down one and 2/3%. gold is getting hit especially hard but not alone. crude is down more than 2 and 1/3% as well. there's a look at gold. final trade, quickly. >> discover financial. >> all right. >> halftime is over. power lunch and the second half of the trading day start right now. >> it's a commodity crush and we have it covered. >> obviously it's a very big day down here.

we have been able to stabilize very slightly. we have now cut that to a loss of 165. it is the biggest loser of the day so far. if you bet on volatility, then congratulations you can see that you're up there, 22% on the session. down from 7.9% at the end of last year. but there are many others. aluminum hitting a 3.5 year low. nickel, a seven month low. zinc, a five month low and the list goes on and on and on. john on those who have found a

way to win today as commodities drop like a rock. but we start off with sharon epperson. a very busy day down there. sharon over to you. >> it's been busy since 7:00 this morning when traders were coming in anticipating a further blood bath and primarily in the gold market. we have not seen a price decline like this since 1980. we're continuing to watch. the traders are looking at the volumes. they're looking at the decline. and they're keeping their eyes on the oil market because we have seen steep losses in oil as well. goldman sachs closing their lungs. great timing on their part. that is the bright spot.

>> check out where we offer how are the gold etfs holding up? >> what we're seeing is very, very heavy volume. that's the biggest gold etf. 65 million shares. four times more than normal. before this last week we used to do 10 million shares. same thing with a silver trust there. and you can see big drops in other precious metals like palladium and platinum as well. some other knock ones.

pawnshops are gold that is worth a lot less and they are getting hit today. some of the big jewelry dmams are down now. earlier in the day we were doing fine because defensive names were holding up very well. we are 6-1 declining to advancing stocks. rsh when you see it selling off, what is the physical dynamic in the response of people who manage that etfs? >> they don't have to sell. they are moving gold from the vault where the etf is to the vault where the custodian is.

>> as you know there are two sides to every trade. >> it's certainly been a blood bath for anybody going long gold today. the $18 billion hedge fund has seen the gold fall, thanks to huge set backs. and the gld in which paulson has a 5. 4% stake. the smallest within the company kingdom, managing just $700 million in assets. shifting their money out of denominations. it appears that david's green

light capital. with exposure to the mining companies that continue to suffer. they decline to comment. but we'll see if they start to rotate out of them. >> look forward to that information very much. >> goldman sachs obviously. >> we may be too early. what they did was look at the reaction of gold. gold sore d into gold. they noticed that gold was no longer performing the function of the flight to safety that we

had seen in the past. >> let's switch to who is profiting the most. you have some of the biggest information. what have you heard? >> well, jim is not necessarily short gold. but remember, a lot as we were saying at the time of the program, every commodity is being sold off here and what jim is short is iron ore. he has talked about companies that, you know, he has said is one of his biggest short picks. those companies are big off. a lot of the bets that people had, all of these things are being sold off and hedge funds are profiting handsomely right now. >> john, thank you so much.

has that changed and why are you in the process of calling a bottom here? >> we have to respect the tent calls. we have talked about this a lot. right now it seems like silver did not make a new low. i think it could be but right now it is all about marginals. margin calls. >> what's the trade right now? >> i think you define the risk. >> you can buy those calls. there is a lot of space on the chart. but it doesn't feel like the algorithms are done selling. >> thank you so much, jeff.

on a little bit lighter note, speaking of gold, look at this blink. this man is the proud owner of one of the world's most expensive shirts made entirely of gold. he could have paid a lot less today. >> before we go further, let's bring in kenney and talk about where we are on the markets. importantly, we stabilized. and 1566 had been that long term resistance all along. so right back here it will be interesting to see if we hold here. i think if it does we really break. >> if you remove a major area of investment as being a winning area, commodities, precious metals, doesn't that money have to go somewhere?

and the obvious place for that to go is the u.s. stock market? >> it could be the u.s. stock market. it certainly could be treasuries if people are getting nervous over where the market will be. i think people are going to sit back and watch and see how this earnings season goes and see how the market reacts. don't forget we have had a massive run-off. so, being off one and a quarter percent is not the end of the world for anybody. kenney, thank you very much. >> a couple of interesting notes that we have found right now. before today, gold and the dough have never had triple digit losses on the same day. >> some breaking news now one lawmaker reveals his lan. >> just in time for tax day, we

have a brand new gao report that is out right this minute. let me bring in a couple other quick headline findings here starting with this number, 61. today there are 80 corporate tax expenditures. it cost the taxpayer $181 billion a year. the biggest loophole here is the axccelerated depreshuation of machinery and equipment. what does this tell you about the state of american taxation? >> this report showing that tax loopholes actually exceed the amount of tax revenue paid by american corporations is really

consistent with other recent reports, one of which showed that 30 of america's largest corporations spent more money lobbying this congress. >> you call these loopholes and a lot of people will say they put these carve-outs in the law to incentivize certain behavior. why shouldn't companies take advantage of this? >> my concern is that overall at a time when corporate revenues are at historic high is that we cannot extend all of these tax preferences indefinitely. appreciation was done as part of an economic recovery act. we have recovered some and there is a question whether it ought to be done different we began this year on january 1 with a

