S&P 500 hits record high as investors cheer solid earnings and strong jobless claims data

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Deutsche Bank said retail investors have been key players in the stock market rally

US stocks closed higher on Thursday with the S&P 500 hitting a fresh record high as investors cheered solid corporate earnings and strong jobless claims data.

The benchmark S&P 500 and tech-heavy Nasdaq 100 rose toward record highs on Thursday led by bank, technology, and travel shares.

Strong corporate earnings have pushed the three major indexes higher amid various concerns threatening the pandemic recovery, such as the rise of the delta variant and rising inflation.

Here’s where US indexes stood at the 4:00 p.m. ET close on Thursday:

The number of Americans filing for unemployment benefits dropped less than expected last week, according to the Labor Department, capping off a volatile month that signaled a slowing of the labor market’s rebound.

Jobless claims dipped to an unadjusted 385,000, compared to a median estimate of 383,000 claims from economists surveyed by Bloomberg. The reading also keeps claims well above the pandemic-era low set earlier in July.

While jobless claims have been erratic over the last few months, the drop in data suggests more people are taking jobs, according to Mike Loewengart, managing director of investment strategy at E-Trade Financial. The historic trade deficit that surged to a record high in June is also a testament to the demand seen from consumers.

Goldman Sachs on Thursday pushed up its target for the S&P 500 index, saying growth in corporate earnings should in part drive the broad-equity market measure up by 7% by the end of 2021.

Meanwhile, shares of Robinhood tumbled 27% after major shareholders filed to sell 98 million shares, taking the wind out of a massive two-day rally less than a week since the popular trading app made its Nasdaq debut.

Fastly plunged as much as 22% on Thursday after the company’s second-quarter earnings and third-quarter guidance was lower than analyst expectations.

In cryptocurrencies, ether surged as much as 8% over the past 24 hours to a high of $2,820 after a network upgrade to ethereum took effect.

Oil prices reversed the previous day’s losses. West Texas Intermediate crude rose 1.35% to $69.07 per barrel. Brent crude, oil’s international benchmark, climbed 1.31%, to $71.30 per barrel.

Gold slipped by 0.41%, to $1,804.33 per ounce.

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US stocks slip as weak Amazon sales outlook highlights growth challenges for tech giants

Stock Market Traders

US stocks closed lower on the last trading day of the month, as a weak sales forecast from Amazon clouds the outlook for technology stocks.

After the close on Thursday, Amazon reported quarterly earnings that fell short of expectations, with the company missing quarterly sales estimates for the first time since 2018. Its sales and profit forecasts were below expectations, stoking concern among investors.

Shares of the e-commerce giant took their biggest tumble since May 2020, falling by as much as 8%. This translated to a loss of around $148 billion to Amazon’s market value.

Tech giants have been some of the pandemic’s biggest winners. However, Amazon’s latest report underscores the challenge of keeping the strong pace of sales as the economy reopens.

“While outlook was disappointing, and bears could argue Amazon is investing in 1-Day fulfillment out of competitive necessity, we think Amazon remains in a solid position, with US retail growth likely above industry growth rates,” Bank of America analysts Justin Post and Michael McGovern said in a Friday note.

Here’s where US indexes stood shortly after the 4:00 p.m. ET close on Friday:

Pinterest shares tumbled by 19% to a two-month low after the company reported a quarterly loss in active users on the social media site as easing of COVID-19 restrictions led more people to engage in other activities.

US stocks in recent weeks have climbed mostly higher as investors cheered robust corporate earnings and the accelerating pace of global economic recovery. The COVID-19 Delta variant, along with inflationary concerns, has dampened positive sentiment.

The S&P 500 still managed to close out its sixth straight month of gains.

The yield on the 10-year Treasury note was 1.231%, down by 3.8 basis points.

The Personal Consumption Expenditures price index – a closely monitored measure of nationwide inflation – gained 0.5% last month, suggesting that prices continued to climb amid supply chain issues across the US.

The reading exceeded the median estimate of a 0.4% increase from economists surveyed by Bloomberg. It also matched the May print of 0.5% growth.

Oil prices were up. West Texas Intermediate crude rose 0.41%, to $73.92 per barrel. Brent crude, oil’s international benchmark, increased 0.37%, to $76.33 per barrel.

Gold slipped 0.93% to $1,813.49 per ounce.

