where just is the bottom? dagen: today, time to pay the tax man. we talked tax-free bonds. connell: we have celebrations going on in north korea. the late founder being remembered today. his birthday today. john kerry has underlying conditions to start talks with north korea. all of those things coming up on markets now. ♪ dagen: it is the top of the hour. our top story is gold. it is plunging for the second straight day. down $137. the two-day loss is the biggest two-day drop in 33 years. you have to go back to the early

80s. you can see it fall there. that is what it looks like when the bubble begins to first. connell: we will be all over. we talk about gold anyway. what a day today. adam shapiro is down on the floor of the new york stock exchange. >> good morning. it has been a busy day. not even 11:00 a.m. it looks like it is starting off as a heavy morning. you take a look at some of the losers. ibm, hewlett-packard, disney, they are trading down. later this spring, they are launching that new chip. a lot of analysts expecting a lot from intel. back to you guys. dagen: thank you so much, adam.

time to pay the tax man. that is uncle sam. as your wallet continues to get lighter every year, let's talk tax-free. joining us now is peter hayes at blackrock. there is a selloff in muni bonds. why did that happen? why does it make it more about buying opportunity here? >> the cell loss will be key this year. it will be a different environment. it was a much easier decision. this year, i think, you will have to be more opportunistic. they occurred primarily because of an imbalance in supply and demand. some of the demand was people redeeming their funds, paid their taxes and partially because supply had increased.

we expect to see more of those this year. demand will be a little bit muted. dagen: in terms of demand the muted, but also worries being stirred by stockman and the bankruptcy there, again the judge signing off on that city's bankruptcy, how much do you read into that? are these problems that will happen elsewhere? >> those are great questions. stockton has been on everybody's minds. it has also been a long time coming. stockton filed for bankruptcy protection or the ability to do so last year. a good test case is california. this will play out over a very long period of time. it does have some really

important implications over the long-term. whether it be bonds, the benefits they pay to retirees -- for now, it seems to be a california phenomenon. making it easier for municipalities to declare bankrupt. right now, we think it will be a california event. and they have some implications across the country for the renegotiation of some of these contracts. we are watching closely. bondholders, they have to watch out here. the implications for the market are unclear. we see this coming. dagen: why should we worry about puerto rico? >> another very good question. puerto rico is a great example.

they have debt outstanding of about 70 billion. they relied very heavily on tourism. geographically, they are very concentrated. the problem with puerto ricans is they are widely held. they are exempt from state taxes. they are exempt from federal taxes. in some cases, triple tax exemption. that could have broad reactions on the market. be very patient with where and how you put money to work. dagen: great to see you, as always. peter hayes from blackrock. thank you so much.

need a little more tax advice? coming up in the next hour, we have someone to talk about listening your tax pain why purchasing orseas. connell: immigration in washington is one of the big topics this week. senator marco rubio made an appearance on about every single talk show that would have him this weekend. he was rejecting the criticism out there that this will provide amnesty to illegal immigrants. >> this is not amnesty. amnesty is a forgiveness or something. amnesty is anything that says do it illegally, it will be cheaper and easier. you have to go back to your home country. you have to wait ten years. then you can apply for.

all we are saying is we are going to create an alternative of that. there is a lot we could talk about here, david. let me begin with the assertion that this is not amnesty. it begins a lot with policy. the dictionary amnesty is the act of authority that is granted to a number of individuals. >> it is in it is not. federal law does not treat entry to the united states without inspection as a criminal matter. it created as an offense. people who come here illegally are still eligible like anyone else for citizenship. that does not change. the word amnesty has for so long, it has carried such a negative connotation for so many

people. i kind of wonder whether the real issue is not the citizenship angle. the problem that most illegal immigrants in the u.s. face today, i cannot work legally. i cannot get a drivers license and drive a car. i am in constant fear i might get arrested and get the supported for the smallest thing. the citizen sheep is kind of a sideline. connell: just knew what that and allow them to stay here, but do not necessarily allow that path to citizenship? i think it is very important to have that path to citizenship. >> if this is going to sink the whole deal and, you know, the

whole ugliness of the immigration debate is going to rear its head here, maybe the solution to the problem involves, you know, putting people on some sort of voting so we do not have the whole problem. did you want to do a citizenship, deal with it separately. connell: if you are a republican senator right now, are you inclined to make a deal on either immigration or gun control on both immigration and gun control so that you can go on and make an argument, baby back, you know, has more like to speak with the economic issues. to make a deal on one, both or neither. >> i think it depends on what kind of senator you have been in the past.

thinking about how to present something that makes you seem a little bit more moderate. the immigration debate, conservatives are pretty united on the gun issue. they do not want to see anything done that may restrict people from purchasing weapons. the nra is certainly not happy. there are reasons to certainly oppose it. on the other hand, you have had a pretty strong base on the conservative side. i think it is something where it is easier for a lot of these senators. some of them have always been in this direction. others like sessions of alabama have not. connell: fairpoint.

thank you for your analysis. good to see you. >> thanks so much. dagen: we are talking about nascar coming up. brian france is here to talk about it. the nra 500 over the weekend. a lot of news in this sport and we will be covering it all. connell: gas prices continuing to drop. let's show you the imax crude oil. look at oil. eighty-eight dollars. we will be right back on "markets now."

