cut rates. i think they will do that election, no election, i think it really comes down to the economic data. >> okay. andrew hollenhorst, thank you for joining me. so we did see the smp down about six points. all the major averages finished lower. 2000 down a little bit more than 1%. next week, we have quite a bit on tap. we have the nvidia stock playing out right now. more inflation data. a fed decision. that goes for overtime. "fast money" begins now. >> morgan, thank you very much. life in the heart of new york city's times square, this is "fast money." here is what is on tap tonight. the great rate hike yield. what the latest read on the economy means for the fed and your money. plus, kiddie crunch. game stock singing even at the biggest champion meows a buy.

what to make of the frenzy and that stock. and, later, gold losing its luster. meta, counting down to apples big early a.i. reveal. thank you for joining us. coming to live from studio b at mass deck we have tim seymour, karen finerman, bonawyyn eison, and steve grasso. the payroll number jumping to more than 4.4% after slumping in recent weeks and during 4.9%. that move coming after the latest report showing the economy added 272,000 new jobs in may. that is more han the 165,000 in april and well above what had been forecast. the unemployment rate though

rose to 4%. here is the ambiguity in these numbers. it is the first time it hit that level since january of '22. but the payroll growth/expectation that the fed will cut rates anytime soon. chances of a move in september fell from around 70% yesterday to just about 50% today. so with another fed meeting coming up next week as well as a new read on cpi, what an we expect after this morning's job data? steve grasso, let me start with you. it seems like the opportunity for a fed cut waivers with every single number. >> yeah. so at the end of may, the odds of a fed cut went from basically 52% to 78%. and now they dropped from 70% or thereabouts to -- from the last couple of weeks -- to 50%. so that just tells us that every data point will be overanalyzed. but it s the nemployment data that is the most worrisome for the fed and the establishment

and the biden administration. so it is great that the economy seems to be humming along quite nicely but we are a long way from kansas. i still think they are going to cut and i think there will be a few cuts and they will probably start in september. >> so to steve's point, which is the more important number here? is at the unemployment rate which is a sign of a slowing economy or is it the 270,000+ jobs which was more than expected? and you have also got average hourly wages going up. >> exactly. right. so jess maurer murkiness in there. so i think that they all -- like you said, all the pieces are moving a lot. to me, the market reaction was interesting in that there was sort of buzz kill right away in the market really look like it was going to sell off and it

did not. the points of the day were higher and it ended up being sort of an un-consequential day in terms of that movement. but i sort of think that if j. powell were looking for any reason to be either dovish or bullish, he could pick one here. >> he could pick one here. >> but i think he will err towards -- not bullish. i mean hawkish. i think he will not raise until he gets -- 1.4 handle is not enough. >> not enough. >> one of those. maybe the 4.2 or whatever and then maybe the cuts start coming. what i have been thinking about, kim, in recent days -- i think about this stuff and i do it all the time. it is this. the fed has deployed its blunt instrument against high inflation, and that is by raising interest rates which it has done over the past couple

of years. very significant. inflation has come down very significantly, but that last mile has turned out to be tricky. the question is what other toll does the fed had to slow inflation or to get inflation down to that 2% level. do we have to have a recession? >> welcome, tyler. great to have you. >> great to be here. >> always great to have you here. the other tool is time. if i think about it, next week is a good week because wednesday we have the cpi number. that's not only a number that i think kind of shapes the next months which means if the fed doesn't do anything my guess is by july, i think they're not going to do anything until november. i thought today's number -- i know we over analyze certain data points. we over use the term goldilocks. good thing guy is not here because he hates that term. if you are the fed, we are

talking about maximum employment and easing inflation pressure. 4% unemployment rate, highest in two years, who cares? what you are seeing is a balancing out. that's what the fed wants to see. i thought this number was as good as it got. i thought this number doesn't tell you the fed is any rush to do anything. i think if anything this probably tells you that the fed who may cut once, may cut twice. they will not cut more. i don't think they are going to not cut. but it's all because they have to do something because policy is restricted. there is nothing that says the economy is falling apart. >> you think if they don't cut by july, they won't until after the election? >> i think we are only getting one cut. i think next week packs a lot in for investors wednesday because you are going to have a cpi. but you are going to get out of the fed meeting one or two. i don't think it even really matters. >> what do you make of the numbers? >> i tend to agree.

