Mark Albarian discusses plunge in gold prices

Earlier today, the price of gold began to plummet and if you looked at Drudge Report the message was clear: 'Panic everywhere'. Glenn invited Mark Albarian, President & CEO at Goldline International, Inc (and sponsor of this program and website), to discuss the news and give his perspective on what is happening in the gold market.

GLENN: I've been e‑mailing back and forth with a lot of people over the weekend because some really significant things are happening with the U.S. dollar. I don't know how much time we have, but I will tell you the clock that we feared and told you would happen and would start clicking and ticking is, and it's only a matter of time before the U.S. dollar is not supreme anymore. And there's something weird happening at the same time. For some unknown reason gold is now plummeting, and if I'm looking at the Drudge Report, it says panic is everywhere. Mark Albarian is a sponsor of this program. He is from Goldline, and I wanted to call him and find out why is gold plunging. What is happening, Mark?

ALBARIAN: Well, I think people have reacted what Goldman Sachs said about a week ago where they said gold was going to go lower. And, you know, traders out there, if they get information like that, will sometimes sell gold, sell their gold or sell gold short to take advantage of a Goldman Sachs quote. Goldman Sachs' basis for it is, "Hey, the economy's getting better. The world's getting better. Everything's okay. Look at the stock market going up. Gold's not as important."

GLENN: Can you tell me that ‑‑

ALBARIAN: That's not something that I personally believe in the long run.

GLENN: I don't believe ‑‑ I mean, really? Goldman Sachs said it. So it must be so. I don't ‑‑ I'm not one that actually believes that this is coincidence that the sovereign funds are buying up gold, or as countries collapse, they are dumping gold and then at the same time we're being told that the economy is okay. I personally think that this is collusion. It is keeping the price of gold down for the sovereign central banks so they can store the gold. Do you think there's anything to that? Because that's just ‑‑ that's just me saying that. Is there anything that you've ever read ‑‑

ALBARIAN: Well, I think there's a lot to be said for that. First of all, there's some talk that Cyprus might sell its gold. Whenever a country or a central bank or there's rumors that a large amount of gold is going to hit the market, people panic. Remember Germany talked about selling their gold. Switzerland talked about selling their gold. Many, many times it just doesn't happen.

The other thing is as you've seen and I've seen is that China and Russia have increased their gold reserves. So whenever there's been an opportunity to buy any quantity of gold, you've seen other countries. It's not just the big ones or the giant ones. You see India increasing gold reserves from time to time. So you see other countries taking advantage of these opportunities.

Right now that word "panic," it's, there's no panic at Goldline. There's no panic in the physical market. I don't think investors that own gold are panicking. I think people that are on margin, that are speculating, that are traders, they've made ‑‑

GLENN: They are panicking.

ALBARIAN: Yeah, they overreacted. How come nobody's talking about silver? Silver's down today almost 9%. So if gold's going down, does it make sense that silver goes down? Does it make sense that platinum goes down? Does it make sense that palladium, which is almost purely an industrial metal. So if things are going ‑‑ getting better, does it make sense that palladium is down today 5%? It seems like it's, you know, an overreaction in the trading markets. But who knows.

GLENN: Okay. So gold mining shares around the world were battered, and this is kind of what you're talking about and this is something that I have said don't do and that is buy paper gold. So the ‑‑

ALBARIAN: I would agree with you. Gold mining shares, what you are doing is you are investing in a business. If that gold mine makes money and the stock market's good, you'll make money. But you're not betting specifically on the gold price. And shares can, you know, react up or down because people feel like gold's going to go up or because of a particular mine.

GLENN: Okay. So when does ‑‑ because ‑‑ in fact, I got a call from a guy today. I got a call from a guy. And he said, "Glenn, I just want you to know because I know you're a big gold guy." He said, you've got to get out of gold because it's going to plummet. And I said, thank you very much. What do you think it's going to hit? And he said, I don't know, but it's going to go down and I said, great, because I'm going to be planning on buying more. Because I just don't believe that the ‑‑ with what happened, Mark, this is what's so confusing. You followed the currency stuff that was happening over the weekend with Japan and Switzerland and France and Australia last week, with China and the currency, right?

ALBARIAN: Yes, all the currencies.

GLENN: Okay.

