hammered big-time. also it could be some profit taking as maybe, maybe the worst case scenario is off for now. as it stands, the dow jones industrial average up 15 points. liz claman, it's been sort of a side ways monday but there's always something great going on beneath the surface. liz: always. and we've got so much breaking news. you talked about google. we will deep dive into that. we have apple 24 hours away from the big announcement and this breaks news, afghanistan peace talks with the taliban are dead. that according to president trump. he just made the comments at the white house moments ago. he's also talking about the recovery after hurricane dorian. the gop presidential challenger, north korea and more. what we are doing is waiting for the pool, the group of press, to roll the tape. we will bring it to you as soon as it happens. one of the most widely held tech stocks in the world, now has a huge target on its back. a half hour ago, this on your screen. the state attorneys general of

all 50 states took to the steps of the supreme court to announce an antitrust investigation into the way google might be doing business. the search engine giant opened up 13 bucks this morning. wait until you see what it's doing now. more importantly, where the stock might go. that's where wedbush comes in to tell you whether to sharpen the knives, whether to buy, sell or hold and what's coming for google at this point. the news spooking investors who picked up their stakes and are di ditching nasdaq names. the nasdaq falling 41 points. we head into the final hour of trade. it's not far off from its all-time high for the s&p. does that mean stocks are ripe for a retreat because they have gone up so much? that might make gold the shinier investment. the precious metal shooting to 52-week highs, and six-year

highs over the summer as the federal reserve not only cut interest rates in july, but tees up to cut rates again next week. it's a bull run for bullion. charging ahead or about to peter out. "the claman countdown" has amassed three of the world's most respected gold bulls. we will ask what will drive the yellow metal even higher, what are the threats to their sunny scenarios and does the entire scenario hinge on the trade war continuing to fester? a gold roundtable like you have never seen. with the dow jones industrials up 21 points, less than an hour to the closing bell, let's start "the claman countdown." liz: all right. as i just said, we have this breaking news. we are still waiting to hear from president trump, who just made remarks outside the white house ahead of his departure to north carolina, where he will tour hurricane dorian damage before heading to fayetteville

tonight. we will bring you that tape as soon as it becomes available. in the meantime, to the markets. it is a mixed but fascinating picture unfolding in this final hour of trade for the markets, as we start the final hour take a look at the dow transports. they are jumping 1.8%. the sector is being led mostly by trucking related names like avis and ryder systems. the transports up a full 198 points. what's interesting about this, crude oil, a lot of these names need oil to run. they closed higher by 2.33% to $57 right now and 94 cents. ev we know this. nothing strikes fear in ceos' hearts like the word elliott management is on the phone. elliott is one of the biggest activist investors, read agitators, and this time,

elliott is calling at & t and saying you know what, pick up the phone, we have some suggestions to make. the hedge fund which just disclosed a $3.2 billion stake in the media giant has sent management at at & t a letter that not only seeks a seat on the board but calls for the telecom and content company to review and divest of certain assets that the hedge fund feels lack strategic rationale. namely, satellite service and at & t's mexican wireless operation. elliott put at & t's management and ceo randall stephenson on blast for specifically its directv purchase, the satellite business, and elliott says it remains wary of the massive time warner merger which included hbo and cnn. in response, at & t said quote, it looks forward to engaging with elliott and will review the hedge fund business's strategy. right. i'm sure they look forward to it. what is at & t doing? management may be anxious but investors really like this new attention.

it's up two full percentage points right now. $37. all right. to the steps of the supreme court, where about 40 minutes ago, this happened. state attorneys general representing all 50 states announced an investigation into the tech behemoth google. the leader of the pack, the texas attorney general ken paxton. here's what to y. >> this investigation is not a lawsuit. it is an investigation to determine the facts. right now we are looking at advertising but the facts will lead to where the facts lead. liz: all right. should you be nervous about this? it's not the first time the tech titan has been under investigation. in 2011, the ftc brought the case against the company. we have that related placement of tracking cookies, et cetera. you have all kinds of issues. >> different times. the political environment right now is ripe for tech companies to be forking over billions and billions of dollars.

i will tell you why. you have just -- not just state attorneys general and they are bipartisan here. ken paxton we should point out is a republican, looking at google, tish james is a democrat looking at facebook. i believe she's in this suit as well. but you have the white house. this reminds me of what happened with the banks about more than a decade ago, right after the dot-com crash, where state attorneys general then led by eliot spitzer, the new york state attorney general, and the fed, federal government, justice department, were in a regulatory war to see if they could -- how much they could squeeze out of wall street. they got billions. also, they got their cases led to class action suits. this is quite serious. i will say this, though. i know mr. paxton is leading the charge on google. he's the texas state attorney general. the person to watch here is tish james from new york. we should put her head shot up there. this is the key player in this crackdown from the state side.