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about general motors and ford. they are joining forces. the collaboration allowing to save billions of dollars that they could have spent or can now spend elsewhere. they will order parts from the same companies. we take a look at both of these stocks. both of them are lower. dagen: top store on the "wall street journal." people do care. the national average for regular unleaded currently $3.53 a gallon. only $3.31 a gallon. with oil prices dropping significantly, more than 3% just today, thou fall at the will

surely continue. connell: stocks now. >> $7.22 a share. trading around $7.09 a share. this making an offer. sprint has confirmed to fox business that they are reviewing the offer from dish network. dish shares trading down this month. year to date, both stocks are up. sprint is up 132%. back to you. dagen: nascar strengthening its already robust green program. we will talk about that and so

much more with the head of nascar. connell: let's take a look at some more markets. here are currencies today. big-time weakness in commodities much more straightahead. ♪ [ engine revving ]

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♪ >> i am lauren green with your fox news minute. in venezuela, hugo chavez is successor won the presidency. 57% of the vote. the challenger got 49.1% and is commanding a recount. i tell you prosecutors want criminal indictments against the captain and some group. thirty-two people died when the crew ship was grounded off the coast of tuscany in january january 2012. the captain could be tried on charges including manslaughter, causing a shipwreck and abandoning ship before the passengers and crew were evacuated. australians adam scott won the

masters golf tournament. scott is the first australian to ever wear the green jacket. those are your headlines. i am lauren green. now back to connell. connell: a big drop in the price of gold that we have been all over today. keep an eye on the percentage. 9.17%. gold has been trading since december of 1974. in that time, the biggest drop is 9.94%. this could be the worst day ever for callbacks gold. dagen: nascar wrapping up its green program. a big tree planting effort. the number of sponsors have doubled over the last year alone. we have the chairman and ceo of nascar with us. good to see you.

>> good to be back. dagen: let's start with the nra 500. it was sponsored by the national rifle association. it drew so much controversy. at the end of the race, a man shot and killed himself. do you still stand by that sponsorship? >> it is a local track and local event that fit within the parameters of our sponsorship. that may change one day. right now it said. politically, obviously, we never take a position on things like that. that event did happen. i understand there was a fatality as well. we are looking into that. i do not have a lot of details. dagen: did you say anything about calling the sponsorship off? >> it fit within the parameters are what we allow.

we will always look at things as we go along. >> you are a champion. you gave a long-range interview earlier in the year. he is serious over the weekend. he went in and said the things i have seen in the last seven days make me question everything i ever believed in. he feels he was unfairly targeted by nascar. what are you going to do about it? are you going to find him? >> no. we allowed the drivers to express themselves. i certainly disagree with everything he said. they are frustrated. this is the most intense racing in the world.

not surprising that every once in a while when things do not go your way, you just sort of blow off a lot of steam. dagen: you will not find brad? >> the line that we draw is you cannot criticize a product. you can criticize our decisions. you can criticize everything else. just do not go talking about our product not being the best of the world because it is. dagen: are you happy with pride as a champion given how vocal he is? >> i think he is a great champion. he is very supportive of things they want him to do. i really just think he had a moment where he was blowing off some steam. he was probably highly frustrated at the weekend and how it went. i understand that. dagen: let's talk about your green initiative.

why do you focus on green so much? does it really matter to fans at the end of the day? >> we think it does. we think we need to take the lead in certain areas. this is a stated whole. thanks to coca-cola, goodyear and many others who are helping us with the largest recycler in sports, we will plant a quarter of a billion trees this month. it is earth to earth bond. everywhere you turn, nascar should take the lead for our environment. dagen: rates are up. like double digits before the texas race. why do you think that is this year? >> i think we are off to a good start.

we are contact close competition sport. willing to that really well, that is when our ratings and interest goes up. there is not one thing that we are looking at trying to fix. we are looking to always improve the quality of racing. dagen: it was great to see you. thank you. hope to see you at the track rather than studio. >> i will buy you a hot dog. dagen: that is a deal. connell: we are covering a whole wide variety of topics today. we have to get into north korea here soon. john kerry having direct talks. we will have more on that.

we will stay on top of the market. stocks are selling off. we will talk about the huge drop in gold. here are the s&p winners including sprint and nextel. we will be right back. ♪ are you still sleeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mom d dad, i have great news. is now providing answers families need. siemens. answers.

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koip dagen: gold hitting more than a two-year low, really looking at the biggest drop in 33 years in one day. adam, what do you know? >> a lot of minors taking the hit as well and taking new lows today. take a look at out of canada. barrett county. a new low of $19.92. they're all that low but down almost 11% today.

they're joined we copper and gold, down 13%. today they're down just roughly 7.2%. new mount mining corporation, down year to date, 26%. they set a new low today. $33.53 a share. a lot of mining companies getting hit by the selloff in gold and all of this because of china this morning. dagen: thank you. connell: the chief equity market strategist is here to tell us if now is the time to run for the exits and cover your heads or maybe get in there and buy. >> there's a little opportunity here. the markets are off in part because china over the weekend missed their g.d.p. number. here in the u.s. there's growing concern about spring swoon, i guess, for the third or fourth year in a row. retail sales numbers from march weren't good and there were a couple of other metrics that missed as well. knee jerk reaction has been coming here on the commodities side with oil and gold in a free fall but we think there's an

opportunity here and what we've done here is added some money in the emerging markets. while the s&p 500 is up about 12% or so year to date, a number of key merging markets, like brazil, like china are actually down on a year to date basis. we think there will be a resumption of growth in the second half of the year. we think the weakness in the markets now represents an opportunity. dagen: what about the drop in gold? would you buy gold here? >> both gold and oil are dramatically oversold but there's an old expression that you don't want to catch a falling knife. we're just going to stand back and see how far it falls. dagen: at least oil has some use. everybody is trying to come over themselves over the gold. what is it it's just a selloff and that's it? >> you give us the benefit of looking into the future. there may be a resumption of economic growth, perhaps inflation at some point. let's say a situation in north korea or iran turns in a bad way in terms of their nuclear

designs. then investors might be jumping all over each other in order to put some gold back in the portfolio. these things tend to move in cycles. right now the knee jerk reaction is down. that doesn't mean that oil or gold are dead forever. connell: what about some of the stocks that adam went through? the miners, new mont and all the rest? just avoid those or no? >> at this point you want to avoid them like the plague. they're not screening for us right now. we don't have any commodities in the portfolio but certainly gold is down about 23% the last month or so. that's a pretty significant move to the down side. technically speaking, it is dramatically oversold. where is the bottom? i'm not brave enough to step in here. let it find a floor and then we'll evaluate the underlying fundamentalals. >> you were talking about adds to brazil, china. do you like those markets better than the united states in terms of stocks? >> we like the united states but the u.s. is up 12% year to date.