ALBARIAN: It's interesting because we've seen the dollar at a level now that, with all that's going on in the world, everybody's now saying the U.S. currency is the safest.

GLENN: Well, but China is making moves to basically set up, I think, the ultimate undermining of the U.S. dollar, and it's only a matter of time I think before the dollar collapses or interest rates have got to be jacked up to be able to hold this thing together which would eventually mean our demise. But it doesn't make sense. Those things don't go together.

ALBARIAN: Yeah, I think that's a great point. Lots of things don't go together. So if gold is going down today, wouldn't you expect that the stock market might be going up? And the Dow's down over 80 points. I mean, how is everything going down at one time? And China looking for world dominance? Clearly that's an issue, and it's hard for us to be on an equal footing with China when we negotiate with them because we owe them so much money. When you owe somebody a lot of money, you have to be nice to them. You're not really equal when you negotiate.

GLENN: One of my guys came in this morning and said that he had read a thing that it showed, it was a chart of all of the central banks, that all of the central banks in the last five years have made significant increases in their gold reserve. True or false?

ALBARIAN: True.

GLENN: By an unusual amount or is this the usual you kind of fluctuation?

ALBARIAN: Well, actually the usual thing is one of the things that caused gold to stay low for all those years was that the central banks were actually selling gold. They weren't adding to their reserves. They were selling. And there was an agreement between the central banks, they were selling so much gold, it was hurting the gold miners. It was hurting the actual workers in South Africa that needed a job because they were in risk of closing mines. So they all got together around gold prices of $300 or even a little less and said, you know, let's stop selling gold so quickly. And they all agreed to do that.

Now, independent of that, we saw the financial crisis in 2007, 2008, 2009. And from that point on, central bankers have been adding to their gold reserves. People would have been happy if they just agreed to sell normally, but they went the other way. They started buying. And the people that have the most gold and the most power to move the gold market in my opinion are the central bankers.

GLENN: Do you think there's any gold in the United States?

ALBARIAN: I would guess that there's gold at Fort Knox. I would guess that there's gold at the Federal Reserve. I would guess also that there's a lot that I don't know and that we don't know and they are not telling us.

GLENN: Do you ‑‑

ALBARIAN: Because if it was completely transparent, they would call in one of the big four accounting firms and they would just do an audit and they would take pictures.

GLENN: Why would Illinois last week begin the passage of a bill to log everybody's gold, to make in the State of Illinois that if you have gold, you need to report it to the State of Illinois so they know exactly how much you have of physical gold?

ALBARIAN: I don't know where that bill went but I'll tell you I'm very concerned when you get government asking that question. Even if it was just a proposed bill, even if it gets shot down quickly, that makes you nervous. I think an equally important question is why would the State of Texas be so concerned about getting their gold physically in their state. If the State of Texas doesn't trust somebody else to hold their gold, then I think that my view over all these years has probably been right: The people ought to buy gold and put it someplace safe and have complete control over it. Real gold, not paper, hold it themselves.

GLENN: All right. Thanks a lot, Mark. I appreciate it.

ALBARIAN: Thank you, Glenn.

GLENN: All right. Again, full disclosure. He is a sponsor. He is a friend of mine, but he's also a sponsor of the program and that was not a commercial. You ‑‑ I mean, it's ‑‑ God only knows what is going to happen. You know, if you had gold, I'd keep it to yourself. I would keep it to yourself. Now, in the future is it going to be ‑‑ I mean, do you see up on TheBlaze they have a new story out, where is it, hungry for some Hunger Games: See the first trailer released for the second film? How is it nobody can see that you're headed toward that kind of a world? I'm not saying that we're going to be hunting each other, but you're headed towards a rule ‑‑ a world where you're ruled over. I mean, is it un ‑‑ is it unreasonable to say right now that if the economy collapsed that the government could say, "If you trade in gold, if you..." I mean, they are already doing it. They are arresting you if you have vegetables and you are trying to sell your farm fresh vegetables to a neighbor. Remember, they went in, where was it, in Colorado where they went with bleach to destroy all of it.

STU: Yeah.

GLENN: I mean, is it really that so unusual that we ‑‑ I mean, we're headed toward some really spooky things if we don't wake up.

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Glenn wrote this essay on September 12, 2001. Are we the same people now?