why is that the case? tish james, unlike any other state attorney general, has a very very effective law known as the martin act. you can be indicted, she can file criminal charges and the bar for intent is much, much lower. it's what gave eliot spitzer so much power over the banks back in the day. it's what gave eric schneiderman some power before he resigned as state attorney general. again, over banks. remember, he kept prosecuting banks following the financial crisis. it's what gave andrew cuomo some power although he didn't use it that much. but it definitely was used by eliot spitzer. the bar for intent on charging fraud is much lower, much lower than under federal statutes so this could really hurt these firms if letitia james comes in there and basically uses that martin act to force all these companies to the table and say listen, you either pay up or we indict, and we can indict you

with a level of evidence that's much lower than on the federal statutes. i'm telling you, she's the one to watch. listen, i don't think she's going to put any of these companies out of business. spitzer never did that. he was the craziest guy in the world when it came to, you know, extorting stuff from people using the martin act. extorting big firms. at least that's what the firms would say. spitzer would say he was bringing them to justice. clearly she's the player here. you know, the stocks aren't trading off that much. they have a lot of cash, i get it. that's what traders are saying. but this is something if you are an investor, you have to keep an eye on going forward. liz: i would also think it sounds like a bit of a fishing expedition. so far they have reached out, almost like saying hey, whistleblowers, give us a call if you have seen any weird behavior. ken paxton was very disinclined at the moment to talk about penalties because he said we need to find out if there's any there, there. >> yeah, listen, this is an investigation. we should point out that it's

not just them, though, it's the federal government looking at this as well. and there might be a lot there. we don't know. has anybody really, you know, tech is funny. back before the dot-com crisis, banks were considered great, bankers were lionized, they were considered cool during the dot-com bubble. then when the dot-com went bust, guess what, banks had a huge target on their backs and they paid a lot of money. tech was considered really cool for awhile. you know, regulatory oversight just wasn't there. now they are considered evil. you never know what you will find when you start scratching the surface, peeling back that onion. that's where -- that's what's going on here. we don't know. the obama administration was pretty tech-friendly. trump administration, not so much. now you have state attorney generals saying we could score a lot of points with the general public if we crack down on these guys. liz: charlie, thank you very much. we should remind you, too, with the stock having opened up $13, now down $8, later we are going to be joined by top tech analyst

michael pachter of wedbush who will put this into perspective as it pertains to you, the investor. tomorrow, "varney & company" will have the man leading the charge against google, texas attorney general ken paxton. join stuart and the gang at 9:00 a.m. eastern. all right. look at this. i need you to look at 2019, overall it's been a very powerful year for stocks. the s&p zooming ahead by 18%. the nasdaq has spiked 21%. now take a look at how the s&p 500 compares to the ten-year treasury yield. we put this together for you to show that the s&p yield is around close to 2% while the ten-year yield is at 1.6%, lower, right? is this making stocks an exciting and easier choice for investors? even as progress in the u.s./china trade talks remains consistently inconsistent? phil, you first. >> absolutely.

i will tell you another thing. traders are looking for alternatives, looking for yield in times of craziness and stocks are a lot better return than negative interest rate world. on top of that, you see big moves in other things like gold and silver because people are looking for yield. liz: all right. scott, what do you think? >> i think it's never that easy just to be able to buy equities because a better place to get a yield because if the returns are lower you don't get that. i will say as long as deals bounce like they did last week it became a friendlier environment for equities. at this point, i think short-term for traders, let's watch 2940 on the s&p. as long as we hold above that, equities will do just fine. liz: chris, ten seconds. >> the 1.5% on the ten-year, if that comes into play, there's still the whole rest of the world with negative rates. that's still very attractive to

them. that's one reason we have had this big bond rally. if you are outside the u.s. looking for yield, you will get that ten-year. that's a lot better than zero. liz: thanks so much. the president is speaking. moments ago, but let's listen in now. >> some of it is a partnership with mexico and canada and it's coming into the united states for a large percentage of the games and we're very excited about it. plus johnny and i just had a meeting on women's soccer and what everybody's going to do to make that even better and more equitable, et cetera, et cetera. johnny, thank you very much. we had a great meeting. very big. we're getting the world cup in 2026. so that's a big thing. johnny, thank you for being here. >> thank you very much. thank you. thank you. indeed, it's fantastic to be here and to introduce more soccer into this country. it's the world number one sport.