you look earlier in the week and it was very manufacturing heavy. that told one story. towards the latter part of the week, you got more services, talking about wage growth. we look at where the jobs come from. it's the service side of the economy. you have that push pull dynamic there. if you look at the volatility in the rate market, fed fund futures market, it tells you there is a lot of as karen said murkiness and uncertainty. the fed has reiterated time and time again, we need a trend towards x, fill in the blank. whatever narrative you want to say. you are getting anything but a trend. you are getting dot plots that are inconsistent in terms of where we are trending. until we are able to make sense of what the trend is expecting anything but status quo to me is speculative at best. it's a market for a reason. you are trying to find some edge, some data to trade. you have seen fed fund futures

set, reset, retrench to where they were. it's a real long way to go nowhere. >> you have been pretty consistent on your view of what the fed is going to do. you still feel that way. >> i have been mocked at three. tim smirks when i say three. >> you are being generous. >> tim has come to my side. i heard him say july. i have never heard him say anything about rate cuts. >> i will leave you two to sort this out. >> wounded by the comment, it's fine. >> i want to jump into the rate cut thing. you can say july. you can say that the fed is under this world domination where they want to have a succinct. >> coordination. >> that's the word. coordination with the rest of the world, rest of the central banks. i think that's the case you can make if it's july.

i think this pushes july, don't get anything in august and then we get september. if they actually cut rates i think inflation comes in. rick reader has been great on this. >> if they cut rates, inflation comes down. >> because think about what shelter costs are in cpi. over 30%. you lock up the housing market when you keep mortgage rates at 7%. the only people that become wealthy and circulate more money are people that have money in treasuries, equities, in real estate. they keep pumping the system. who are people at the other end? people that don't have money in treasuries, real estate, the market. eggs, cheese, milk, those are what's hurting bottom income brackets. you keep this level of inflation here by keeping interest rates here. you cut and everything comes in. reaction? >> i'll take the other side of that. >> you will or you won't? >> i will, in that cutting would tend to be more

inflationary. i understand exactly what you are saying about housing. i don't believe 25 basis point cut is close to solving this housing situation. >> unlock the housing. >> right, to unlock the housing market. the differential between existing homeowners between 3 and 4% and whatever the new mortgage would be now, seven and change, say seven, i don't think 6.75. you wouldn't get the whole 25 probably. say you did. directionally, okay, but you would need multiple cuts for that part of it. meanwhile, on the other hand, if you had multiple cuts you might spur other inflationary things. >> tim. >> again, i just think if the fed doesn't signal that they need to do anything next week, they don't have to do anything. they're not going to do anything until at a minimum december. that's my point. my point is they're going one or two times is not a function

of a weakening economy. we have printed 249 on payrolls the last months on average. we are not even close. we could have a bad number next month, but i guess we all know that policy is restrictive but the question is how restrictive? i think the market is trying to figure that out. ultimately what was interesting as a day when you got to see that the economy -- if labor market is the economy. it sort of is and sort of is not. stocks meandered. you wonder if a weak number would have been negative today. it was a great week for the market. at some point we need to talk about that. it was a week where you had reaffirmation of leadership in terms of the biggest companies in the world. we are going to talk about apple in a little bit. i think ultimately -- we're going to talk about gold too. we you pull back 3.5% on gold, it doesn't mean it's a bad trade. you saw that there is strength