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US stocks slip as weak Amazon sales forecast clouds the outlook for tech giants

Stock Market Bubble
A trader blows bubble gum during the opening bell at the New York Stock Exchange (NYSE) on August 1, 2019, in New York City.

US stocks slipped Friday as a weak sales forecast from Amazon clouds the outlook for technology stocks.

On Thursday after the market close, Amazon’s quarterly earnings fell short of expectations, as the Seattle-based firm missed quarterly sales estimates for the first time since 2018. Its sales and profit forecasts were below expectations, further worrying investors about the economic outlook. Shares of the ecommerce giant slipped about 7% at the opening bell.

Tech giants have been some of the pandemic’s biggest winners. However, Amazon’s latest report underscores the challenge of keeping the strong pace of sales as the economy reopens.

“Consumers’ online shopping levels are returning normal as they shift some spending to other entertainment sources and offline shopping,” Dan Romanoff, equity analyst at Morningstar, said in a note. “We see no cracks in the long-term story as Amazon remains well-positioned to prosper from the secular shift toward e-commerce and the public cloud over the next decade.”

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

US stocks in recent weeks have climbed mostly higher as investors cheered robust corporate earnings and the accelerating pace of global economic recovery. The COVID-19 Delta variant, along with inflationary concerns, have dampened the positive sentiment.

Still, the benchmark S&P 500 is on track to close out a sixth straight month of gains.

The yield on the 10-year Treasury note was 1.251%, down by 1.8 basis points.

The Personal Consumption Expenditures price index – a closely monitored measure of nationwide inflation – gained 0.5% last month, suggesting that prices continued to climb amid supply chain issues across the US.

The reading exceeded the median estimate of a 0.4% increase from economists surveyed by Bloomberg. It also matched the May print of 0.5% growth.

Oil prices were mixed. West Texas Intermediate crude slipped 0.16%, to $73.50 per barrel. Brent crude, oil’s international benchmark, increased 0.9%, to $76.12 per barrel.

Gold slipped 0.41% to $1,823.04 per ounce.

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Dow plummets 726 points for worst day of 2021 as virus variants threaten global recovery

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US stocks cratered on Monday as investors eyed a spike in global COVID-19 cases led by the Delta variant, throwing up a roadblock to a full recovery of the economy.

The Dow Jones industrial average fell 726 points, or about 2.1%, for its worst day since October 2020, while the benchmark S&P 500 and tech-heavy Nasdaq Composite also tumbled.

The yield on the 10-year Treasury note declined as much as 12.2 basis points to 1.177%, its lowest level since February as investors flocked to safe-haven assets.

Here’s where US indexes stood at the 4:00 p.m. ET close on Monday:

Read more: ‘More weakening beneath the surface’: A Wall Street strategist who warned investors before last year’s 35% crash lays out the latest signs that another slump into a bear market is looming

“COVID has returned to the front burner of investor concerns right now,” David Donabedian, CIO of CIBC Private Wealth, said in a note. “Last week we had high inflation readings. Now we have concerns that the rise in COVID cases is dimming the economic outlook. While the second-quarter earnings reports have so far beat expectations, this is old news now.”

Shares of airlines, cruise operators, and other travel companies slumped on concerns that the Delta variant would derail the recovery.

American Airlines and airplane maker Boeing all slipped roughly 5% each. Expedia Group and hotel chain Marriott both declined by roughly 3% each. Meanwhile, Carnival, Norwegian Cruise Line Holdings, and Royal Caribbean Cruises all fell as well.

Energy stocks tumbled, including Texas-based oil equipment maker NOV and Diamondback Energy.

Some argue the plunge on Monday is nothing to fear. The sell-off in stocks is a “healthy pullback” that will likely be short-lived and could present a buying opportunity, said technical analyst Katie Stockton of Fairlead Strategies.

In cryptocurrencies, bitcoin continued its recent slide, falling as much as 3.4% to $30,646.90. All other major cryptocurrencies – ether, cardano, ripple, dogecoin, polkadot, and solana – traded lower on Monday.

Despite the downturn, mining bitcoin has been a lot easier. The asset’s “network difficulty,” which measures how much computing power is needed to mint a new bitcoin, has plummeted.

Oil fell on news over the weekend that OPEC+ reached a deal on supply, overcoming the deadlock between Saudi Arabia and the UAE.

West Texas Intermediate crude fell as much as 8.06%, to $66.02 per barrel. Brent crude, oil’s international benchmark, dropped 7.39%, to $68.15 per barrel, at intraday lows.