we start already now. it's the biggest event ever. it's more than four billion viewers all around the world and we will make it the biggest not only sports event, but the biggest social event that we can think of. soccer which is a big part of this country as well, and women's soccer, where you are world champion, there is much more to do, tpt whe president w saying this to me and he's right. we will announce very soon some new initiatives, thank you. >> johnny, we will have to extend my second term because 2026, i will have to extend it for a couple of years. i don't think any of you would have a problem with that. i hope you will remember me in 2026. >> oh, for sure. oh, for sure. >> thank you very much. you take care of yourself. reporter: are your talks with

the taliban dead? >> they're dead. they're dead. as far as i was concerned, they're dead. they thought they had to kill people in order to put themselves in a little better negotiating position. when they did that, they killed 12 people, one happened to be a great american soldier. a wonderful young man from puerto rico, family's from puerto rico. you can't do that. you can't do that with me. so they're dead as far as i'm concerned. and we've hit the taliban harder in the last four days than they've been hit in over ten years. so that's the way it is. reporter: did your advisers talk you out of that meeting with the taliban? >> no, actually in terms of advisers, i took my own advice. i like the idea of meeting. i have met with a lot of bad people and a lot of good people during the course of the last almost three years and i think meeting is a great thing. i think that meeting with -- you know, you're talking about war. there are meetings with war. otherwise wars would never end. you would have them going forever.

we had a meeting scheduled, it was my idea and it was my idea to terminate it. i didn't even -- i didn't discuss it with anybody else. when i heard very simply that they killed one of our soldiers and 12 other innocent people, i said there's no way i'm meeting on that basis. there's no way i'm meeting. they did a mistake. by the way, they are telling people they made a big mistake. they are saying it loud and clear that they made a big mistake. reporter: [ inaudible ]. >> well, camp david's held meetings with a lot of people that would have been perceived as being ptty tough customers and pretty bad people. there have been plenty of so-called bad people brought up to camp david for meetings. the alternative was the white house and you wouldn't have been happy with that either. so camp david would have been a good place. but i don't want to meet under circumstances where they go around and try and make themselves a little bit more important by killing a soldier,

by killing actually also a great nato soldier in addition to our soldier and also a total of 12 people, i don't want that. but you know, camp david has had many meetings that i guess people would not have considered politically correct. yes. reporter: [ inaudible ]. >> we're looking at that. we're thinking about it. as i've said, we have been policemen there for a long time. the government's going to have to take responsibility or do whatever it is they do. i've been saying from the campaign that we want to get out at the earliest possible time. we're doing a very good job. our soldiers are incredible but they're serving as policemen to a large extent. i just made a statement on it. we would like to get out but we'll get out at the right time. what? reporter: [ inaudible ]. >> well, india and pakistan are

having a conflict over kashmir, as you know. i think it's a little bit less heated right now than it was two weeks ago and i'm willing to help them. i get along with both countries very well. i'm willing to help them if they want. they know that that is out there. david? reporter: are you willing to debate the republicans who are running against you? >> you know, i don't even know who they are other than i know that -- reporter: joe walsh -- >> no, but i don't know them. i don't know them. i would say this. they are all at less than 1%. i guess it's a publicity stunt. we just got right a little while ago, 94% popularity or approval rating within the republican party. so to be honest, i'm not looking to give them any credibility. they have no credibility. one was a person that voted for obama, ran as a ve president

four years ago and was soundly defeated. another one got thrown out after one term in congress and he lost in a landslide. and the third one missed the tallahassee trail or appalachian trail. he's the ach l-- but he wasn't e appalachian trail. he was in argentina. go ahead. reporter: [ inaudible ]. >> say it louder. reporter: are you okay with using the military as a police force on our southern border? >> right now, mexico has been doing a great job for us. frankly, we are very appreciative but we have also been very -- pretty rapidly changing the regulations, the rules, winning in court. we have had a lot of wins. we did it early on. but we're having a lot of wins in court right now. the court is backing us up. that has a lot to do with our success on the southern border. in addition, a lot of wall is

being built. every time we put up a mile of wall, that helps us a lot. reporter: [ inaudible ] the people of the bahamas. >> so we're talking to a lot of different people on that. you know, we're recovering from the hurricane also. florida did get hit, not as hard as we anticipated, and you look at georgia, you look at south carolina, north carolina, i'm going to north carolina right now. north carolina, to have a rally for dan bishop. but before i go to the rally, we will be stopping at one of the sites that got hit very hard by the hurricane. so we're also recovering from a hurricane. but we have to be very careful. everybody needs totally proper documentati documentation. look, the bahamas had some tremendous problems with people going to the bahamas that weren't supposed to be there. i don't want to allow people that weren't supposed to be in the bahamas to come into the