brazil and china are down year to date. at this point given our expectations that we're not going into an emerging market hard landing that brazil and china will resume growth in you have a despairity in terms of recognition, we stepped up aad put money to work here. connell: you see an opportunity. >> 7.7% growth, we cut off our right arm to have that growth rate here in the united states. dagen: we cut off our right arm for 2.7%. >> if you're willing to take a longer term perspective and look at the fact you're dealing in a global environment, these probably represent attractive opportunities in our view. connell: thank you. dagen: celebrating north korea. for the founder, this as the secretary of state lays out conditions for direct talks to begin between us and them.

connell: and then that jackie robinson movie came out, "42" and it won the box office over the weekend and we have a special treat on the show today. only glove that jackie robinson used in the world series. it's still in existence. it's set to hit the auction block. we'll have it here in the studio. we'll try to put a price on it. who knows? before that, there's a 1.7% deal on the 10-year note. we went out and asked people a simple question:

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we're not simply saluting history... we're making it. >> i'm diane macedo with your brief. liberty global shares are under pressure despite the company winning regulatory approval from the e.u. for a bid for virgin media. the commission says it didn't have any competition concerns regarding the takeover. liberty global says the deal is still subject to majority share holdary prooufl from both companies. on the upside, sher win williams stock is hitting the 14th record all-time high after the paint manufacturer received an upgrade from moore securities and morgan stanley. analysts believe they have an upside moving forward and the kool aid man is getting a makeover. he'll also be getting a new personality as the computer generated celebrity just trying to show he's a normal guy. the kool aid man made his first appearance in 1954. and that's the latest from the fox business network giving you

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>> dagen: microsoft also throwing its hat in the ring or should i say watch. the "wall street journal" is reporting that microsoft has spoken to the asian suppliers about components for a touch enabled watch style device. the company previously had its own version of a smart watch but sales ended back in 2008. shares of microsoft are up just slightly on a day that the overall market is down. looks like a loser. wear a smart watch. connell: the stock is up. dagen: pocket protector. connell: north korea. the leader there making his

first public appearance in a couple of weeks. celebrations are underway in the country as they mark the birthday of north korea's late founder. meanwhile, secretary of state john kerry announcing the u.s. is ready to sit down and talk if the leader is willing to abandon north korea's nuclear program or at least move in that direction. dagen: joining us is k.t. mc farland, a fox news national security analyst. why no missile launch on the anniversary? >> this is put up or shut up time and the launchers are fuelled. it's like the engines are running. they have a few days for fire them and they haven't fired them. now, why? after all that rhetoric, all that rampup, what's going on? i think there's probably something going on behind the scenes. they were ready to launch. they were ready to do a test, a launch, either something has gone wrong with the technology or something has gone wrong with the leadership.

connell: you're worried about what specific ly? >> who knows who is in charge? connell: some people say the aunt is in charge. somethingst something else? we don't know. >> dennis rodman would be the guy to ask. it's called the hermit kingdom. we don't have any legitimate good intelligence on what's going on in the inner circle. we have the 29-year-old kid got the job because he's the grandson of the founder and he looks like him. he combs his hair. there's a lot of 60 and 70-year-old generals with the father and the grandfather who may want to be in charge. an aunty and her husband, maybe they're pulling strings. i have no idea. i find it suspicious that a 29-year-old leader who loves to go out in public, he's been disappeared until today. i don't know why. dagen: don't we need better intelligence before we can make

any decision what kind of relationship to have? >> it's not simplistic at all. dagen: how do we do that then? >> the only way is through china. their management technique is every spring, and you can just set your calendar to this. it's like cherry blossoms, daylight savings time, military crisis. they do it every spring because they're running out of food and oil. we're going to have negotiations. we give them what they want. want crisis defuses until next year but the takea way from all of this, north korea has nuclear missiles. the japanese, they're talking about rearming. this is an area of the world that's going to become very dangerous. connell: let me ask you about china because the difference this time around as you already pointed out is they have a new unpredictable leader. we got to know the dad and the grandfather but we don't know the son. the chinese reportedly are the ones pushing us, the united states, to have the direct talks. supposedly the chinese saying

you should do this and -- >> they'll be part of a big group and they do bi lateral instead of a whole big group. i think the problem is that the chinese hold a lot of the cards and probably all of the cards. they've been reluctant. in fact, they've probably been eager for north korea to have this crisis because it puts the others off balance but now things have spun out of control. this cannot make china happy at the thought of that entire korean peninsula is about to remilitarize. connell: they don't know the guy, either. >> no but there's another brother. there were three sons. this one is the third son, thought to be the one that looks and acts most like grandpa but the chinese have one sort of in reserve in case there's a crisis where they need to put their person in. but too many unknowns. a guy who shouldn't even be allowed to play with matches and he has nuclear weapons. dagen: he probably knows how to use a lighter and then some. >> examine dennis rodman may

have told him an awful lot of things in the united states. connell: what a world. dagen: like how to pick up strippers with an appropriate tip >> that would defuse the crisis, wouldn't it? dagen: just depends on the stripper, doesn't it? connell: i would have picked offensive rebounding but dagen picks up a different way. every 15 minutes we do t. let's check on the new york stock exchange with our friend. everybody is talking about the hit selloff commodities between oil and gold and everything else and stocks are down but we're doing it right smack in the middle of earnings season. what do you make of what you've seen so far? >> we'll have about 74 companies' report this week and the market is off and what's going on in the commodities world, i think the markets have a good showing. a couple of stocks are reporting tomorrow and wednesday that will trading up ahead of earnings. johnson and bank of america.

so all three of those are trading up. i don't think it's all terrible news today. the market has been trying very hard to ignore most of the bad news for the last few months and i think that this might have been the icing on the cake examine we're seeing a small selloff and a little more cautionary trading than we've been seeing but honestly, i think even down 71 points is not terrible in light of what we've been looking at. connell: thanks to we will check in throughout the week and hopefully you'll be right. dagen: this is exciting. the glove that jackie robinson used during the 1955 and 1956 world series set to hit the auction block but weeget a firsthand look at it right here in studio. that's next. connell: today is the anniversary of his first game he played in 1947 so we'll have that but also on the markets. the big drop in commodities. especially gold. huge selloff. we're down 9% plus earlier.

still down 127. it's monday. a brand new start. your chance to rise and shine. with centurylinks your trusted technology partner, yocan do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week.