Gold fell as much as 0.45%, to $1,807.56 per ounce.

Lumber gained modestly, rising 4.83% to $561.90 as supply catches up with demand. Prices are set to stay elevated despite recent declines, according to an economist,

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Dow falls 500 points as fears grow over spread of COVID-19 Delta variant

Stock Market Traders

US stocks fell Monday as investors eye a spike in global COVID-19 cases led by the Delta variant, creating a roadblock to a full recovery of the economy.

The Dow Jones Industrial Average fell over 500 points at the open.

The yield on the 10-year Treasury note was 1.217%, down 8.2 basis points on the day, reflecting the pickup in investor desire for safe-haven assets.

The rising cases, which may result in a new wave of lockdown restrictions, weighed on markets. The Delta variant, according to health experts, is the most transmissible variant yet.

“The market appears ready to take on a more defensive character as we experience a meaningful deceleration in earnings and economic growth,” Morgan Stanley strategists led by Michael Wilson said in a note on Monday. “Inventory builds are unlikely to offset if order books prove to be inflated as we suspect.”

On Friday, US stocks closed lower, recording their first weekly loss in a month.

Here’s where US indexes stood at the 9:30 a.m. ET open on Monday:

Billionaire investor Bill Ackman has scrapped his plan to buy 10% of Universal Music for $4 billion through his SPAC after federal regulators cast doubt on the proposed transaction, he told shareholders in a letter on Monday.

Robinhood is aiming to raise as much as $2.3 billion in its upcoming stock market debut, the company said in a filing with the Securities and Exchange Commission.

In cryptocurrencies, bitcoin has continued its slide, trading at $30,742.54 and inching near its widely viewed key technical support level of $30,000. All other major cryptocurrencies – ether, cardano, ripple, dogecoin, polkadot , and solana – were trading lower Monday morning.

Oil fell after OPEC+ reached a deal on supply, overcoming the deadlock between Saudi Arabia and the UAE.

West Texas Intermediate crude fell as much as 3.68%, to $69.17 per barrel. Brent crude, oil’s international benchmark, dropped 3.41%, to $71.08 per barrel.

Gold fell 0.63%, to $1,804.27 per ounce. The precious metal has shed roughly $30 compared to the monthly high on July 15.

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US stocks trade mixed as Powell reiterates in testimony that inflation will pass

Stock Market Bubble
A trader blows bubble gum during the opening bell at the New York Stock Exchange (NYSE) on August 1, 2019, in New York City.

US stocks rallied on Wednesday after Federal Reserve Chairman Jerome Powell reiterated that inflation will pass.

The benchmark S&P 500 index scaled close to all-time highs, while the Dow Jones Industrial Average also inched up. The Nasdaq composite fell slightly.

The yield on the US 10-year Treasury slipped 6.1 basis points to 1.353%.

The Fed chief said the US economic recovery still has further to go before the central bank considers tapering its asset purchases, according to prepared remarks ahead of his House Financial Services Committee testimony.

Powell said the US job market “is still a ways off” from the progress the Fed hopes to achieve, suggesting it would stick to its highly accommodative monetary policy even in the face of data showing inflation is on the rise.

Powell on Wednesday presented the central bank’s semiannual monetary policy report to Congress and took questions from lawmakers.

Here’s where US indexes stood at the 4 p.m. close on Wednesday:

Stocks have scaled to record highs in the past weeks as economic data continuously point to a strong recovery on top of robust corporate earnings.

Bank earnings continued Wednesday with Bank of America reporting revenue that fell short of Wall Street’s forecasts but blew past net income predictions.

Citigroup meanwhile posted earnings that came in above analyst estimates as the banking giant’s stock trading offset a miss in fixed income.

Big movers include Oatly, which fell 6.1% to an all-time low of $19.40 after short seller Spruce Point Capital Management accused the oat milk company of misleading investors on multiple fronts and overstating its revenue.

Peloton shares also dipped by 5.4% to $113.33 following a rating downgrade to neutral at Wedbush.

In cryptocurrencies, bitcoin, dogecoin, and cardano’s ada token hit their lowest price in three weeks before recovering slightly. Ether touched a two-week low.

Powell in his testimony challenged the need for cryptocurrencies if the central bank were to issue its own digital currency.

“You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies, if you had a digital US currency,” the Fed chief said.