united states, including some very bad people and some very bad gang members and some very very bad drug dealers. so we are going to be very very strong on that. let me just explain. large sections, believe it or not, of the bahamas were not hit. what we're doing is bringing the people to those sections of the bahamas that have not been hit. we have done a lot of the usa aid. we have done a lot of work with our coast guard, with our fema people who have been phenomenal. i mean, they have been phenomenal. we'll see what happens. we'll see what happens. reporter: [ inaudible ]. >> well, i saw a statement was just put out having to do with north korea and that will be interesting. we'll see. it just came out over the wires a little while ago. we'll see what happens. in the meantime, in the meantime we have our hostages back, we are getting the remains of our great heroes back and we have

had no nuclear testing for a long time. reporter: [ inaudible ]. >> again, what was the beginning? reporter: [ inaudible ] injunction on immigration policy, do you think [ inaudible ]? >> i think it's very unfair he does that. i don't think it should be allowed. we'll see what happens. there's a lot of new law being made on that but we don't think that should be happening. now, with that being said, we are starting to do very well in the ninth circuit. we are starting to do well all over. we won the lawsuit on the wall. we won the lawsuit a lot of dhiven different things having to be with illegal immigration. that's why a lot of our very strong points are coming out. in addition to mexico helping us, we are ending up with some great legal victories now on illegal immigration. that's one of the reasons we are doing so well.

go ahead. go. reporter: [ inaudible ]. >> what? go ahead. what? reporter: the prisoner swap between ukraine and russia was perhaps the first giant step toward peace. do you think the united states should do its part and should join germany, france, russia and ukraine within the talks? >> i think the fact that the prisoner swap took place yesterday with russia and ukraine is a very big step, and it's a very positive step. if they needed me to get involved, i would get involved. but that's really a very very positive event that took place yesterday. reporter: [ inaudible ]. >> you're always concerned it's temporary but we now have much better legal protection and we

would have total protection if the democrats would get rid of the loopholes which are there. they could do it in, as i say, 15 minutes. if they would get rid of the loopholes and fix asylum but they don't want to do that. they don't want to do it. the democrats want open borders, it means crime, it means drugs, it means human trafficking and that's what they want. if they want to run on that, they can run on it but our people, a lot of the people in this country and i would say a very large percentage of people, they don't want to have crossings illegal. they don't want to have open borders. they want to have a strong border and i've always said, without a border we don't have a country. without a country, i'll tell you what, we wouldn't be -- without that border being strong, we are securing the border like it hasn't been before and when the wall is built and it's moving rapidly right now, it's moving very rapidly, the lawsuit wins, the legal wins, we've won a lot. we've won a lot of the courts over the last year. if you look at the beginning

where we were losing, we will have about 180 judges approved over the next three or four weeks. 180. when i came in, president obama gave us a beautiful gift. he gave us 138 judges that he wasn't able to get in or didn't pick anybody or couldn't get them approved, 138. i took that and now when you add the other ones that came through attrition and other things that have happened, we'll have about 180 judges approved very very quickly. reporter: -- election in north carolina, how important is it for your re-election? >> well, dan bishop is a great gentleman, a great man. he's going to be a great -- i think he's going to be a great congressman. it was a very close race. i think it's getting less close. if you look at the numbers from two weeks ago, when i got involved about two weeks ago, the numbers have gone way up. i think dan has a very good chance of winning the election.

again, i'm not running but i have a lot of respect for dan bishop. i'm going there now to help him campaign. we are going to be doing a big rally tonight. totally sold out as always. every single one. totally sold out. there will be a lot of people outside trying to get in. but it's all in honor of dan bishop, north carolina. i hope they are going to go out and vote. reporter: will you meet with president rouhani? >> it could happen. it could happen. yeah. no problem with meeting. iran should straighten out because frankly, they're in very bad position right now and they should straighten it out, because they could straighten it out very easy. reporter: [ inaudible ] say you have mishandled classified information. >> i know nothing bit. i see the cia responded perfectly. whatever the cia said is fine with me. but i heard they responded perfectly. i know nothing. reporter: [ inaudible ]. >> we're dealing with democrats, we're dealing with republicans,

we're talking about a lot of different things having to do with as you call it, gun control, but we are talking about a lot of different things. but at the same time, we have to protect our second amendment very strongly and we will always do that. reporter: why does it matter [ inaudible ] with afghanistan? >> well, my decision was to have a meeting and i said you know what, i don't like the concept of having it at the white house. that would be a step too far. there have been many very powerful meetings at camp david having to do with enemies, real enemies, very big enemies, war, and i thought camp david would be good, and i still do. the only reason i canceled that meeting is because they killed one of our soldiers and they killed a total of 12 people trying to build up their importance because they think that's important. to me it backfired. they're very upset. they feel that they blew it and

they said it loud and clear. they feel they made a big mistake by doing what they did. reporter: is your administration now looking at human smuggling operations at the border as terrorist organizations? >> we are looking very much at human smuggling. if you look at -- trafficking, they call it. if you look at what's going on with the human trafficking, we are bringing it down to a much lower level. this should have been done for years and years but we are bringing the human trafficking, as you can see by the numbers, we are bringing it down. mostly affects women and children. it's a terrible thing. it's been going on for many years and we're bringing it down. reporter: -- kim jong-un [ inaudible ]? >> it just came out over the wires that he'd like to have a meeting. i have a very good relationship with chairman kim, kim jong-un.

