Silver Price Forecast: XAG/USD Eyes $70? Kiyosaki Predicts 2X Surge as Price Hits $36.14
Robert Kiyosaki, the author of Rich Dad Poor Dad, is at it again – this time with a bold prediction that silver will double to $70 by year.
Quick overview
- Robert Kiyosaki predicts silver will double to $70 by year-end, citing its undervaluation and the fragility of the financial system.
- Silver has recently broken through the $35 level, driven by safe haven demand and expectations of a dovish Federal Reserve.
- The next price movement for silver is critical, with potential bullish and bearish setups depending on resistance and support levels.
- Kiyosaki's views align with institutional trends, as the People's Bank of China increases its gold and silver holdings.
Robert Kiyosaki, the author of Rich Dad Poor Dad, is at it again – this time with a bold prediction that silver will double to $70 by year-end. With silver currently at $36.14, this is his long held view on tangible assets and his distrust of the financial system.
In a recent social media post he called silver “one of the most undervalued hard assets” and to get into it as a hedge in this crazy economic environment. He’s been warning about the fragility of US bonds and fiat currency and to get into what he calls “real money” – silver, gold and Bitcoin.
He’s right in line with his overall economic view that inflation, deficits and rising debt are long term risks that will favor hard commodities. And the People’s Bank of China is buying up gold and silver, so Kiyosaki’s view of institutional money moving into safe haven assets has some credibility.
Silver Breaks $35
Silver has gone up over 8% in the last week and has broken through the $35.19 level with conviction. It’s been in a sideways consolidation between $32.74 and $33.95 for a long time and is now testing the top of the rising channel at $36.34.
The drivers behind the breakout are:
- Safe haven demand as the world is getting more uncertain
- Expectations of a dovish Fed and rate cuts later in the year
- Technical breakout above the 50 day EMA at $33.26
- Institutional inflows as seen in large bodied candles and volume spikes
Momentum is strong and there’s no reversal signs like Doji or shooting star. But with prices at multi year highs, we should see how silver behaves at $36.34.
What to Watch Next
Silver is at a make or break zone so the next move will define short term direction. Here’s a snapshot of possible trade setups:
Bullish Setup: Close above $36.35 with strong volume and we could see a push to $37.46 and $38.62.
- Entry: above $36.40
- Stop: below $35.80
Bearish Setup: Rejection at $36.34 with reversal candles and we could see a move back to $35.19 or $33.95.
- Entry: below $35.90
- Stop: above $36.40
Levels to watch
- Resistance: $36.34, $37.46, $38.62
- Support: $35.19, $33.95, $32.74
- EMAs: 50 day at $33.26, 200 day at $31.56
- As silver tests the resistance, Kiyosaki’s $70 target adds fuel to the fire. Whether it gets there will depend on technical breakout confirmation and macroeconomic events.
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