fiscal cliff deal that corporate america did not crypt a nickel to. before we place more burden on american families, we need to close loopholes. >> thank you very much. to josh lipton with the market flash. >> it is a sea of red but here is a spot of green for you. netflix, btig initiates coverage. rich greenfield talking about the improving price value relationship. sue, back to you. >> some mergers and acquisitions to report. dish offering to buy sprint for $7 a share in case and shock. sprint says the offer is 13% higher than the proposed

takeover by japan's soft bank. life technology is moving higher after the maker agreed to a $76 takeover. it considered two our bids as well. >> citigroup is on the move again today as well. the barlgs robds a bud revenue from its securities and investment banking business increased as well. simon, down to you. >> you have heard of some of the hedge fund managers who are in trouble. next, some hedge fund guys that don't have a lot of money problems at all. the richest in the world. that's ahead on power lunch plus. land, money, and opportunity for

you. diana is live in washington. >> that's right. forget gold. the grand land rush is on. we will tell you which big public builders are poised so win it coming up. starting at $37,090.

>> the low that we had was a loss of over 185 points on a

very difficult day for many. still, there is a rotation to the defensive issues and certainly shares of proctor & gamble have hit a 52 week high today. a product giant raising quarterly dividend 7% this marks the 75th straight year that p&g has increased its quarterly pay out. >> smart stock beds translating into monster paydays. mary tompson is here with really staggering numbers. >> you know what? they didn't make as much as last year. leading the back, management david teper earning $2.2

billion. earning over a billion dollars with ii including fees and games.

>> diana is live in washington with more. >> that's right, simon. they have got demand. they do not have land. specifically finished lots in prime locations right here in dc. the land market is absolutely on fire. that's a direct quote from john burns who ranked the big home builders according to land positions. looking at the bottom three builders, they do have bigger positions in the northeast.

>> because the public builders cost of capital is far lower. in california, arizona, texas, and florida. >> three big calls on bar receipt gold, sachs, and chi chipotle. zap technology.

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your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. >> if you're just joining us, welcome to cnbc. to have their tails examined for possibly faulty parts. and investors are breathing a sigh of relief after viewers -- an experimental drug.

>> it's monday and you know what that means? it's time to analyze some of the big calls on wall street. jim is going to help us break it all down. >> the firm notes on certainty after he was forced to cease construction on the side of the project. >> i say wow. i say the timing on this is just awful. act like that's impacting the price substantially. if they were going to do this call, make it efficient for us and say it has gold. >> shares had been cut in half. ubs upgrading chipotle noting

that shares can grow over the next 18 months. plus i don't like the fact that it has had a bad year, it has rallied back about 48%. >> all right. let's move on to another call from jp morgan. downgrading from neutral to overweight. they believe they remain constrained. overall it's a triple digit loss, so what do you think?

>> then i would short it as well. >> and it's trading at 11:34. thank you so very much. appreciate it. >> manufacturers medical device s downgrade that stock to underwait competitive offices. >> thank you very much. most americans are rushing to file their returns on time, some are busy cheating. we're following the money next on power lunch plus. gold crushed. prices getting ready right now.

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>> in is the biggest one-day punt we have seen in gold since 1980. and we're seeing this across the board selling. what we're seeing in addition, we're seeing heavy volatility. that is being indicated in what we're seeing. keep your eye on the etf. as well as the sell off that we're seeing here. make sure that you keep in mind that we're looking at silver having its worst day since 2010. >> it is important to point out that we have stabilized on the stock markets here. >> still a tough day overall.

much of the weakness is in the commodity names and stock exchange traded funds. there is the gold miners down. that's down 11%. these are smaller gold mining companies.

>> this is in london. an undisclosed location. the important thing you want to see here is what's going on with how it moves. when there are redemptions, the gold is moved from one part of the vault to another part where the custodian is held. there is not actually a sale that goes on. what happens is anybody's guess. they may hold on to the gold. they may sell the gold. >> that's what actually happens. they're on giant pallets here. >> large cap tech stocks.

it's actually the worst performing stock. the maker of medical testing and equipment life tech agreeing. >> thank you. to the bond market there. how do we look, rick. >> we definitely look a bit well bid to say the least. if you open the chart up you can see we're hovering at very symbolic and important yields towards 170. let's look at their tenure.