>> april 15 on markets now that's a significant day in american history because 66 years ago today, jackie robinson broke the baseball barrier. this weekend the movie came out. "42" was a huge hit at the box office. number one, as a matter of fact. it put the baseball great back in headlines certainly as an auction for a very special piece of memorabilia approaches. we have steve costello with us and with us here on the table, in the studio, is a game used jackie robinson glove.

what makes this more significant, it was used in the world series in the 1950's. it's the only jackie robinson glove in existence. >> it's also been photo matched and 1955 and 1956 seasons where he was second third, third base and left field. connell: some people might look at this and say it looks like -- it's amaze that go -- amazing that he played left field with this. how do you know for sure beyond a shadow of a doubt this is the glove? couldn't it be just another rawlings? how do you tell? >> it goes along the providence of when the glove was made, when rawlings gloves were made and it's actually been photo

matched. and photo match is something that we had done with the don lars en jersey last year. connell: it's 100%. >> 100%. connell: it will be put on the auction may 1. jackie robinson has always been a huge historical figure in american history but now more than ever back in the news because of the movie that's out. any idea how much this -- something like this will go for? >> it's really one of those items that you could call priceless and some experts will say it goes for this or that. connell: millions? >> anything is possible only because it is so rare the player had such a magnificent history and was just so important to the game of baseball. we're really just excited to see what it does go for. more than being a -- connell: when i heard about it, i thought i was the only one. you think you see things that don't exist in then you go in

the hall of fame in cooperstown and there has to be a jackie robinson glove in there. at the must have his spikes or hat he wore or whatever but there's no glove. >> there's absolutely no glove there. i think in that era, players used the equipment to play with. they didn't use it for collecting and didn't say some day it's going to be worth this. in today's day and age, things are more cataloged and they're hologrammed and back then it was just a guy wearing a glove out to play. he wasn't thinking of historical significance when he went out to second base or third base. connell: they think about that all the time now because of guys like you. ricky henderson held up the base. they knew to keep it. it's just programmed in. you're probably right about that. did you see the movie? >> we're going to go as a whole company and see the movie and really enjoy it. connell: i heard it great. warner wolf was telling us this morning that he saw it and said it was terrific acting. i'm going to try to see it as

well. good luck with the auction. thank you for coming in. >> thank you for having us. dagen: incredible all the way around. meantime, incredible plunge today for gold and silver. second day of losses, deep losses about concerns -- well, pick a reason why it's selling off. sandra smith joins us with today's trade. hey, sandra. >> one thing i want to point out off the bat is we have confirmed down here on the floor that volume could be reaching a record high traded in the most active gold contract right now which is the june 2013 contract. over 500,000 contracts have exchanged hands. that would exceed the record that we saw back in november 2012 for gold contracts. look at the activity down here on the trading floor. every pit on the floor watching what's happening in the trade today. gold down 9%. possibly on track to see the biggest selloff since gold began trading on the future exchanges. silver down 11%.

don't ignore that fact and we're seeing the selloff in the industrial metals. copper down 3% right here. you can see the activity heating up. out with the weekly report today showing that amid the selloff last week in precious metals, hedge funds and other large speculators were actually adding to the bullish positions by 19%. so something to note that in the background of this selloff, we have seen the large institutional players adding to their net positions meaning they are showing a little bullishness right here. a reminder to everyone that goldman sachs and jeff curry last week, we've been hitting it from the floor. he had called it. he said short gold at these levels. they're saying gold is in a bubble and things could get worse from here. their 12-month price target, $13.90. the goldman saying that over the next year, gold will pretty much finish up exactly where it is at this moment. so lots of activity down here and it's not just gold.

it's oil, too. we'll have more on that next hour. back to you. dagen: thank you, sandra. connell: crazy day there. gold and stocks are down. the question will be throughout the day, is it time for you to get in and buy just one for the exit? we have cheryl and dennis taking over on "markets now." they have an all star panel just ahead. dagen: why is gold even related to the dow jones industrial average? satellite tv company dish puts up a bid for sprint nextel. stay with us. tossing and turning have given way to sleeping. where sleepless nights yield to restful sleep, and lunesta eszopiclone can help you get there, like it has for so many people before. do not take lunesta if you are allergic to anything in it. when taking lunesta, don't drive or operate machinery until you feel fully awake.

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cheryl: in stocks and spot gold, plunging today. gold with the worst one day drop

in 30 years. gold mining stocks right down with it. we have a take on what investors should do at this point. dennis: and dishing for sprint. satellite tv company dish network bidding $25 billion for carrier sprint nextel. more ahead on whether that deal maybes any sense. cheryl: home builder confidence slipping for the third straight month. coming up an exclusive interview with the chief economist for the national association of home builders. dennis: stocks every 15 minutes. stocks are selling off following gold's downward path. lauren is live at the floor of the new york stock exchange. >> hi. that's right. commodities selling off and stocks selling off. we're at the lows of the session right now. dow up 125 points and a full percent for the broader market right now. this is on the heels of the china weak growth story. also some disappointing data here at home on housing as well as regional manufacturing. a major selloff on our hands

today. two stocks moving now in this direction. two rivals, fisher and life technologies. they're merging tomorrow. thermo will buy life technologies for $13.6 billion. essentially coming together. both of them nice gains on a day when it seems like everything else is down. back to you. dennis: thanks very much. cheryl: gold right now is plunge deeper into bear market territory. we're now down $120 on the gold contract. $1381. we're now extending the metals worst two day loss in 33 years could be the worst selloff in history. management managing director and fox business joining me now and jim, i want to start with you. potentially the worst day in history for the contract. you say that this is at one point confusing to you, this

selloff? and it's also very worrisome as well. >> right. i think it's confusing and destabilizing for the markets because usually in periods where they're printing huge amounts of money, people worry about inflation and gold does well. when the economies are not doing well and people don't have faith in paper and stocks and bonds, they want to own gold so you can have two sets of reasons that gold should be doing better than it is and it is not. so there's a reason it's going down that the markets don't understand and that actual in and of itself is creating instability and fear in the market. >> it is a panic sell. we don't use that word lightly around here but this is a panic sell. >> it sure feels that way. gold is only as good as the last trade. really the only fundamentalist it has is supply versus demand and when you see housing turning around, there's stability there and then say to yourself, what are investors thinking?