Oil prices slid after Saudi Arabia and the United Arab Emirates reached a compromise allowing the latter to boost its output, Reuters reported.

West Texas Intermediate crude slipped 3.20%, to $72.84 oil per barrel. Brent crude, oil’s international benchmark, fell 2.56%, to $74.53 barrel.

Gold edged higher for the second straight session, rising 1.08% to $1,825.56 per ounce.

Lumber continued its five-day slide to at $642 per thousand board feet.

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Gold will outperform crypto as an inflation hedge and has 38% upside if economic growth slows, Goldman Sachs says

Bitcoin vs. Gold
Bitcoin vs. Gold

  • Gold is undervalued and has up to 38% potential upside if the economy slows, Goldman Sachs said in a Tuesday note.
  • The bank expects gold to serve as a better inflation hedge than cryptocurrencies, the note said.
  • “Overall we see crypto still far from becoming a defensive long-term store of value like gold,” Goldman said.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

At about $1,800 per ounce, the current price of gold is pricing in a “goldilocks scenario” of moderate inflation and a continued global economic recovery from the COVID-19 pandemic, Goldman Sachs said in a Tuesday note.

But if inflation sees a higher than expected surge, or if the global economic recovery falters, there is significant upside to the price of gold, according to Goldman.

“In a scenario where the global economic recovery does not play out as expected or inflation begins to move materially above expectations, we see material upside to gold given its undervaluation and low allocation from the investment community,” Goldman said.

The bank sees gold hitting as high as $2,500, representing 38% upside potential from current levels in the event that US investors’ allocation to gold ETFs rises to its 2011 peak of 0.7% of their portfolio. Given the significant upside, Goldman views gold as a “good strategic purchase” for investment managers that want to hedge against tail risks.

Adding to the potential upside in gold is if the Fed under-reacts to rising inflation and and a slowing global economy. This scenario would drive investors to more defensive assets, according to Goldman.

“In our view, this implies gold can outperform cryptocurrencies, which we view as more risk-on inflation hedges. Overall we see crypto still far from becoming a defensive long-term store of value like gold,” Goldman said.

But if the global economic recovery continues to hum along and inflation remains moderate, Goldman only sees gold hitting $2,000, representing potential upside of 10% from current levels. The price of gold is down 4% year-to-date.

“Ultimately, a number of uncertainties are still hanging over the global economy. Therefore, gold may be a good strategic purchase for portfolio managers looking to hedge against tail risks of macro volatility,” Goldman concluded.

Read more: Goldman Sachs says buy these 20 stocks have the most upside potential right now – including 5 set to surge by at least 50%

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‘Rich Dad Poor Dad’ author Robert Kiyosaki expects an epic market crash, blames the Fed, and loves bitcoin. Here are 16 of his best tweets

Robert Kiyosaki against a green background.
Robert Kiyosaki.

  • “Rich Dad Poor Dad” author Robert Kiyosaki expects a brutal crash across financial markets.
  • The personal-finance guru recommends buying bitcoin, gold, and silver before the downturn.
  • Kiyosaki has also blasted the Federal Reserve and celebrated Reddit traders.
  • See more stories on Insider’s business page.

“Rich Dad Poor Dad” author Robert Kiyosaki has warned of a devastating market crash, slammed the Federal Reserve for devaluing the US dollar, and repeatedly urged investors to buy gold, silver, and bitcoin in tweets over the past 12 months.

The personal-finance guru has also cheered on Reddit traders, analyzed Warren Buffett’s portfolio tweaks, and advised investors to capitalize when asset prices tumble.

Here are Kiyosaki’s 16 best tweets in the past year, lightly edited for clarity:

1. “The best time to prepare for a crash is before the crash. The biggest crash in world history is coming. The good news is the best time to get rich is during a crash. Bad news is the next crash will be a long one. Get more gold, silver, and bitcoin while you can. Take care.” – June 28, 2021.

2. “Biggest bubble in world history getting bigger. Biggest crash in world history coming. Buying more gold and silver. Waiting for bitcoin to drop to $24k. Crashes best time to get rich. Take care.” – June 19, 2021.

3. “Bitcoin crashing. Great news. When price hits $27,000, I may start buying again. A lot will depend upon global-macro environment. Remember the problem is not gold, silver, or bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000.” – May 30, 2021.