in the economy and the fed will not be their old dubbish self. eventually they will have to cut. eventually all the trades they're predicated on, easy monetary policy, and it will happen, will be back on. >> we will invite in our first guest, former white house chief economist who thinks fed policy is comfortably on hold post the jobs report. now chief economist, it's always good to see you. in reading my notes in prep for this conversation i was curious about something you point out. that is not to wong out on the employment numbers. why not? there is a household survey and an establishment survey. establishment showed jobs growth. the household survey did not. explain it and explain what it means. >> sure. the establishment data is basically a function of the companies, bureau of labor

statistics surveys, who was on the payroll, who gets paid at least one hour worth of work during the survey period. the survey is governments knocking on somebody's door, giving them a call, asking if they're part of the labor market. if they are, they go through a series of questions. it's a household. you go to somebody's household and ask about employment status. the reason the survey might be better, because it changes every month, it mic pick up trends in the data before the payroll survey because that's based earlier in the year on set of economic conditions that may be perhaps changed. because establishment survey has more data and it is perceived to be better in the sense that you are getting perhaps less bias in it from the people who are responding to the survey, that makes the fed and others put more weight on the payroll data. having said all that, i think household data is interesting. labor force, participation is declining. unemployment is rising. if it continues to rise, that

will be a more ominous sign for the economy next year. at the moment as tim said roughly 250 a month on jobs, economy looks good. >> household survey remains weak. employment was down 424,000 in may and has declined in six of the last nine months. is that kind of number sufficient to get the fed to move to loosen up on rates? >> no, not yet, tyler. the core pc which is what the fed focuses on, three month rate of change is running around 3.5%, year to date change is about 4%. i heard steve's comment about what reeder was saying about lowering mortgage rates which will help. fed is focused on other metrics as well such as super core, core services ex housing. that's over 50% of the core pca. that's been running around 4% and there is no housing there. it's going to be very difficult for the fed to cut rates in this sort of environment. the question is why is the

economy healthy? i think part of that isn't really health as much as debt fueled spending. we have budget deficits that are five to six percent gdp with unemployment at roughly 4%. that's never happened before. >> let's talk a little bit about the inflation numbers and how you think they are trending. are they trending lower? and what causes them to get to the fed's target of 2%? back to the question i asked tim, do you have to have a recession to get there? >> tyler, we were saying that this was a supply driven inflation shock and inflation would come down despite all this government spending. that was the case for about 18 months. then all of a sudden in january, inflation trend turned for reasons that are not clear to me and i think many others. what that means is the fed has to take a much more cautious approach. i agree with what tim said. the fed will have at most i

think one rate cut. that will happen after the election. fed needs three if not four good months to offset what we have seen. i expect inflation to moderate because i think the economy will weaken. i see some cracks. right now it will be more gradual than expected and not enough to get fed to ease soon. >> back to the point you made, tim, which is time may be the weapon. go ahead. >> joe, how about the mosaic of global central banks? what does that mean to you? it doesn't have to mean anything. i know you are an economist, not necessarily a trader. you have the dynamic where you have central banks pushing on the east, talking out the other side of their mouth. any thoughts? it's an interesting week when you get the payroll number. >> it is an interesting week. some european inflation data, uk economy, energy and inflation has come down faster than it has here and i think

policy maker taking the cue from the fed last year wanted at least one rate cut. i don't think they will be able to cut more. it is unlikely these banks can continue to ease rates with fed on hold and i think they'll at this point focus on more of what the fed does here than the other way around. >> thank you so much for spending time with us on a friday evening. we appreciate it. >> thanks everyone. good to be with you. thank you. >> good to see you. >> who has an idea to put money to work in light of what we have been talking about? >> i think you lean into dollar strength here. we are looking at the ecb. i think there is a key difference. there is a collaborative effort of i am not sure how many countries but it is not just one united states situation you are dealing with. you have situation in germany, italy, or uk, and you kind of have to move policy around to be accommodating to all the constituents of the ecb. i don't think that's the case. i mean, it's not. it's the u.s. economy. you kind of lean into dollar