it just came out. i just saw it as i'm coming out here. it just came out that they would like to meet. we'll see what happens. i always say having meetings is a good thing, not a bad thing. reporter: [ inaudible ]. >> no, i'm not. let people go in and help. the bahamas got hit like no thing i've ever seen. i have never seen a hurricane, it was like a massive tornado more than a hurricane. it got hit like nothing i've seen. anybody wants to help, that's okay with me. i think it's a good thing. reporter: how do you define victory [ inaudible ]? >> that's a big question. we beat them militarily. but as soon as we leave they form again. we could beat them militarily very easily if we wanted to by doing certain things and i'm not talking nuclear. we could have that over with very very rapidly but you would lose millions and millions of

lives and i don't want to do that. afghanistan is a very interesting situation. we have been there for 19 years. 19 years. we're now really policemen in afghanistan. so what's happening is this. we're talking, we're talking to the government, we're talking to a lot of different people, and we'll see but i canceled camp david on the basis that they did something that they sure as hell shouldn't have done. reporter: [ inaudible ]. >> no. i don't see it as a bellwether. they always ask that question. i mean, you never talk about the fact as an example, in '18, that we won the senate. nobody ever talks about that. the senate being very important because that's how i'm getting all the judges approved. it doesn't go through the house. it goes through the senate. so i'm getting all these judges. we'll be up, as i said, we'll be up to 180 judges plus two supreme court judges. and i don't know if there's ever been a record like that.

president obama gave me a beautiful birthday present when he gave me 138 judges that weren't approved and frankly, how do you consider that being a great president when you hand to the opposition 138 slots of federal judges including appellate court judges and one supreme court judge? so that's the story. we got two supreme court justices and we'll have in a very short number of weeks, 180 judges approved including appellate and that number from 180 will easily and rather rapidly go over 200. i don't think there's been anything like it. reporter: [ inaudible ] what do you want to see now? >> i would never tell you. i will tell some people but i would never tell you. but we have a very specific number. we have a very specific number.

reporter: [ inaudible ]. >> look, i have to run. here's what it is. i think we did great in '18 because the congressmen like andy barr in kentucky and others that i campaigned for, won. andy was behind, i went to kentucky, i campaigned for him, i held one or two rallies and the great state of kentucky brought him in. by the way, the same person that we defeated there is now running against mitch mcconnell for the senate. he's going to win. he's going to win. kentucky is an incredible place. they know. they won't give up the most powerful man in the united states senate for a freshman senator. you just don't do it. kentucky is very smart. they know exactly what they're doing. but i campaigned for senators. we were supposed to lose the senate according to some of you. we ended up picking up two seats which was fantastic. i get no credit for that.

if we didn't pick up those two seats, i just told you we are going to have 180 judges approved. we wouldn't have had almost any judges approved from the point of the election. so we are very happy with the way we've done. the '18 election, the big thing was i was not running. people say oh, it was a referendum on trump. it wasn't. i'm not running. people are running. but i will go and help dan bishop, i'm going to be there in a little while, and i assume some of you, i'll be seeing. reporter: on turnberry, [ inaudible ]? >> i haven't found out other than when a plane stops at a massive international airport and gets fuel, i don't own the airport. when pilots say -- i loneown a of different places. soon you will find that out because i will be at some point prior t t election, i will be giving out a financial report of me, and it will be extremely

complete. i'm going to give out -- i'm going to give out my financial condition and you will be extremely shocked that the number's many many times what you think. i don't need to have somebody take a room overnight at a hotel. so what is happening is the following. every time you find a person landing an airplane within 500 miles of something i own, mike pence as an example, his family lives in doonbeg, ireland. he's actually told me he stayed there many years ago, i bought it many years ago but he was there before i bought it, i believe he said, a long time ago. but he was in ireland so he said you know what i'll do? i'll see my family. i didn't know about that. but i can say he has good taste. reporter: [ inaudible ]. >> who? i have nothing to do with that. no. look, the three people are a total joke. they are a joke.