4. “Fed wants inflation to pay debt with cheaper $. Fed will raise interest rates causing stock, bond, real estate & gold crash. Biggest problem is Boomer retirement. Social Security Medicare & America broke. Fed to print more fake money. Stick with gold, silver, and bitcoin.” – May 17, 2021.

5. “ARE YOU READY? Boom, Bust, Mania, Crash, Depression. Mania in markets today. Prepare for biggest crash, depression in world history. What will Fed do? Print more money? Save more gold, silver, bitcoin.” – April 17, 2021.

6. “After 2008 Subprime Crash, Fed and Treasury printed $700 billion. 2021 Fed and Treasury to print $7 trillion. Biggest crash in history coming. Worst investment is FANG stocks. Anyone not buying gold, silver, bitcoin now is an idiot.” – April 11, 2021.

7. “Anyone who says ‘money doesn’t make you happy’ is a sick puppy who has never been broke. Money is a drug. It makes people happy. Problem is when drug wears off, people get unhappy. Buy gold, silver, bitcoin, real money and stay happy.” – March 21, 2021.

8. “Why do I like gold, silver, bitcoin? LIQUIDITY. People rushing in to buy a house at top of real estate market. When real estate crashes cannot get out. Real estate not liquid. I own 8,000 rental properties. Bought during crashes. In 2021, I prefer liquidity of gold, silver, bitcoin.” – February 20, 2021.

9. “I am excited about Reddit going after the manipulated silver market. I was not in GameStop but I am in silver. If you have seen me on TV ads for Lear Capital, I drank the silver Kool-Aid way back in 1964, the year silver coins became fake silver. God bless Reddit traders.” – January 30, 2021.

10. “GameStop’s BIGGEST LOSERS are old people. I love Reddit kicking Hedge Funds’ butts. Keep it up. Unfortunately the biggest losers are pension funds managed by Hedge Funds. Thank god I don’t need a pension. If you are young, learn to kick Wall St’s butt and never need a pension.” – January 30, 2021.

11. “The EVERYTHING CRASH is coming. Since 1987, world has been in EVERYTHING BUBBLE. Now all crashing. Prices of gold, silver, bitcoin will crash too. US dollar to rise. Be patient. Massive money printing ahead, eventually destroying dollar. Time to buy more gold, silver, bitcoin coming.” – October 28, 2020.

12. “BOOMERS had it easy. Plenty of jobs, low-cost real estate, rising stock market. MILLENNIALS have it hard. 9/11, 2008 real estate crash, now Covid-19. Good news. Millennials are tech savvy. Boomers are not. Bitcoin-Block chain-Digital currencies give Millennials head start into the future.” – September 9, 2020.

13. “BUFFETT buys to SELL. He sells Coca-Cola, Geico Insurance, Gillette razor blades. He is now selling Barrick Gold. His gold costs $1,000 to mine. Sells for $2,000. Barrick has tons of gold to sell in the future. Smart. How much gold, silver, bitcoin do you have to sell in the future?” – August 22, 2020.

14. “WHY BUFFETT is OUT OF BANKS. Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over banking system? Fed and Treasury ‘helicopter fake money’ direct to people to avoid mass rioting? Not a time to ‘think about it.’ How much gold, silver, bitcoin do you have?” – August 21, 2020.

15. “WHY I buy gold, silver, bitcoin? Three words: No Counterparty Risk. Stocks, Bonds, Business, Real Estate all have Counterparty Risk. Gold, silver, bitcoin are money. They do not depend on people to be money. I own gold, silver, bitcoin in case I need to run from human insanity.” – August 17, 2020.

16. “SAVERS ARE LOSERS. CASH IS TRASH. TREASURIES ARE THIEVES working for the Fed. GOT THE MESSAGE? Central Banks have an avowed goal of decreasing the value of cash by 2% per year. Please don’t be a loser. Open your mind and get smarter about your money. Got gold, silver & bitcoin?” – August 12, 2020.

Read the original article on Business Insider

‘Rich Dad Poor Dad’ author Robert Kiyosaki warned a historic market crash is coming, trumpeted bitcoin, and championed Warren Buffett’s love of brands in a recent interview. Here are the 10 best quotes

Robert Kiyosaki.
Robert Kiyosaki.

  • Robert Kiyosaki expects financial markets to suffer their most devastating crash ever.
  • The “Rich Dad Poor Dad” author said he bought bitcoin at $9,000 and wants it to get cheaper again.
  • Kiyosaki dislikes stocks, and encourages young people to become entrepreneurs instead of employees.
  • See more stories on Insider’s business page.