strength for the time being. i think you will probably get a chance to redeploy in the gold if it comes back significantly because there is still very much an uncertainty on the horizon. i think those two things set you up to what pockets of the market you want to be involved in. >> karen. >> status quo really. i didn't think anything would need to change. it's not a big enough rate, something that would be supportive of rates. we say valuations would be cheaper because rates are going lower. that didn't happen. it wasn't super hot. you have that 4% as you said. murky which means status quo. >> keep it where you are. >> there are things i think you don't want to do. one is assume rates are going down significantly lower. it was a week, a 17 basis point move on the two year today, 17 basis point move, it tells you how the market got in terms of treasury trades. i think if you think about trades that have continued to not work, how is it when we

showed economic strength, small caps underperformed in the market as they have all year. to me reaffirmation that the places you will be safest also in a world where maybe there is, maybe there is not slower growth in the next couple months are the places we've had it. the places there is growth and places that are interest rate sensitive. >> quick thought or final trade from you. >> there is still a demand of 5.5 billion from corporate buy backs and that fades out in the middle of june. i would say stan pap, if looking for a sell off, maybe mid june to first week or so of july. >> interesting. we'll take a quick break. coming up, apple closing in at all time highs. what can we expect to hear about the a.i. efforts? that's the big question and we will give you the answer next. roaring kitty doing his best to game stock as meme

stock tumbles. we'll dive deeper into the madness, right after this. >> you're watching fast money here on cnbc. we'll be rhtacig bk.

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welcome back to fast money, everybody. apple shares closing back in on all time highs as the company gears up for the kick off of its worldwide developers conference on monday. investors anticipating major announcements with respect to a.i. plans. rumors improve partnership with open a.i., deal with alphabet's gem my software and according to bloomberg more advanced voice control of products. this would be attempt to catch up with other big tech names making moves notice space and could serve to boost apple's main businesses. will the company be able to deliver? stock bond is close to all time highs, a lot of anticipation built in. what do you expect? what do you expect the stock to do? >> you know, i said at 160, that was your chance to get back into a long position.

i said it then and i will repeat it. maybe i am wrong. i was wrong then. perhaps i am wrong now. my point is barring some real a.i. product and service, and i am not talking about having a third party a.i. platform on the phone, i don't know what takes them to the next level. this very much is an a.i. fueled market. with that said and to tim and karen's point earlier, there is a defensive nature to this stock where i can see people getting involved. but to expect incremental 30 or 40 or 300% like we are seeing from other a.i. names, it boils down to how defensive do you want to be? do you want a company that's a bell weather and you know has cash on hand and it's got this massive subscriber base, it's got the services, it's got whatever super cycle that's going on. or do you want more pure a.i. plays. if i am going to take a tertiary bet i would rather be involved in the a.i.

champions. >> so you see this as more of an incremental part. >> sure as carter says i see it as a pair of twos but i am fine. >> in july and december it hit around the levels. we know the seasonality going into wwdc, stock rallies, this is a pretty impressive rally we have seen recently for apple. >> maybe apple got bad when invidia passed it. >> if nvidia has a higher market cap than apple then they will flip spots. now you have the replicating buying every time etf is bought. if a.i. is not substantive, i think the stock sells off. i think either way the stock is probably going to be rejected. >> the bar is high for apple. >> it was lower, back when you were talking about. this is a lot of front running

in what they hope will be fascinating, sort of building it up to be so. i think it's got to be something revenue generating, subscription kind of generating a.i. sort of product, not just fixing siri which i honestly believe they have made siri worse purposely before this so whatever they replace it with, that looks better. >> that's a hot tick there. >> it's so bad, it is unbelievable. >> it is almost an embarrassment. >> it is beyond an embarrassment. i wouldn't even say anything. i wouldn't say another word. >> siri, karen says you are worse. >> i really believe it. one is a charging thing. yeah. i just think the stock is already pricing in something great. i have a tiny position which means i am closer to short than long. >> yeah. >> that's a take though.