they are a laughingstock. i have nothing to do. the four states that canceled it don't want to waste their money. if there was a race, they would certainly want to do that. but they are considered to be a laughingstock. they are considered to be a joke. those four states don't want to waste their money. having primary campaigns and having a primary election is very expensive. reporter: have you ruled out a meeting with the taliban? >> we haven't discussed it. i'm not looking to discuss it. we have hit the taliban and our enemy in afghanistan harder than we have in over ten years. so i'm not discussing anything right now. reporter: [ inaudible ]. >> one of the things is that i disagree with the republican system. when you're the chairman of a committee, we have lost chairmen because they can't go from being a chairman back to being a regular congressman or woman. when you're the chairman of a

committee, the democrats, you can stay there forever like steny hoyer and others. who's a good man, by the way. but like a lot of them, they're there forever. as a republican, you get six years. what happens after they're finished, they leave and i understand that. frankly, there's good to be said about both and there's bad to be said about both, to use a famous expression but let me just tell you, i agree one of the only things i agree with the democrats on, i really think it's better to have a longer term. reporter: what about the border wall? reporter: [ inaudible ]. >> we have to stop forced technology, international technology theft. if you look at what's going on, intellectual property theft with china, just so you understand, our country is doing phenomenally well. you know, there's a chance, i don't want to talk about it, but over a very short period of

time, that we will hit a new record. i think we have 118 records for hitting the top stock market. two weeks ago, the fake news was trying to convince people that maybe there's a possibility for a recession. well, lot of things have happened very positive. we're doing very well against china and we could very well have a new high in our stock market. we have gained trillions of dollars of worth and china has lost many many trillions of dollars including three million jobs, including companies that are leaving china. yes, they want to negotiate very badly. thank you. thank you. thank you. liz: well, in a largely internationally focused talk with the press outside the white house, the president just said china wants to negotiate on trade. this of course as talks are scheduled to restart next month and on north korea's desire to meet this month, he said quote, meetings are always a good thing. we'll see what happens.

but regarding the meeting that had been scheduled with the taliban this past weekend which he canceled, he said afghanistan peace talks are dead. the president as you know is on his way to north carolina to tour hurricane damage and to later go to fayetteville tonight. in the meantime, let's look at the nasdaq right now. it is coming up off its floor. this is an intraday picture but it is still not back up in the green. it had been higher by 28 points. it had been as low as lower by 48 points. right now we are down 26. a lot of this may have to do with a new cloud hovering over google. our next guest covers google very closely and said the state attorneys general who gathered today on the steps of the supreme court to announce they're ready to investigate google for all kinds of potential antitrust behavior, well, what is he going to say about the stock? let's bring in wedbush securities managing director michael pachter joining us via skype.

you are the voice our investor audience needs to hear from. you heard what the state ags said in the last hour. what do you think they have as a case? >> i think that their remedies are largely going to be toothless so i don't really think that there's a lot they can do to compel a breakup. federal law is supreme. we have antitrust laws and if the federal government chooses to pursue a breakup, under antitrust law, they can. but it's very very well-defined. the laws are clear that large corporations can't engage in anti-competitive behavior. that's pretty well-defined as anti-consumer. so anything that allows for a concentration of market share and allows the offender to raise prices on consumers is frowned upon. that's why we saw the at & t breakup. that's why we saw the justice

department go after microsoft. i just don't think you have that with google. i mean, they don't sell anything. i guess they sell web services and they are the dominant player there, cloud, and i guess they sell over the top television to some extent and they are a tiny, tiny player. i think the theory here is that because they represent such a large share of advertising that somehow, they have some type of, you know, some leverage over advertisers and can squeeze them. but the fact is that google allows advertisers to bid on keywords and that bidding is open. they don't favor anybody. they take the highest bidder. so where is the leverage? it's competitive. it's perfectly competitive. i just don't see it. liz: are you not modeling for a breakup, then? >> i'd say a breakup has -- a breakup that is forced by any state has a zero probability.

liz: zero probability. okay. that's news. >> by a state. a federal justice department action probably has a 1% chance of succeeding. but no state has the power to override the constitution and the federal government has spoken. we have a supremacy clause in the constitution that says if the federal government speaks, the states can't. then we have the tenth amendment that reserves powers to the state if the federal government hasn't spoken. so i suppose a state could try to be more stringent. they don't have laws that would compel a breakup of google. i mean, maybe a legislature can get together and say if you dominate advertising, we are going to break you up. remember, google does $110 billion in revenue. total global advertising is 1.3 trillion. so maybe google is 10%, maybe. just slightly under 10%. that's far from dominant.

