Benzinga - Robert Kiyosaki, the author of "Rich Dad, Poor Dad," let his Twitter followers into one of Tesla Inc. (NASDAQ: NASDAQ:TSLA) Elon Musk’s weaknesses.
What Happened: Kiyosaki — an avid backer of Musk — said the Twitter owner's weakness is silver and all his businesses burn silver.
Kiyosaki tweeted on Monday that Musk may probably buy his own silver mine. Despite silver’s high premiums, the spot price of the metal is low because of price manipulation, the author noted. “Be like Elon & Me. Pay the premium,” Kiyosaki added.
ELON’s WEAKNES is silver. All of his businesses burn silver. He will probably buy his own silver mine. I own a mine & real silver coin. Spot price silver low. Losers complain about silver’s high premiums. Spot low because price manipulation. Be like Elon & me. Pay the premium.— therealkiyosaki (@theRealKiyosaki) December 6, 2022
Silver, given its high electrical and thermal conductivity, is used in engines, battery pack and battery management systems of electric vehicles, Jeff Clarke, a precious metal analyst said in a 2019 blog. The analyst said EVs use far more silver than ICE (NYSE:ICE) vehicles.
Silver is also a key raw material in solar module manufacturing. Tesla Energy, a subsidiary of Tesla, manufactures, markets and installs photovoltaic solar energy systems.
Why It’s Important: Kiyosaki has been repeating his buy calls for silver, gold and Bitcoin (CRYPTO: BTC), reasoning that as the Fed reverses its interest rate hikes, the dollar will likely weaken. He expects silver to remain around $20 for three to four years and then skyrocket to $100-$500.
Price Action: The iShares Silver Trust (NYSE: NYSE:SLV) ended Monday’s session down 3.99%, at $20.44, according to Benzinga Pro data.
Photo: Courtesy of Wikimedia Commons
Read Next: Silver Is On The Rise. Here Are 2 Reasons Why It Could Be More Valuable Than Gold
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