they're making it bad. >> i think she's talking to us. >> she is. >> she hears anything. >> now she's really going to be not good. >> we'll take a quick break. we're going to behave ourselves now. there is a lot more fast money to come. here's what's coming up. >> game stop stock down but preaching buy, buy for the first time in years. what's really going on with the meme stock? next. >> dealing a major blow to gold and minors. is this finally losing its luster? what to make of the commodity conundrum, right after this. you are watching ft asmoney live from the site in times square. we're back right after this. s . (laughter) at 88 years old, we still see the world

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welcome back to fast money everybody. a news alert on new addition to s&p 500. >> three new companies joining kkr, private equity firm, crowd strike, and go daddy.

the changes are effective monday, june 24. it coincides with a quarterly balance and you see shares are moving here in after hours. >> kkr, crowd strike, go daddy. thanks very much. appreciate it. it was painful for game stop shares. shares of the video game retailer tumbling nearly 40%. you heard me right. after posting an early earnings report and they weren't good. sales fell far more than expected and also announced stock sale plan. that news came before roaring kitty aka keith gill made youtube return with a live stream this afternoon. in the web cast, it draw more than 600,000 viewers. there he is. it claimed he didn't have institutional backers supporting his stake in game stop and he still believes the stock is a turn around story. to help us break this down, let's bring in greg zucker man, a special writer for "wall

street journal." what did you make of roaring kitty today? >> he is our new warren buffet. >> say that again. >> he is the new generation's warren buffet it seems like. a lot of followers, generates all kinds of excitement among investors. listen, the key story for me, key element here are the shares. they're going to sell 75 million shares on a base of like 306 million right now. so they're taking advantage as they should of this new excitement and interest in the stock. but, yeah, if you are left holding the bag and you hold the shares, you might be frustrated. >> is this anything but a gamble, gamestop? >> you know, i am struggling to find ways to see it as the turn around story that the bulls suggest. people are downloading games. they're not owning them, not going to stores. they're playing on their phones. i guess there is a turn around

story here. even he, gill, on the call didn't really suggest what turn around play is. it's just a play on cohen who runs the company but he's also fired the c suite executives. it's a real bet. can he turn it out? he could but i am not sure what the plan is. >> karen was saying something earlier and something we were talking about around the newsroom is roaring kitty seemed rather caged legally. in other words, he was very careful and he was full of sort of disclaimers i guess i would say. >> a smart guy. to me what i found interesting was he said he is not working with anyone which came as a surprise to some of us. >> where does he get his money? is it all his? nobody is backing him? >> i guess he made that much three years ago that he is able to buy all these options. i was surprised and others are surprised. let's see how that shakes out.

to me the real theme is that it's hard to short some of these stocks. when you look at all kinds of bubbles like housing in 2006, 2007, the only reason it burst was contracts, people were able to short housing. the same thing here, it's difficult to short gamestop. i talk to investors who have a tough time doing it. as a result these mini bubbles arise every so often. >> shorts out of the game. >> i watched some of it fascinated and then i just couldn't believe what i was watching. it seemed like he is a huge ryan cohen fan. he believes in him. at no point did i hear of him thinking there was any specific plan to do anything with the money that would generate a return. did i miss the whole show? >> that's our understanding too at the "wall street journal." in some ways, this is kind of reflective of how we are as a

nation. we are a nation of gamblers. i don't think it reflects it in the entire market. i am not sure you can say loose monetary policy, shows cut rates. i think it's a slice of the market, a corner of the market. we are hunters and long shots are something people are embracing. the less you know, that's okay. we wrote a story about people rolling the dice on the long shot investment possibilities. they're bets. as long as people understand they're bets and they're long shots, that's fine. maybe it reflects something in the environment we're in as a nation. >> what rock-n-roll singer does he rather resemble. >> kid rock? >> axal rose. >> he's got a little axal rose in him. real name is bill bailey. >> you knew that because i bet you rock to some gnr. >> absolutely. >> axal rose, warren buffet. >> part of what you do really