it just is not enough to cause people to, you know, to behave as if they are anti-competitive. liz: but the arrows are coming from both sides. republicans have their own issues with google. the democrats as we know, for example, senator liz warren says if i am president, if i do become president, i'm breaking that up. you say there's at least a tiny chance if the federal government goes after them. tell me what you would do with the stock in the meantime. there's always a trade. that's what our audience wants to hear. >> you know, we have had a series of presidents, you think they can make laws by executive order. i really think it would be unpopular if president warren were the try to continue that pattern. you know, i think investors should look at google as a pretty high growth business. the reason that they are growing and the reason they are dominating is we are just not accessing information the same way that we used to. we are starting on our computers and we still watch television

but that's shifting over the top. google is pretty dominant in any type of search that begins online. i like the company. i'm not sure the stock has that much upside from its current value. but i think that it's probably still a very solid investment and breakup is an extremely low probability. if it were broken up, i think the sum of the parts is probably greater than the whole. if it were broken up, it's not like investors get screwed. there won't be a fire sale. but what are they going to break up? they are going to force them to sell nest? who cares? maybe youtube. youtube is a stand alone business, might be worth more than imbedded value with google. liz: it was interesting, too, they made an announcement about the new nest hub. that came out right before the supreme court steps moment with the state attorneys general. great to see you. >> thank you, liz. liz: you're welcome. michael pachter. join us again.

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liz: all right. so the dow is up 38 but look at the s&p 500. this is an intraday picture. it's trying to turn positive again and right now, it's down just 74 cents. so will it get up there?

we are so close. we will be watching it for the moment. in the meantime, we have been watching gold all summer long. it is on pace right now for a three-day skid but so what? it's been a breakout summer for bullion. just look at the three-month chart. we can flip it over to that. you will see that gold gained 12% during that time period. but let's back it up even further. the classic safe haven play traded in a fairly narrow margin from january through june but then skyrocketed to six-year highs as central banks, not just here but around the world, shift to policies of easing. should you, the investor, dive into some gold and make a mint or should you be looking for golden parachute? we are joined by three of the most important voices in gold, in the gold investing world. peter schiff, frank holmes, ceo of u.s. global investors, and here in new york, ima cassanova.

we decided to go all gold bull, not a bull/bear debate, so i get to play the bear even though i think it's an interesting trade certainly right now. but frank, i will begin with you. just about haevery scenario in history, when central banks were in easing, that was an immediate flip-on switch for gold investing. one goes down and then we see gold move up. is that what we are seeing right now, where central banks are easing so gold is the trade to have right now? >> absolutely. i think it's important to recognize what they call pmi, purchasing manufacturers index. it's been falling globally for the past 15 months. now there's great concern of recessions in europe in particular and so that's riding zero interest rates. in denmark they pay you to take out a mortgage. any time you get this sort of run-up, each month we are seeing more and more governments offering you a negative real rate of return on your money,

and that automatically makes gold much more attractive. i don't think it's ended yet. liz: ima, what do you think has been the driver beyond something like the central banks? >> gold came back in favor after being in a range-bound trend for the past six years, in that $1100 to $1300 range. in june it broke off. it passed the $65 level, broke the $1400 and now we are sitting above $1500. little bit of pullback last week but the driver was the fed. what is the fed signaling when they are shifting, going from tightening to cutting? they are saying we too are worried about the u.s. economy and investors responded to that. the higher risk of recession in the u.s. liz: we are looking on the screen that china added about 16 tons of gold to its reserves in just july and august alone. 100 tons over the past 12 months. you've got china stockpiling. does that play into the picture? >> absolutely.

in fact, they are going to keep buying and other foreign central banks will buy. the dollar is actually very weak. people have been looking at the dollar versus other fiat currencies, but if you look at the dollar's decline against gold, that really tells you that we have a weak dollar, not a strong dollar, and i think it's going to get a lot weaker. i think foreign central banks are starting to position for the dollar losing its reserve currency status, and it's going to lose that status not to another currency, but to real money, to gold. that's why central banks are buying. they are going to keep buying and individuals should be buying as well. liz: okay. frank, you say that you feel the same way, that individuals should be buying and here's the dollar right now versus the euro. i look at that strength and i think so that's kind of separate of what's going on with gold. you do have these central banks that are picking up a lot of gold. that's an indication also that we have economic slowdowns. you mentioned what we see with manufacturing. give us a sense of what happens if this turns around? what if the trade war ends and

