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CLICK HERE TO LISTEN TO BOB BARNEY’S 7:11 AM SPECIAL BROADCAST: GOLD—GOD’s Currency
Hello, this is Bob Barney again with The Plain Truth Today, brought to you by theplaintruth.com. This morning’s broadcast will be about something I have talked about many times in this show format and on The Plain Truth, especially on the Message Board where we have done many articles on the value of gold and silver. When you read the Bible, you will see that the real standard of wealth is in fact gold, and how gold affords us safety throughout the ages as well as owning silver. It has to be said that this applies especially to gold in times of trouble.
Since around the year 2005, before The Plain Truth, we have been having our content and stories first on a site my wife and I ran called RaceRap. RaceRap was a very popular racing message board with a lot of activity. We then started The Plain Truth in December of 2008 where I kept touting the benefits of owning gold. I spoke about the fact that if you didn’t have the money to own gold, if you could just save and get one little bit at a time, it would be better than having it in a bank.
By the way, if you were to buy gold, I believe in 2010, it was about $800 an ounce and this morning, before the trading started, it was at $2,345 an ounce!
Think about that!
Another thing, I was watching a show last night on TV, and one of the things that was really piquing my interest about gold was that even the gold mining company stocks have gone tremendously; and in spite of what we are experiencing during this downturn in the economy! I am speaking about how we have Wall Street crashing, we have the Dow crashing, and the NASDAQ going down big time, because that’s where the tech firms are. But Peter Schiff, which we’ve played him before on both The Plain Truth Today broadcast, as well as having had quoted him on the Message Board as saying that gold stocks and mining stocks, gold mining company stocks have gone tremendously.
I looked at my Robin Hood, and I looked at five of the gold mining stocks he was talking about, and in the last year they’ve gone up 125%. Yesterday alone, they went up, I think, around two and a half to three percent in one day. He claims, and a lot of experts are claiming, that gold is going to reach $3,500 an ounce this year, and probably four to five thousand dollars an ounce if we can’t get control of this economy. Peter Schiff has been a doomsdayer for a long time, and he has not necessarily been wrong. A great quote of his was when he said, America has been living high off the hog, off of other people’s money around the world. They have sacrificed so we could live great, but the chickens are coming home to roost, and pretty soon our economy is going to collapse, and the people with possession of gold is going to be in a better shape than people who had their money in a savings account, and even what they call a high interest savings account
This is a very short show today and again, if you can swing it to go over and buy gold or buy gold ETFs even…you don’t have the physical gold, but you do have the ETFs or buy gold mining stocks. I mean, one of them that I looked at was only $7.42 a share. You could easily buy $1,000 worth of that, and by next year that’ll be probably $1,500 to $1,600. And the following year, because of compounding interest or value, it’ll be $2,500. It’s really worth looking into if you have the way to do so. I understand a lot of people who listen to me don’t have two pennies to rub together, especially in this bad economy. The gas prices are not coming down, the food prices are not coming down, and times are really tough for people however, gold is a security, and we do economics in this show too.
We do a little bit of news on the economy, a little bit of sports, I’m not too much into sports, but we do a lot of weather, and the economy, and of course, breaking news. When we get to the idea of gold, again, it’s a biblical principle of owning gold and it is what God recommends. When you talk about the patriarchs of the Bible or the rich people of the Bible, God always, in His Word, always mentions how much silver and gold they had and there’s a reason for that.
Gold does not go down in value.
Just think a minute on this. In 1973, when gold was allowed to be bought again, it was $35 an ounce. So, it was $35 and has goone to $2,300 plus and soon to be $4,000. It’s not bad when you think about that rate of return, that if you had a few hundred dollars worth of gold in 1973, you would have about $15,000, $25,000 off of $1,000, or actually even more.
I just wanted to again focus on the pricing of the gold mining stocks, which I just learned about myself, and understand that it is a barometer about how bad things really are. You can have your head in the ground like an ostrich and pretend that everything’s going great under this new administration, which we all wanted to be the case. They’ve done some good things when it came to closing the border and stuff like that but the truth of the matter is, as Peter Schiff mentioned in yesterday’s program, is that the tariff restrictions and a lot of the other things this Trump administration is doing this time around, which they did not do in 2017, 2018, is they’ve produced a lot of lemons. Now when you listen to them, they spin what they’re making, as he claimed, a lemonade, a lot of lemonade out of all the lemons they’ve made. So it’s tough times ahead, and I don’t think the times are going to get better this summer.
I’ll give you one example.
I talked about the paint business, because I know about the paint business. We buy container loads of isocyanate resin, which is what is used when you make the hardener that you put with paint and as a result, you get a urethane paint. Everybody here is about a polyurethane paint. Well, it takes a hardener. 100% of that hardener is made in China. We buy it by the container load. 80 drums come to a container. So it’s very expensive. And it’s $2. It was what we were paying for the last seven or eight months. We were paying $2.32 a pound and we got our truckload in last week. We have another one coming on May 5th and then pricing for July, that would be the next time we really need it. We asked the company what the price will be, and they really did not want to tell us. They said it will be at least $6 a pound. Think about that. From $2.32 to $6 a pound. So when you get your car repaired, if you have an accident, guess what? You’re going to pay for it, or your insurance, or then your insurance rates.
Just fast economic tidbits from The Plain Truth today by Bob Barney saying, thank you for listening. Bye-bye.