well and the journal does as an institution is you are not only telling the story, you are telling story of the facts but you are telling the story behind the story. isn't there irony here that here is a group of investors that he is representative of that are supposedly sticking it to the man, to the hedge fund institutional world when it seems to me that the guy running gamestop is hedge fund and activist insider. ultimately it is giving back to the hedge fund guys who are really giving it back to them. i am trying to understand really what is the force behind this? it's one thing to say america is a gambling culture. i get that. they're starting at least a lot of this movement to be on the foundation of some kind of a social upheaval as it will and again a rally against forces of wall street. to me, it seems like it is very

ironic because a 25% delusion for people that are jumping into this company now is they are holding the bag yet again. >> it's a great point. even more so, who has done really well today? you would think it's the citadels of the world, the man as it were on wall street, the establishment, the people trading the stuff and happy to make a spread on these kinds of things and enjoy those profits. i think it does suggest that there are people in the country, especially young people, that have frustrations maybe from 2008 and maybe from the fact that they haven't been able to get ahead. they see housing prices, inflation. there is a frustration to rather embrace long shots in their lives. maybe they're a little uninformed that it's not just about this. it's about other things. you see campus protests and other things they're rallying behind without really knowing what they are sometimes in some cases. it's sort of concerning for some of us who are watching

this happen. >> interesting connection. greg, thanks very much. we appreciate it. steve, final thought here. >> to the point of long shots and gamblers, how many times do you buy a powerball ticket? what are the chances of you winning a billion dollars? people want to just get in the game. i get what tim is saying but people want to be in the game. karen made a great analogy. either they take this money and buy something else, who knows, that can be the strategy but they haven't stated that yet. >> we will take a quick break. meta making a come back since its earnings plunge but can it keep up the recent momentum? we'll debate. plus gold stocks losing shine thanks to economic data. a double wammy. what's next for the precious metal, right after this. >> missed a moment of fast? catch us on the .

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welcome back. stocks dipping barely into the red to end the day but managing gains for the week.

dow is down nearly 90 points on the session today but ending a two week losing streak. s&p falling a tenth of a percent but locking in its sixth weekly gain out of the past seven. nasdaq following suit, down a quarter percent today. meanwhile walgreens is down slightly. drug tore chain putting plans to spin off uk boots unit on hold as it continues to explore potential sale, stock down nearly 40% so far this year. crude oil on the radar, saudi aramco said it will price more than $1.5 billion worst of shares at $7 and a secondary. saudi state controlled energy company plans to raise more than 11 billion from the offering. this caught your eye, steve. >> i always think whenever saudis offering a spot or stake, even though it's a very small stake, there is always something bigger. if they thought oil was future, they're trying to scale away from it. they want to be in a bunch of

areas that are easier on the environment. they're trying to diversify a way and trying to have people pay for the diversification away. i think it's a negative, a head wind. i think oil is going lower ultimately. i think we are going to see the saudis market and their grip over the energy markets really dissipate in the next five or eight years or so. >> thoughts on energy oil, anyone. >> i like energy companies here. i think despite some of the weakness in may and paul was here last friday saying weakness in may, this is the busy time of the year, not the time you want to see it. maybe more consequential than weakness in act. i look at the stability i think relative stability and oil prices being great for energy stocks. energy stocks don't rally when you are in oil bubble because people think it's that. the numbers, m & a friendsy that seems to be going around and permian and what not continues. i think cash flow and distribution yields on the

companies are getting good and better. >> meta on the mend, stock quietly recouping recent losses but can the up continue? we'll debate that next on fast money from times square.