maybe there are better productive inflation hedges out there, including stocks and real estate and also when you hear news -- see news headlines out of the e.c.b. that the president of the e.c.b. is now telling governments like cyprus, listen. if you're going to be selling off your gold, you need to use those profits to repay us first. your loans that we gave you, that is worrisome trend that could take hold. the fear is in other markets. you have to wonder that could happen. cheryl: that was one piece of the puzzle was the fact that cyprus could be selling off gold reserves but that could happen in other countries. euro zone and then you topple that with what we got out of china which was the g.d.p. and the first quarter only at 7.7%. that was below estimate. >> everything is working in the short-term psychologically against gold because as liz said, you could have portugal and spain and all those countries have to sell their

gold if this is the new way they operate. a lot of americans bought gold on the last couple of years. some big funds that have positions index to the price of gold has to sell as it goes down so you have a lot negative working for gold. the question; what is it saying about the markets and the weakness in the economy and the decline in other commodities along with gold makes member that the world is slowing down. cheryl: if you look at platinum today, if you look at copper that goes along with the world economy, especially china, those contracts are down as well. these are global commodities. >> that's right. oil is down. right. $88 a barrel. when is the last time you've seen that? gold has been always, it seems to a lot of analysts, a bubble in search of a pin. any government that is basically going to devalue their way out of the debt crisis, it's easy to do if you're in your own currency to do that.

fed and japan now doing that. that was the narrative driving gold higher but it is now so easy not just to buy gold via e.t.f. and explosion in mutual funds but also to sell. you don't need the armored truck backing up to your 401k account or whatever. it's just as easy to dump gold these days, too. cheryl: also dumping gold mining stocks. if you look at the top movers to the down side, a lot of them with names we know and some of them are dealing double percents right now. that whole sector and those are just the biggest losers. >> their production costs don't go down but the price goes down. cheryl: you say this basically breaks the relationship between gold and cuey. >> yes. cuey should be driving the price up because you're printing all this money that gets people -- which would lead people to lose faith in paper currencies

because you're printing the money and gold should be going up but instead it's going down. >> the u.s. owns a little over 8,000 tons of gold. that's the u.s. ownership. do the math on that. that's $335 billion in today's market. bailout of a.e.g. was like half of the gold storage so to jim's point, we are in the world of money printing. i don't know if the narrative still holds because other assetses are safe havens, too. new people are flooding into stocks and into real estate as housing recovers. >> in a low return environment, if you want security, what's more secure than the balance sheets of american corporations with their excess cash, growing earnings and dif drevidendivide? i can own multinational stocks. cheryl: but gold is that fair trade over the last, frankly, five years. we were above $1,800 an ounce.

>> but it's only as good as the last trade. what are the fundamentals? it doesn't throw up cash flow. it really is the fundamentals of supply versus demand. tight supply versus growing demand. >> it looks to me like that could be a paradigm change we're seeing. cheryl: you like your microsoft, g.e., intel. i know you very well. thank you very much. appreciate it. dennis: and dish network launching a $25.5 billion bid for sprint nextel trying to take sprint away from japan. they said they would pay $25 billion for a stake. i knew that we wanted -- we knew dish wanted to get into the cell

business, maybe bought some spectrum last year. did you expect them to go this big with this bold of a deal? >> i didn't. clear this will is by far the biggest strategic bed they're making with this proposal but i thought charlie made a compelling case today to bring together the third largest tv provider and the third largest wireless operator. if you look at the dynamics of the deal, this seems ample but you can see how it could become a very major, informinable player. dennis: have you no doubts about the ability of a satellite tv company good at one thing, suddenly buying not only the best carrier but the third carrier that has a couple of incompatible systems and try to run it? what makes charlie ergin think he can do this? >> they put out an ambitious

synergy. i thought that was pretty ambitious. however, you can begin to see a lot of areas where there could be significant cost savings, arg usual revenue off sides. there's a lot of questions that need to be sure, especially on the regulatory side. all told, i thought it was pretty much honest given the spectrum that dish is amassing whether they want to go the route. dennis: i think all of nextel, may be $33 billion in annual revenue. how much synergy? >> $11 billion expected from cost savings. $37 billion. dennis: i don't understand how you have synergies higher than one of the company's entire revenues. what about the idea aren't they buying into it if they get this dish business, cell service and it's very thin margin, low growth in the u.s., really. you're not going to have that many more customers.

even wal-mart has a brand of cell service now. why not rent the serviie and resell it? why spend $25 billion to buy the entire thing? >> well, there's pros and cons between buying and partnering as you alluded to. you know, you've got two companies here which some of the top spectrum holdings out there that i think coming together and emerge as opposed to a partnership as you suggested. those guys are -- you know, have significant, you know, assets so i think in charlie's mind, you know, kind of sprint, merging with sprint actually would create a more even playing field against likes of at&t and verizon and keep in mind there's a quadruple play opportunity where i think you've got voice, video, data, wire line and wireless, all of these could be bundled and marketed together. you know, creating revenue off

site so i think there's definitely advantages to either strategy but on the one side, in a building that should make more sense today opposed to partnering given the spectrum that dish has made. dennis: it is a big, bold gamble move. i know it's supposed to be a packet but this is a real stretch. thank you for being with us today. great job. >> thank you, dennis. cheryl: so a friendly reminder, it's april 15. check your calendar. if you haven't done so yet, get the taxes in or at least file for an extension by midnight tonight. you're all set, though, right? >> oh, yeah. we have a guest to help you avoid future tax pain. why buying a house overseas may benefit you if the governments over there let you keep it. first let's look at oil. way down. [ male announcer ] this is joe woods' first day of work.