Robert Kiyosaki warned financial markets are careening towards their worst crash ever, celebrated the bitcoin sell-off as he wants to buy more, and compared Warren Buffett’s investing philosophy to his own in a recent Yahoo Finance interview.

The “Poor Dad Rich Dad” author also slammed the US government for borrowing too much and devaluing the dollar, trumpeted the value of debt to investors, and encouraged young people to start businesses instead of becoming employees.

Kiyosaki – a personal-finance guru – has been criticizing federal-stimulus programs, warning of a historic market bubble, and urging investors to stockpile bitcoin, gold, and silver for several months now.

Here are Kiyosaki’s 10 best quotes from the interview, lightly edited and condensed for clarity:

1. “The next crash is basically an avalanche waiting for the last snowflake. Since 2008, all the federal government has been doing is piling more debt on the mountainside, and they’re just waiting for the next snowflake to hit. It’s going to be the biggest crash in world history.” – Kiyosaki attributed the snowflake analogy to “Currency Wars,” a book by economist and author Jim Rickards.

2. “They teach you to go to school, get a job, and work for this garbage. I just compare this garbage to what gold, silver, and bitcoin is.” – predicting the US dollar will become as worthless as the Zimbabwean dollar, and arguing gold, silver, and bitcoin will retain much more of their value.

3. “I entered at $9,000. I’m still in the money, and I’m very happy it’s coming down so I can buy more. Simple.” – commenting on bitcoin’s price tumbling from north of $60,000 in April to about $34,000 today.

4. “When the yuan becomes crypto, when the dollar becomes crypto or the fedcoin, what will that do to the banking system? That’s the most important question you can ask today.” – discussing the potential impacts of central-bank digital currencies, or CBDCs.

5. “I don’t own any stocks, I don’t like stocks. I don’t have to own stocks because I’m an entrepreneur. I build my own assets like the Rich Dad company, an international brand. A brand is what Warren Buffett invests in, like McDonald’s or Gillette or Coca-Cola.”

6. “To the young people I say, ‘Don’t be an employee, become an entrepreneur like Bill Gates or Elon Musk or those characters, then you get really rich.’ But if you can just sit there and play the stock market, you may as well play bitcoin too.”

7. “Build a business that does well in crashes, booms, or busts. Young people shouldn’t go to school and become employees, they should become entrepreneurs and capitalists, and build businesses that create jobs.”

8. “These other goofballs are saying, ‘Get out of debt, live debt-free.’ Every time I have a chance to buy real estate, I borrow as much money as I can. I think I’m about $1.2 billion in debt. I make millions of dollars a month in cash flow and I pay no taxes, because the tax system incentivizes people who use debt. Everything they teach you in business school is a bunch of BS.”

9. “The real guys like Trump and me, we’re in debt up to our eyeballs, and we pay no taxes. That’s what we teach, and it’s different than everybody else.”

10. “I’m not saying that having a stock portfolio is right or wrong, but there are other alternatives. Just open your eyes and see how the rich are really getting richer.”

Read the original article on Business Insider

‘Rich Dad Poor Dad’ author Robert Kiyosaki has warned of an epic market crash, blasted the Fed, and trumpeted bitcoin. Here are 16 of his best tweets

"Rich Dad Poor Dad" author Robert Kiyosaki
Robert Kiyosaki.

  • “Rich Dad Poor Dad” author Robert Kiyosaki expects a brutal crash across financial markets.
  • The personal-finance guru recommends buying bitcoin, gold, and silver before the downturn.
  • Kiyosaki has also blasted the Federal Reserve and celebrated Reddit traders.
  • See more stories on Insider’s business page.

“Rich Dad Poor Dad” author Robert Kiyosaki has warned of a devastating market crash, slammed the Federal Reserve for devaluing the US dollar, and repeatedly urged investors to buy gold, silver, and bitcoin in tweets over the past 12 months.

The personal-finance guru has also cheered on Reddit traders, analyzed Warren Buffett’s portfolio tweaks, and advised investors to capitalize when asset prices tumble.

Here are Kiyosaki’s 16 best tweets in the past year, lightly edited for clarity:

1. “The best time to prepare for a crash is before the crash. The biggest crash in world history is coming. The good news is the best time to get rich is during a crash. Bad news is the next crash will be a long one. Get more gold, silver, and bitcoin while you can. Take care.” – June 28, 2021.