suddenly, we have blue sky scenario for equities once again? >> well, the trade war may end and i believe it will, some resolution will take place, but it's not going to turn around immediately, liz. it takes time. europe is already in for much longer period, in direction of a hard recession versus america. so i think you want to be long the love train of gold and on the trump train. we are basically dropping interest rates and still an expanding economy. the tea leaves are saying we are going to have a slowdown but any time that's happened, the stock market actually does spectacularly well, and so does gold. the best actual trade are gold stocks. this is what happened in 2002 to 2006. liz: well, then you could look at, for example, some of the gold etfs. you of course have a fund, frank, goau, then there's the gld. there are a whole bunch of

funds. ima, you talk to me about where this goes. what is your 12-month outlook for the price of bullion? >> we have a very positive gold outlook. in the near term, we see gold trading at higher levels, 1400, 1500 level. i think in t longer term there are plenty of risks within the financial system that should elevate gold to higher levels. we are talking setting new all-time highs. liz: okay. peter, what about you? what's your outlook? again, i will ask you the same question i asked frank. what if we strike a trade deal and the economy reverses and that means the fed stops cutting rates? what happens to gold then at that point? >> first of all, we are going into recession regardless of what happens with the trade talks. the fed is taking rates down to zero. that's what's going to happen. if you look back at what happened to the price of gold, gold was under $300 in 2001, got up to $1900 in 2011. when people were rightly

concerned about the monetary policy mistakes that the fed was making. well, then people believed the fed that everything was going to work out, that they could unwind their balance sheet, normalize interest rates and gold pulled back to just over 1,000. it's now risen 50% off those lows because people are just starting to figure out that none of these problems were solved, in fact, the fed has screwed up to a greater degree than even i imagined back in 2011. they have done a lot of damage to the economy and the gold price is headed a lot higher. the initial reaction was correct. the qe and 0% interest rates were a big mistake and the only winner there is going to be people who bought gold and silver. liz: peter, frank, ima, a nice discussion about the yellow metal. we focused only on gold. i know our gold bugs viewers are absolutely thrilled about that. you have to watch it here. six-year highs just a couple weeks ago. we'll be right back with our $13 billion "countdown" closer. what does he have to say about what you should and shouldn't buy? the dow is up 38. we'll be right back.

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♪ liz: look at the s&p. 3 1/2 minutes before the closing bell rings. it just briefly turned positive moments ago. it is now just slightly lower at the moment but the transports and the small caps are big winners today. look at the dow transports up 205 points. russell better by 17 points or a gain of 1%. as investors argue what we talked about is the gold the way to go? future of the u.s. economy, the trade war, the fed? today's "countdown" closer say there is undeniable signs that the brakes have been pumped on the 10 year bull run. david spika has 10 billion under management. what are the warning signs, and what are you doing with your money nonetheless? >> gold rallying, bonds plummeting, the underperformance of small cap, outperformance utilities, outperformance of all large cap stocks are late cycle

signals. the fed is not cutting rates for means of insurance in our opinion. they are cutting rates and the economy demands it so that is a good sign. liz: with the money you have you are not leaving it in a pile of cash, are you? >> no we are not. there is great time to invest in high quality companies. high quality equities pay good dividend yields, strong beta, low balance sheets, these companies outperform in very difficult environment. i think it can still do okay in the short end of the yield curve of the bond market. high quart bonds but you have to be careful bonds are significantly overvalued as well liz: today gold is dipping to two week lows. you heard our gold man pell. these are three of the biggest gold bulls ever. right now they are right but yet you don't buy gold. why not? >> gold is not an asset class we feel like has the great

potential longer term. i think you if you still want to invest in longer term, we manage money for retirement investors. you have to invest in economic breath. those are equities. there are inflection points in the economy and inflection points in the market and we think we're facing one now and you have to get more defensive. liz: what they were saying about gold at this time, what signal does that send to you? >> i think they're correct. rallying gold, plummet in bond yields is a signal not nearly as good as the stock market is saying. no reason to bump up against all-time highs in the s&p, earnings weak as they are, economic growth plummeting, manufacturing ism under 50. these are signs that things are weakening. why gold is rallying. why bonds are rallying. these are things that should give you paws. liz: good to see you, david spika of guidestone. it is an interesting picture as we close out this monday. the s&p, listen, to close to call.

i'm not going to do it. it is so close. [closing bell rings] just down a quarter after single point. the dow is up 41 but the transports are the winner. s&p is positive. but i will wait until is settles "after the bell." connell: good thing liz didn't make that call. up and down. we'll talk about why on the show today but stocks as liz says mixed at the close. investors assessing moves by the central bankers around the world to try to stimulate their economies. dow settles in 43 point higher. certainly off the session highs. we're up 100 points earlier in the session. s&p up and down. see where it is as it fights for gains. melissa: basically flat. technically there is a red arrow there. connell: i'm fine calling it flat. down less than a point. nasdaq is lower. down for the second session in a row. down 15 points.