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welcome back to fast money. meta seeing reversal of recent misfortune, stock up 14% from the april 30th low. it is now less than 1 dollar away from erasing post earning sell off where it issued weak rising and rising capex. meta is in your acronym. >> the m in my helm, yes. earlier today we talked about this and it was up but close enough to have retraced almost all of it. it was over done to the down side when it happened. the p.e. of meta in the worst of the bottom of the sell off was under 21 times earnings.

that was on the heels of we have this big capex spend. still meta makes a ton and we have seen others continue to rise. meta is very much an a.i. story as well as the traditional meta story. it seemed way overdone and now it is catching up and i think it has room to go. >> i tend to reiterate a lot of the same points. for me, on top of it being a.i. play because i think they've embraced that, i think 29, 27 billion of capex to show for it. so they are clearly gearing up for the a.i. revolution if you will. then you have just shy of 50 billion in free cash flow. it adds a margin of safety in a market where even as tim said, you only want to be in the premiere names. with that uncertainty i think meta clearly falls within the perimeters. >> very interesting. coming up, gold and miners getting hit. what the move means for all the

precious metals. a sneak peek, scatting exclusively with ceo of medtronic. catch all of that and more at the top of the hour. more fast in two.

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welcome back to fast money. a bit of a buzzkill on gold and gold miners, precious metal falling more than 3.5% and crossing below the 50 day moving average for the first time since february, gold miners falling today too. numont, eagle. barrick. other major players in the gdx down sharply. what has got god losing its luster? >> you can take your pick. you have bit coin. correlations are sometimes correlated, sometimes uncorrelated, whether it is bit coin or the dollar which makes it useless when trying to buy something. the main thing is usually the gold miners outperform. we have not seen it this time because labor is too expensive. they outperform the metal both

up and down. we have not seen it to the up side this year because labor has been too expensive. inputs have been too expensive. there are people who believe gold will continue to have its day in the sun. i am one of them as well. >> how about you? >> numont has had operational issues. increase in revenue, gold at roughly all time highs and they can't seem to squeeze out a profit. idiosyncratic risk there. trading through the moving average is a bit of a concern in the short term. if you zoom out on the chart, it is still within ear shot of the all time high. i am hesitant to say we really are reaching a buzzkill or turning point in gold. there is just some pull back. i think it will give an opportunity to get further along again. >> there is news that china's less interested in buying gold than they used to be. there is zero about gold trade

today that wasn't as strong of an argument yesterday. nothing has changed. best 20 year chart you will find and there is a reason. there are central banks around the world that will continue to diversify. there are fiscal budgets. there is a reason to own gold. i think gold will continue to outperform. numont has been a disaster and it was the biggest in gdx. there is a reason it took a while to get going. this is weakness i am buying. today is a big day. think of the move in rates. it sold off more than it should have. so did copper. there is speculation but you are buying this weakness. >> what does siri think? >> do the opposite. no. we are not speaking anymore. >> she's so insulted. >> yes, yes. for me i have never understood gold. i do have a bit coin position which i know is of value

percent isn't so defense able, but i do believe in digital gold. >> ask siri. do you have a view on gold? just curious what you are thinking about the elemental here. >> never worked with kids or siri. are you there? are you out there? >> i'm listening. >> what do you think about gold here, the elemental? >> i found this on the web. >> i could have done that myself. later. >> super original. >> what am i supposed to say? tell me one more time. bit coin. bit coin. >> i think bit coin is probably going to 100,000. where is mike lee on this, 250,000 or whatever it is. tom lee, sorry. possibly 150. i think probably 100,000 probably in the next six to eight months. we'll see how the election affects those. >> we'll ask siri later.

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endeavors. >> one of these days chloe might in fact be one of the panelists. nvidia. >> i wanted to talk bit coin. i will finish with bit coin. ibit. >> you like my mission is simple, to make you money. i'm here to level he playing field for all investors. there's always a bull market somewhere and i promise to help you find it. mad money starts now. hey, i'm cramer. welcome to mad money. welcome to cramerica. my job is not just to educate but to teach so call me at 1- 800-743-cnbc. worrying job numbers? what can i say. this