the bond yields have dropped. The stock market is going to crash with us in a bubble. So a lot of people are looking for alternative answers. And you know I've been on the as I wrote about it fake my latest book I've been on the gold standard since 1972. So I've gone through heaven and hell with gold and silver and now I look like a genius looking like a genius.
Indeed Robert, so you know we've spoken often like you like you said you're you're expecting the stock market to come down. What do you make of the Fed's move yesterday though were you surprised that they didn't get pressured by the president.
I don't I'm not surprised at anything today. And I really don't understand why people watch the Fed so much. I mean it's.. there the problem. The Fed is the problem.
But look. Right.
And they've torn apart the whole financial system. Without actually a criminal operation as far as I'm concerned. You know they have a thousand guys from M.I.T. as Harvard and Stanford. Or let's say economists. What what do economists know about money. What do they know about the economy. So that's why I don't know why people watch so much. I just kind of watch what's going on in the world events and I make my judgments off that.
Yeah well people watch to see that obviously the steps they take and see the impact it's having on on assets like like gold today reacting to that news and to the fact that they're now pricing at one hundred percent rate cut. Come July.
I understand. But like I just as I wrote about it infact. Gold is God's money. The government money is fiat currency the dollar, the yen, the euro, and then now we have people's money called crypto. So the Fed is under a lot of pressure because they're the real fix. The Fed has destroyed the monetary system of the world along with its central banks. It has manipulated the market. In my opinion they went criminal. Once this started just pumping working for basically Wall Street. So when I watch Wall Street I watch the price of stocks and I watch what the Fed is doing. I just get nauseous. I just buy more gold.
You mentioned the crypto currencies and I know you've compared them to you know a Ferrari in the past where you love Ferrari but you wouldn't necessarily be a mechanic on the Ferrari for example.
But what do you make of the Facebook is entering this this this ground now here.
Well if it was only Facebook. That would be good. But I think why in fact I called cyber currency. People's money is because in a little while all of us can print our own way of ISIL as you know. Initial coin offerings. The whole money market system is coming apart. And it's because the Fed is a premature operation. Smart people but they're economists 1000 economists. I was asked by CNBC what I thought of artificial intelligence and I asked for clarification.