>> the heat is on for a long time. the afscme and the new york city pension fund s s. >> what the group says in and of itself a full-time job. the letter comes as the bank's

board arranges its own. the board has backed the dual role. the led said another check and balance said it would have helped when a ceo is his own boss. simon? >> stay with me, if you would. let me come back. he has joined us here on the set. he is, of course, the new york city controller.

about $800 million of shares in jp morgan chase. we think this is good corporate governance. >> what difference would it make? >> i think it's just common sense to have somebody report to himself as his boss doesn't make sense. we believe that when you separate that, there is a reason why there are two different roles. >> there have been studies that show that when the chief executive officer's position is separated or held by a person other than the chairman of the board i think there is one study

that shows that they are 28% better. >> is there any common ground that you found didn't involve pliting these roles? that the independent director gets to write his own letter? he gets to set the board's agenda? that was enough of a compromise to take this off of the proxy. would that be enough of a deal for you guys to take the splitting off the table? >> we have requested meetings and a chance to discuss with now it appears there is a full court press

press. >> have you heard from my moreh >> we are -- and i expect that we will hear from them as the may 21 date approaches. >> of course, you are campaigning to be the next mayor of new york city. this is the type of thing that you need to be involved in? >> i have been involved since i took office as a controller. >> do you think that anthony should run for mayor of new york city? >> it's very hard to get away from that question nowadays in new york. it's a democracy. >> it's good to see you. thank you for coming in.

they told us that all of their leaders were unavailable to me all day long. >> it's coming up next with the dow jones industrial average. >> if you haven't paid your taxes yet, you're going to jail. not really. but after the break you will meet some of the biggest tax cheats ever.

>> keeping you up to date with the big sell off in the gold and silver market. the dough has certainly not been immune. 14,000703.68. and on top of that, it is tax day. many may be overlooking a new option in their workplace

retirement plans. sharon epperson joins us with the details on that. >> let's talk for a minute about how the roth 401(k)s work. you put in aftertax dollars and you're generally able to withdraw your money tax-free in retirement. with a roth 401(k), there are no income limitations. we are seeing that employers are increasingly offering this option. fideli fidelity says that 37% of their workplace retirement plans that have the roth 401(k) option and that is up 22% from 2009. there is a new tax law as well that now allows you to convert a

traditional 401(k) to a roth 401(k). but the big question is does it make sense for you to go ahead and do that? it comes down to about three factors that you need to consider. how quickly do you need the money? and the big one with roth accounts overall is where are the dollars going to come from to pay the taxes on the money and what is your tax bracket going to be in retirement? higher or lower. if you need the retirement dollars right away you may not want to do it. if you're going to definitely have to tap into your assets, then you do not want to do this conversion right now, either. but a lot of folks have no idea what their tax rate is going to be in the future. the maximum contribution that you can make would be $17,500,

or $23,000 if you're 50 or older. >> thank you very much. so on this tax day, where do most tax cheats live. >> especially in beverly hills, new port beach. outside of california, the big cheating capitals are around houston, atlanta, and washington d.c. the northeast and midwest? they had less cheating. small businesses tended to cheat the most with real estate and construction having the worst records. the irs is targeting these areas to find false returns.

sue? those may not be the most glamorous places but they are the most honest when it comes to taxes. >> fantastic.

>> and the ceo of trial woes as well. all happening on street signs. guys, we have got to tune in. >> looking forward to it. thank you very much. meanwhile, there is push back against any attempt of congress to reign in the cruise industry after the very public problems. >> and urge ed d. >> to now carnival's 90 incidents in five years. jay is outraged that carnival uses offshore registrations just 86.6.

.6%. the democrat is considering congressional hearings and changes to the tax code. >> mickey is a majority shareholder of the company. you have had continuous management so you have to think about certain key executives.

they would like to shuffle around. >> and with those words ringing in our ears. >> the coo has been there for you. there has been mo management shuffle at all. >> i do think it's irresponsible to not be out there making the case for your company. much more vigorously than he has been. when you have senators attacking you like that you owe it to your shareholders to provide a real answer. >> i don't think there has been any changes. >> what did you

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innovate. >> it's unfair to say that microsoft never developed anything other than its operating system. zoom was not a great failed success. >> the problem i have with microsoft is how is a watch, which is what we're hearing about today, going to turn around $240 billion market cap. >> it was exactly timed contractually. there is a little bit of reflex when goldman says something, it

tends to happen. >> it's off 25%. >> that's my point. >> you're still above water in gold if you bought gold. >> and it is a chart of beauty. >> the declining price of gold will be good for this fellow in india. >> i have not seen you come in.

>> let me tell you what the gold chains, 3.3 kilos is 116 ounces. friend it's now worth $160,000. >> can you imagine what the dry cleaning bill would be? i have no idea how you could wash something like this. >> i'm glad i didn't wear my gold shirt today. it would have been embarrassing. >> guys, thank you very much. >> and kim jong un has an advertising pitch and dennis rodman, does he want to go back? stay with us. but i wondered what a customer thought? describe the first time you met. you brought the flex in... as soon as i met fiona and i was describing the problem we were having with our rear brakes, she immediately triaged the situation, knew exactly what was wrong with it, the car was diagnosed properly, it was fixed correctly i have confidence knowing that if i take to ford it's going to be done correctly with the right parts and the right people. get a free brake inspection and

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