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dennis: immigration reform front and center this week in d.c. as the so-call gang of eight plan to introduce the much anticipated immigration bill. we have the latest. rich? >> congressional aide says that group is on track to give out the bill tomorrow. it would refocus the nation based quota system to target and attract highly skilled immigrants to fill tech and science jobs, introduce a three-year visa for low skilled workers, special farm visa. this compromise would require all businesses to begin using e-verify in the next five years. federal government must reach 90% border enforcement in certain areas and if the

government and businesses meet the targets, those here illegally could apply for green cards after 10 years and one of the top conservative members and out selling that plan. >> bottom line is we don't award anything. you have to qualify. you have to apply for it and that's the key distinction. so i agree. if somehow being in this country illegally is cheaper, easier and quicker than doing it the right way, i wouldn't support that and that's why i haven't supported certain efforts in the past because i thought they did that. >> the compromise plan also requires immigrants to pay back taxes and a fine to achieve residency. a similar group is working on a plan in the house. back to you. dennis: thanks very much. cheryl: 11:15. stocks now, lauren is live from the floor of the new york stock exchange with a look at j.c. penney. >> and a rare upday lately for j.c. penney. the stock is up two plus percent right now. the news is that much earlier than analysts had expected,

j.c.p. is drawing about $850 billion from a $1.85 billion credit line. it needs to restock shvl shelves and replenish the inventory, not to mention launching the home stores. j.c. penney needs the money to do that. they're also bulking up their homes division at a time when the housing specter is doing better. they're trying to bulk that up again. perhaps to the old 20% where it was. and as you can see, in many ways with the new c.e.o. of j.c. penney, it's trying to get back to the way j.c. penney used to be but that system didn't work, either. so this is still a very confusing story for j.c. penney and shoppers and investors. back to you. cheryl: depressing for shareholders might be a better term.

thank you very much. dennis: supreme court taking up a factoring case with wild implication for bio tech. can human genes be patented? we're live outside the high court next for the very latest. cheryl: we want to take a look at the world currencies and how they're fairing against the euro.

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>> at 22 past the hour, i have your fox news minute. italian prosecutors want criminal indictments against the captain and some crew of the costa concordia cruise ship. captain could be tried on charm charges including manslaughter, abandoned ship before the more than 4,000 passengers and crew were evacuated. in venezuela, madero, hugo chavez's hand picked successor won the presidency but by a narrow margin. challenger got 49.1% of the vote and is demanding a recount. madero has been the acting

president since chavez's death on march 5. a woman won from kenya in the boston marathon. she also finished first in 2006. 33 seconds ahead of the number two finisher. the boston marathon is the world's oldest annual marathon. those are your headlines. now back to cheryl. cheryl: thank you very much. i could have one that in 2 1/2 hours. no problem. easy. thanks, lauren. all right. the supreme court is hearing arguments today on the legality of patenting human genes. peter barnes is live outside of the high court today. have we heard anything so far this morning, peter? >> yeah. those arguments just wrapped up a little bit ago and this is a gigantic, important case for the bio tech industry, for medical research. doctors and patients as well as the agriculture industry which genetically modifies plants.

a lot at stake in this case. 1990's, a company isolated and patented two types of genes with mutations that showed a higher risk of breast and ovarian cancer. it makes hundreds of millions a year with this type of testing. doctor and patient and medical groups say that the patents are illegal because they violate the long standing doctor in patent law called product of nature that says you can't patent something that nature creates like genes in the human body. critics say that allowing the patents prevents new research on genes and limits better and cheaper testing. >> if the patents were lifted that i would start offering genetic testing, especially to my poor patients in the bronx who might not otherwise have access to genetic testing.

>> now, by isolating and in validating the patents will, quote, countless investors have invested billions to research and develop the scientific advances under the promise of strong patent protection. and the arguments today, the question and answer with the justices, it's always hard to read but it sounded like they were worried about giving this type of patent protection to companies like myriad. cheryl: the human body. can you really put a patent on a part of the human body? it's nature. peter barnes, it's a fascinating case. thank you very much. >> thank you. dennis: you didn't build that. cheryl: exactly. dennis: controversy is building over president obama's nominee

for labor secretary just days before the senate confirmation hearing. a new report sharply criticizes perez for a questionable deal he brokered had he justice department. one of the report's authors joins melissa and lori next hour on why he thinks perez is a bad choice. cheryl: home builder confidence slipping for the third straight month. up next an exclusive interview with the chief economist with the national association of home builders. dennis: and gold prices continue to tumble lower. we're at $1379, down $122. where is the bottom, cheryl? cheryl: it's not there. i think it will go lower. dennis: take a look at the winners on the s&p 500 and some losers. [ tires reech ]

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dennis: gold buds getting crushed. fears that india and china will cutback on gold buying has the worst plunge in 33 years. gold down $120. that's 8% to $1380 below the $1400 mark. we're going live at the c.m.e. next with more on that and hope builder confidence down for the third month in a row. chief economist for the naab will be here to explain why. and we share your tax pain on this april 15 tax day. some tips ahead, though, on how you can lessen the pain in the future. and we've got bottom of the hour, lauren at the floor of the new york stock exchange with a look at some stocks hitting new highs. i like the dollop of optimism. >> some optimism on a day when i'm looking at the board. this is all red.