2. “Biggest bubble in world history getting bigger. Biggest crash in world history coming. Buying more gold and silver. Waiting for bitcoin to drop to $24k. Crashes best time to get rich. Take care.” – June 19, 2021.

3. “Bitcoin crashing. Great news. When price hits $27,000, I may start buying again. A lot will depend upon global-macro environment. Remember the problem is not gold, silver, or bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000.” – May 30, 2021.

4. “Fed wants inflation to pay debt with cheaper $. Fed will raise interest rates causing stock, bond, real estate & gold crash. Biggest problem is Boomer retirement. Social Security Medicare & America broke. Fed to print more fake money. Stick with gold, silver, and bitcoin.” – May 17, 2021.

5. “ARE YOU READY? Boom, Bust, Mania, Crash, Depression. Mania in markets today. Prepare for biggest crash, depression in world history. What will Fed do? Print more money? Save more gold, silver, bitcoin.” – April 17, 2021.

6. “After 2008 Subprime Crash, Fed and Treasury printed $700 billion. 2021 Fed and Treasury to print $7 trillion. Biggest crash in history coming. Worst investment is FANG stocks. Anyone not buying gold, silver, bitcoin now is an idiot.” – April 11, 2021.

7. “Anyone who says ‘money doesn’t make you happy’ is a sick puppy who has never been broke. Money is a drug. It makes people happy. Problem is when drug wears off, people get unhappy. Buy gold, silver, bitcoin, real money and stay happy.” – March 21, 2021.

8. “Why do I like gold, silver, bitcoin? LIQUIDITY. People rushing in to buy a house at top of real estate market. When real estate crashes cannot get out. Real estate not liquid. I own 8,000 rental properties. Bought during crashes. In 2021, I prefer liquidity of gold, silver, bitcoin.” – February 20, 2021.

9. “I am excited about Reddit going after the manipulated silver market. I was not in GameStop but I am in silver. If you have seen me on TV ads for Lear Capital, I drank the silver Kool-Aid way back in 1964, the year silver coins became fake silver. God bless Reddit traders.” – January 30, 2021.

10. “GameStop’s BIGGEST LOSERS are old people. I love Reddit kicking Hedge Funds’ butts. Keep it up. Unfortunately the biggest losers are pension funds managed by Hedge Funds. Thank god I don’t need a pension. If you are young, learn to kick Wall St’s butt and never need a pension.” – January 30, 2021.

11. “The EVERYTHING CRASH is coming. Since 1987, world has been in EVERYTHING BUBBLE. Now all crashing. Prices of gold, silver, bitcoin will crash too. US dollar to rise. Be patient. Massive money printing ahead, eventually destroying dollar. Time to buy more gold, silver, bitcoin coming.” – October 28, 2020.

12. “BOOMERS had it easy. Plenty of jobs, low-cost real estate, rising stock market. MILLENNIALS have it hard. 9/11, 2008 real estate crash, now Covid-19. Good news. Millennials are tech savvy. Boomers are not. Bitcoin-Block chain-Digital currencies give Millennials head start into the future.” – September 9, 2020.

13. “BUFFETT buys to SELL. He sells Coca-Cola, Geico Insurance, Gillette razor blades. He is now selling Barrick Gold. His gold costs $1,000 to mine. Sells for $2,000. Barrick has tons of gold to sell in the future. Smart. How much gold, silver, bitcoin do you have to sell in the future?” – August 22, 2020.

14. “WHY BUFFETT is OUT OF BANKS. Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over banking system? Fed and Treasury ‘helicopter fake money’ direct to people to avoid mass rioting? Not a time to ‘think about it.’ How much gold, silver, bitcoin do you have?” – August 21, 2020.

15. “WHY I buy gold, silver, bitcoin? Three words: No Counterparty Risk. Stocks, Bonds, Business, Real Estate all have Counterparty Risk. Gold, silver, bitcoin are money. They do not depend on people to be money. I own gold, silver, bitcoin in case I need to run from human insanity.” – August 17, 2020.

16. “SAVERS ARE LOSERS. CASH IS TRASH. TREASURIES ARE THIEVES working for the Fed. GOT THE MESSAGE? Central Banks have an avowed goal of decreasing the value of cash by 2% per year. Please don’t be a loser. Open your mind and get smarter about your money. Got gold, silver & bitcoin?” – August 12, 2020.

Read the original article on Business Insider