ED JONES / Contributor | Getty Images

Twenty two years ago today on September 12th, 2001, Glenn wrote an essay called "The Greatest American Generation." These were his visceral thoughts immediately following the 9/11 attacks. This beautiful essay calls upon the American spirit to rise to the occasion to pull us through what was one of the darkest days in our nation's history. He called us to unite around the common vision that unites us as Americans.

Yesterday, Glenn revisited this essay, wondering if we are the same people who could have pulled through that dark hour. Do you still believe the things that he wrote in this essay? Or have we become a people too divided to overcome a tragedy of the magnitude of 9/11? Consider these questions as you read Glenn's essay below, "The Greatest American Generation," published on September 12, 2001.

I've always believed that the greatest American generation is the one that's living, in the here and the now. The question is not if this is the greatest American generation. The question was when were we going to wake up? I remember staying at my grandparents' house in the summer when I was small. Every morning my grandmother would open the attic door and call up, "Kids, time to wake up." For me she'd have to do this a couple of times before I'd lumber out of bed and cross the cold, squeaky wooden floor. But finally, I would. And she'd be there in the kitchen ready with breakfast. My grandfather was already outside in the henhouse because there was work to do. They were hardworking, good and decent people. Seemed to me that they were from not only a different time but a different place. They weren't.

The spirit of our parents and our grandparents isn't from some foreign place. It hasn't died out. It's a flame that flickers in all Americans. It's there and it's ready to blaze to life when we're ready to face the challenges that now lie at our feet. It's what sets us apart. It's what built this country. It's why our borders still teem with the poor and the tired and those yearning to be free, burned with zeal in the hearts of millions of immigrants from every corner of the Earth who came here in search of a better way of life. The flame that Lady Liberty holds is the American spirit which burns deep within all of us, no matter what our race, gender, our religious background. And today the world is watching us. It's really nothing new. It always has.

Since the dawn of man people dreamt of a better life, dreamt of a better way, of freedom. But it was Americans that finally found a way to build it. And out of all that we've built, the powerful machines, the computers, the weapons of mass destruction, hardware and software that we spent millions on every year to protect and keep the plan secret, our biggest seeming secret, the one the world wants most of all, isn't a secret at all. It's something we freely give to the rest of the world. And while it seems self‑evident to us, for some reason it can't be duplicated. Yet it can be passed on from person to person, torch to torch. It's the American spirit.

If you weren't trapped in one of those towers or on a plane or in the Pentagon, then you have great reason to humbly give thanks today, not for our lives but because we're the lucky ones. God hasn't forsaken us. He's awakened us. Standing at the bottom of the stairs, he's gently called out, "Kids, it's time to wake up! We've been given another chance."

Thousands of years ago in Babel, the great civilization in their arrogance built a tower that reached the sky. It crumbled and they were scattered. Our heart and steely symbols of power and wealth may have crumbled, but we have not been scattered. Americans aren't ever going to scatter. Let the world recognize through our actions today that those firefighters in New York are not the exception. They are the rule. Americans don't run from burning buildings. We run into them. It was a beautiful fall morning on the edge of the land created through divine providence. Coffee shops were open. Children were on their buses and people easing into another typical workday when America's greatest generation heard the voice: "Kids, it's time to wake up."

Several times we've ignored the voice. We've drifted back into twilight sleep muttering, "I know, I know, in a minute." But finally we are awake and out of bed, for there is much work to do. The task before us is much more daunting than what our grandparents and parents faced, but we are stronger, a more prepared nation. The torch has been passed. We are the greatest American generation. The American spirit is alive and well. Our flame has not burned out. It had just been dimmed while we were asleep."

Remembering 9/11: A call to unify as Americans

Robert Giroux / Staff | Getty Images

Glenn often harkens back to September 11, 2001, as a pivotal day for the American spirit. When American Airlines Flight 11 hit the South Tower at 8:46 a.m. that sunny September morning in Manhattan, there was no question that September 11 would become one of the most consequential moments in American history. However, in that moment, the outcome of that day was yet to be determined.

How would September 11 be remembered in history textbooks? Would it be the beginning of the end of our Republic? Many thought so and for just reason. Our country was under attack. Planes hijacked by our enemy were headed towards the buildings that represented the institutions that comprise the fabric of our republic. If there was any day that called into question our nation's future, it was September 11.