the dow is down 134 points, nearly 1% and we have 1% declines across the board. here is your pockets of green. some stocks that are not only up but annual highs right now. wal-mart, sherwin and williams. it's up 2/3 of 1%. what's important about this is what two analysts have said in their decision to upgrade the stock today. morgan stanley says continued shared gains validate u.s. home improvements as the safe haven for growth. we do have a sector that's been really solid so far this year and of course, we get others later this week and honestly, this had been the better part of the economy. back to you. cheryl: thank you very much. as we look at gold and oil continuing to slide on concerns out of china, let's bring in sandra smith with today's trade from the pits of the c.m.e. low on the contract, $1355. we're barely above that right

now for gold. >> yeah. we're just off the lows of the session right now but still down triple digits. how often do you say that for a gold selloff? we're down 123 bucks on the session right now. there's a lot of kift here as a result of this. there's a massive reallocations of funds going on. you still have a stock market that's sitting near record highs. you have money flowing out of gold into the stock market. you've got a stronger u.s. dollar so you've got money coming out of gold into the u.s. dollar. that's another trade going on. you've got an even inflation here. you've also got weak economic data out of china weighing not only on gold but silver, down percentage wise even more than gold, down 11%. copper prices which is strictly an industrial play, it's down 3 1/2%. when you're looking at the price of gold down $125 on the session, we're now looking at what could possibly be a record breaking day as far as volume and the most active traded contract in gold right now which

is the june 2013 contract and don't forget also, another thing weighing on the gold prices is the fact that the large investment banks on the goldman sachs said it's time to sell. investors are selling. he called it a bubble. it's time to get out now. it's no longer a safe haven and that's the trade that continues down here on the trading floor. when we talk about how the money is coming out of gold into the stock market, gold so far this year, down 18% while the stock market as you're seeing trade right here at the c.m.e., up 11%. if you take a look at oil prices, oil also getting hit hard today, down more than two bucks on the session and it is now firmly below that $90 market. the front month contract, $88 and change. just around $89 a barrel. so money not just coming out of gold, silver, copper but out of the commodities complex in general. that money, guys is just moving

around like crazy. cheryl: silver down more than 10%, gold 8%. silver is getting a worse of a hit on that contract. all this from negative data out of china. we're so sensitive. it's an amazing picture. >> that's right, cheryl. and you hit it. it is china. when you look at the more industrial plays like silver and copper, china is a huge consumer of these metals. when they're building, when they're buying more electronic devices, when you get weakness over there, you get weakness in those metals. that's what's happening today. cheryl: thanks. appreciate it. dennis: april has the third decreasing month for home buyers. joining us is the chief economist for the national association of home builders, david crowe. thank you for being with us. i see we're now losing momentum here. five points below the peak in december and january.

what's the problem? >> you mentioned it. it's basically trying to get this industry back up and running again so the builders are running into all kinds of limitations. rising material prices, difficulty in getting the labor back, getting lots developed and available for building, getting credit to their buyers and to themselves to be able to build inventory. so all of those things have frustrated them as they do see buyers come back in the marketplace. dennis: a year ago, the bigger frustration would be no one wants to buy a home. it sounds more like house keeping issues that are getting in the way sdchlt it turn out that the market for buying homes, whether they're built new or used or whatever, is better than the market for building homes from scratch? >> well, there's a limited inventory of used homes as well. so we're running up against inventory issues on the new and existing markets. many of the current homeowners are still reluctant to get back in the marketplace and sell

their homes so they're keeping them and living in them. but we did see some positive news here because the three components that make up the index include prospective look at the next six months and that component did go up. dennis: even though they're sittish now, they think that the outlook is looking better for overall for home building. now, this must mean they're not that worried about interest rates going up and i would think that rising interest rates could cut into sales of all kinds of homes. >> yeah. well, of course, it could. and low interest rates have been a boom to the marketplace but to the level of the interest rates is really not the issue. it's the availability of mortgages and that's what has held the market back because buyers can't get a mortgage. so even if they were to inch up a little, if they became more available, that would counteract any rise in rates completely. dennis: why is it that buyers

can't get a mortgage? i thought we were at 30, 40-year lows and i thought the federal government is stepping back in there with all kinds of guarantees. >> no. there's a lot of relukt answer to lend to buyers. credit ratings are much higher than they used to be. and i mean way back. not just during the bubble. you usually have to have a larger down payment. there's a lot more restrictions and a lot more hassle to be able to get a mortgage and so that really has limited the number of people that can buy. dennis: thank you very much for splining all that and being with us today. good day, sir. >> thanks. cheryl: well, nothing says tax pain like today's date. it's april 15. get your taxes in or at least file for an extension. dennis: we have a guest to help you avoid paying in the future. take a look at 10-year

treasuries.

>> i have your fox business brief. shares of national financial partners getting a boost on news of a buyout. company a degreed to be taken private in a $1 billion cash

deal with madison partners. deal expected to close in the third quarter. flip side, ratings downgrade is weighing on freeport stock. they warn freeport will likely have minimal free cash flow the next two years. citigroup cut the estimates for the 2014 copper pricing by 13 cents. abbott laboratories is recalling the glucose meters after finding they store and display incorrect test results. it can lead to serious injury or death. that's the latest from the fox business network giving you the power to prosper.

dennis: 11 million americans file for an extension. were you one of them? dennis: i wasn't but i can see why there's that many extensions happening and i can see ideas why it's coming to investing overseas and saving money on taxes. that's why the next story i find very interesting. my next guest says that buying real estate in another country is the smartest thing to do with money right now and it's also a smart tax play. kathleen, this is an interesting story. you say that basically americans more and more are now taking their money, their cash, their capital, and they're buying real estate overseas and that's a

better tax advantage. how so? >> there are a lot of advantages. i would say the primary advantage to buying real estate in another country is that you're investing in a hard asset. it's a real asset that you can use. it has legacy ramifications plus then they're also very practical benefits in the tax -- in the context of taxes. you don't have to report it to uncle sam. it's one of two remaining assets that are not reportable for the american on his tax return every year. that's a big deal. then you can take all of the general tax advantages, take advantage of them that you could for u.s. real estate, you can for foreign real estate as well so you can depreciate the asset and you can write off expenses for maintenance and repairs and also write off the mortgage interest if you're able to get a mortgage to borrow overseas. you can write off the cost of traveling to visit while you're scouting to find the property and once you buy it, say you rebt it, you have a rental manager, property manager, you need to check twice a year and you can write those off as well

on your taxes. cheryl: and some americans can get loans for loans in foreign countries. >> it is possible to borrow in europe. the rates will be a little different than you're used to, the terms are different than an american is used to. it's also possible to borrow in panama, mexico, belize, for example. cheryl: let's go through some of the country. you say if we look at places to buy like a rental asset or even a retirement home, i know many americans are looking into panama. that's a popular place right now for retirees. >> definitely t. makes a lot of sense, investing in a rental property. something to throw off yield, a cash flow. and you can do that with an apartment, i would say in panama city or medelin in colombia,

specifically. there's a lot of return to be made both immediately in terms of cash flow and long term those markets will see some appreciation as well. cheryl: and those are two countries we just signed new free trade agreements with so they're trade partners with the united states. before that we would think safety concerns and drug lords and things like that. >> those aren't the issues in imore. cheryl: and you say you can just buy land overseas. if you don't want a home or retire in colombia, we can buy land in other countries and that's also a hard asset. >> exactly. that's -- i think that's probably the smartest thing to do with capital right now is to put it in productive agricultural land. specifically i would recommend looking at colombia, brazil and uruguay. a piece of farmland, a little land in uruguay would be smart right now. cheryl: a very different way to look at real estate. thank you very much, at lean.

you have a whole book. >> just out this week. thank you. cheryl: the book is "investing overseas" and kathleen is the author of the book. dennis: that was good stuff. thank you very much. stocks now every 15 minutes. let's head to the floor of the nyse. doreen, big selloff in stocks and gold. i can't figure out where the money is heading. >> i think it's heading back into cash for the moment. i think people have taken a lot of profits off the table. when we spoke earlier, market seemed to be holding up well relative to the news but as you can see, we're deteriorating. something to look at, volume has gotten lighter so it seems we're not getting any support here on the buy side. gold, you know, i think gold is off the close but still around the lows of the day. dennis: i thought the biggest clue is headed for a tumble is that i was about to buy the

gdletf. >> i'm not a gold trader and i'm long gold so i'm not having the greatest day but i don't know. i think that it depends on why you buy it. if you're a gold trader, you have to look at technical levels, if you're buying it to leave to your children, then you pick your price. dennis: gotcha. thank you for being with us. tom cruise is top gun again at the box office. overseas, anyway. new sci-fi thriller "oblivion" raked in over $60 million. jackie robinson "42" won in the u.s. box office at $27.3 million for warner which wasn't bad. good times at cbs. number one network paying a sum of $62 million to c.e.o. in 2012. that was down 11% from 2011 even though cbs stock rose 31% last year and it's up 18% more since

the start of 2013. then again, he did earn double the compensation paid to his boss. billionaire redstone at $31.3 million. and lastly, it's a rare feat when a talking head can pull off an appearance on all three network shows on a sunday morning but marco rubio put in seven appearances yesterday on his immigration reform plan. face the nation on cbs, meet the press on nbc and fox news, cnn but also the two spanish language nets. make sure he has enough water there, the poor guy. cheryl: that was a good joke. defense spending taking a hit. a new report from the stockholm international peace research institute revealing that global arms spending fell last year for the first time in 15 years. the u.s. had a 6 decline led by reduced military action in iraq and afghanistan with further cuts planned from the sequester. russia's military spending was

actually higher by 16% while china's jumped nearly eight. world still spent nearly $2 trillion on defense last year and let's take a look at some defense in the sector. everything is down today. probably not a big surprise. at the same time, dennis, there was so much talk when we talked about sequester and the exit out of afghanistan, what would happen to defense spending. in america down, other countries making up for it. dennis: the global market. have we not learned from iron man. cheryl: disney forced to shut down space mountain. we're going to tell you why coming up on the west coast minute. dennis: that's a good one. first let's look at the losers on the nasdaq. (announcer) at scottrade, our clients trade and invest

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dennis: that brutal sell off in gold making stocks jittery, too. dow below 14,700. the dow jones average, only two up. microsoft and wal-mart. but otherwise, it's a selloff and they're not liking it. cheryl: all right. time for your west coast minute. space mountain the most popular ride at disneyland has been temporarily closed after state regulators issued safety citations. others rides were shut down,

including soarin and the madderhorn bob sled. the citations came from the california division of osha. take a look at the stock right now. walt disney, the stock is higher -- excuse me, lower by 70 cents. theme parks a big piece of business at walt disney. california based google is one step closer to settling european anti-trust accusations. at issue, whether or not google abused the dominance in the on line search and advertising. company submitted a list of remedies that could be considered legally binding but the commission has not responded yet to the company. here is the stock, down $9.95 right now, most of the big stocks we all follow here are all trading up today. and in wyoming a new record set at the jackson hole mountain resort. 500,000 skiers attended the park on average each day from november until now. that was a 5% jump over last year.

despite an average year for snow in the area, like 350 inches and that's your west coast minute. dennis: and one benefit to the commodity selloff, prices at the pump looking cheaper. the national average currently at $3.53, down 38 cents from a year ago and if you live in south carolina, hi, mom, enjoy. you've got the cheapest gas in the country. only $3.31 a gallon with oil prices falling, that drop to the pump could continue into summer. cheryl: isn't it amazing? mid april. usually you're seeing i'll climbing higher, gasoline -- you know, summer driving season is next month. dennis: and oil is plunging and i think that's a bonus overall since we spend so much on oil to get it here. cheryl: a lot it happening at the market. dow is down 189 points. wow. wow. anyway, markets now continues on that story and also the controversy that's brewing over the president's head for labor

secretary, thomas perez and his tactics at the justice department. dennis: and g.o.p. congressman is going to tell melissa and lori why he thinks perez is a bad choice for the country. 

melissa: happy monday, everyone. i am melissa francis. and happy tax day. lori: and it is my daughter's birthday, so happy birthday, honey. i am lori rothman. stop accelerating on the last half-hour. new pressure on commodities, the dow right now off 166 points. gold plunging below $130 per ounce right now. we're tracking the market