New York City firefighters and a photojournalist work at Ground Zero after two hijacked planes crashed into the Twin TowersRon Agam / Stringer | Getty Images

But the American spirit had a different narrative in mind. Instead of caving to the narrative that the hijackers attempted to write, the American people rose to the occasion that duty beckoned. As Glenn wrote in an essay the day after the September 11 attacks, "Americans don't run from burning buildings. We run into them." And we did. Many remained there as their final burial place.

The American people rose to the occasion that duty beckoned.

As New York Governor Pataki remarked, "On that terrible day, a nation became neighbors." We weren't Democrats. We weren't Republicans. On that day, we were Americans. We chose to write a different narrative in the history books following 9/11, one of resilience, bravery, brotherhood, and the triumph of the American spirit.

As Glenn so poignantly wrote on September 12th:

The spirit of our parents and our grandparents isn't from some foreign place. It hasn't died out. It's a flame that flickers in all Americans.

And that flickering light turned into a roaring fire on that pivotal day, one that not even the fires in the World Trade Centers, the Pentagon, or the empty field in Shanksville, Pennsylvania could consume.

We chose to write a different narrative in the history books following 9/11, one of resilience, bravery, brotherhood, and the triumph of the American spirit.

But can we say the same about the American people today? Do we still carry the flickering flame of the American spirit that has been passed down to us from generations past? As Glenn reflected today, 22 years after penning those words, he isn't so sure. And I'm not either.

A candlelight vigil for the victims of the World Trade Center terrorist attack is held at Union Square in New York City.Evan Agostini / Contributor | Getty Images

The same American spirit that we relied upon to pull us through September 11 seems to be a waning flame in a torch that few are clinging to. We are increasingly losing sight of what it means to be an American. Common principles that we traditionally shared across party lines are now being vehemently contested, both by the ruling class and in the public square. This is not the same America that triumphed over September 11.

We are increasingly losing sight of what it means to be an American.

This raises the troubling question: Could we endure another attack of a similar magnitude? Would the triumph of the American spirit dictate the narrative of that day, or would a foreign enemy steal the pen from liberty's fingers? These are the tough questions we must wrestle with in our pivotal moment as a nation.

But these questions aren't devoid of hope. There is still time to recall those timeless principles that transcended party lines on September 11 and united us as Americans. There is still time to nurse the waning flame for those who are committed to holding liberty's torch. There is still time to view our political opponents as, in the words of Pataki, "neighbors," whose livelihood and future depend on the survival of our great nation.

There is still time to recall those timeless principles that transcended party lines on September 11.

But that window is short. We must strive towards unity now if our nation hopes to, as Lincoln said in his own time of division, "endure."

As Glenn wrote in that essay on September 12, 2001, we must be, "awake and out of bed, for there is much work to do. [...] Our flame has not burned out. It had just been dimmed while we were asleep."

Acouple cary the American flag down a lower-Manhattan street a week after the September 11 attacksRichard Baker / Contributor | Getty Images

Flames cannot flicker forever. If they are not nursed, they will flicker out, leaving darkness in its wake. It's time to wake up. We must be attentive and awake, nursing the remnant of liberty's flame until it is blazing like it did 22 years ago today. We cannot let it die on our watch. Too many people have sacrificed too much for us to drop the torch.

Is your wallet ON FIRE? You can thank Bidenomics for that.

Biden has been touting the alleged success of his economic plan. But why are 61 percent of U.S. consumers living paycheck to paycheck? In Wednesday's Glenn TV episode, Glenn showed you all the ways that the Biden admin has been skewing economic figures in their favor to boost their PR campaign. But one thing is for certain: the Biden admin's reckless spending continues to drive up inflation. You feel this every time you go to the grocery store or fill up your car with gas.

What's worse? The Biden admin doesn't even factor in groceries and gas into their inflation rate! Don't be fooled when they boast that they've brought interest rates down. The prices of products the average American consumes every day remain nearly doubled to what it was under the Trump admin.

See for yourself. Here is a side-by-side comparison of the most popular grocery items priced under the Trump admin and the Biden admin.

Cost of 1 Dozen Eggs

Price of 1lb. Ground Beef

Price of 1lb. Chicken

Price of 1 Gallon of Milk

Price of 1 Liter of Soda

Price of 1 Loaf of Bread