market. not necessarily all bad things. charles: right. >> speaking only of the market, not human life. charles: no, i understand. listen, you're not trying to, you know, we know exactly what you're coming from. to your point, i agree 100%. jay powell keeps mentioning the covid virus, and that's going to be one of the reasons they hold the course. hey, nicole, you were fantastic. thank you very much, my friend. now over to liz claman. liz: okay. good to see you, charles. commodities -- charles: you too. liz: -- are in the driver's seat but off the lows of the session. we have to focus on oil for a second here. it's tanking, the energy sector, as a golden flash crash sends precious metal spiraling lower, then up off that floor, but still gold remains down $32. what triggered that dramatic overnight drop in gold prices? no one better to perhaps answer that question than the barrett gold ceo. he's here to tell us what spooked the gold bugs and why

he's not spooked at all about the future of his business. warren buffett's midas touch still holding strong as berkshire hathaway posts strong second quarter earnings, boosting its cash pile to a massive $144 billion. the floor show traders are here to tell us where they would invest buffett's billions and what they make of his latest moves. plus, panera bread baking up a new combo that includes caribou coffee and einstein brothers bagels. we've got the ceo of the new business trifecta, panera brands ceo joining us live. and consolidation not just for the restaurant biz. penn national gaming taking over the score in a $2 billion gaming deal. the ceos of both companies on the tie-ups and the big, of course, tie-up in the same sector, right, that just happened today with the golden nuggets and draftkings. it's a fox business exclusive. but first, we've got to get

to this breaking news on oil. the rising number of cases of the delta variant once again wreaking havoc in the oil market. crude prices, which just settled a half hour ago down 2.64%, are in the aftermarket which is right now trading slightly above the floor here, but we're till at $66.74. folks, it was just a month or two ago that we were at $74 a barrel. now, the energy sector in turn is the biggest drag on stocks in this final hour of trade. you can look at chevron, exxonmobil, diamondback energy, they are near the bottom of the s&p 500. flip it over to devin energy, ox city, schlumberger, all three of those names are down on worries that the fourth wave of the virus will chill the global economic recovery. so we set that up so that you can see exactly what's going on with the markets. here's what's interesting, energy actually boosted berkshire hathaway's second quarter operating earnings 21%. over the weekend the earnings report revealed buffett's

company invested a billion dollars in ec by says while selling -- equities while selling $2 billion worth. we don't know some of the specific stock names, but we do know he eats his own cooking. warren buffett repurchasing $6 billion of his own stock, class b shares jumping three-quarters of a percent and he's now sitting on an eye-watering $144 billion cash pile. but he did not pull a buffett by scooping up an entire company which he's just dying to do. what should you glean from his preference for buying stock shares rights now versus entire -- right now versus entire businesses? as we look at the markets here, dow is down 71. sean, we do have the nasdaq up 39. again, this mixed picture. the easy answer is that with the frantic spac attack still in play, you've got potential acquisitions that are so overvalued and expensive, so

buffett went the individual stock route. what do you think of that? are you doing the same? and if so, what bargains do you see and how are you finding them, sean? >> well, thanks, liz, for having me. i think it's fascinating. there's a couple little plays in there. you know, the rail business was hurt by rising energy prices, but it was offset by his coal business, and his insurance business got hurt by the reopening because people got in more accidents, but they went and bought houses, so that helped the other part of his portfolio. i think you're seeing this cautious, kind of measured approach. he's still holding a lot of cash which tells, i think, me and should tell investors that he still thinks stocks are tell -- relatively expensive. we have an an approach that applies free cash flow and free cash flow yield to try and determine how expensive a stock is. and so if you like streaming, netflix is not a cheap stock, and they have a growth problem because they're so big, butting buy discovery networks that has

huge free cash flow and grow their year-over-year subscriber base. if you're interested in the cloud, you can buy amazon or google, but those stocks are fairly highly valued, or you can buy ibm who is starting to move into that hybrid space, and in their last earnings report surprised everybody with that part of their business. and so it's kind of interesting to see what's going on. i don't think warren buffett is acting anything like, anything other than like warren buffett would act in this market when you look at 25 times earnings on the broad market and 35 times earnings on the market. he's hoping to buy lower prices. liz: do you find anything interesting, scott, about the markets at the moment? records last week for the dow and s&p, nasdaq needs a little bit more. any gain today would be a record for the dow and s&p. what does this foretell, and do you think buffett and his moves

are the right buns right now? -- ones right now? >> well, it's never a bad thing if you have met selling when you've had such a huge bull run. the market's been on a bull run since, like, 2012 and actually at all-time highs, so the bulls have won for the past decade or the last hundred years. but i think when i look at the data just to see if he's underperforming because sometimes people say his approach isn't sexy enough, you know what? over the past decade berkshire's exactly the same returns as the s&p. i think, like, 300% over the past decade. over the past five years, the s&p's up, i think, 103%, and he's up 93%, so he's in line. what some people do say is, hey, he admits that he missed amazon, up 1500%. he admits that he missed tesla which is up in the same time period 14,000%. but that's not why you're buying warren buffett. [laughter] you're i buying him for meat and potatoes, nuts and bolt, but i do think maybe he could step out

of his comfort zone. the next energy is going to be about clean energy, icln is a sector etf which probably outperforms the market. and maybe he should think about fin-tech. i know he hates crypto, but maybe he should look into buying a company maybe like sofi that captured the younger generation. there's a lot of subscribers between the ages of 15-30. maybe he just needs to spruce things up a little bit to be ahead of what's happening next versus just the dollars and cents which has been great, but that keeps his returns in line. liz: listen, he was way ahead when it came to checking all the boxes on energy. sean, he would argue that he has exposure to all energy when it comes to berkshire hathaway energy, so that is certainly a big deal. one quick comment really quick, sean, do you see any real opportunity in the crypto space? we're about to talk about it right now.

>> you know, crypto is such a phenomenon, and there's so much money chasing it that i don't think you even need to try to figure it out for now. we don't have a dog in this fight, we don't have an etf filed for crypto. but they're lined up, and there's going to be so much money chasing crypto that it's likely to continue to push prices higher. liz: okay. all right, sean, scott, great to have you both. and as i said, we have got to get to the crypto story. fox business alert, the entire cryptocurrency space is where we are seeing some major action as we get into this final hour of trade. you could call it a relief rally or a thundering herd piling into bitcoin, ether and litecoin right now. look at the gain on bitcoin, 8.25%. you've got it's ether up 9.25%, litecoin jumping 13.6%. they all moved to session highs just beforing noon when u.s. senators announced a come prosize on the -- compromise on

the infrastructure bill. it appears that crypto software developers and a few other types of workers within the crypto space will be exempt from the tax imposed on crypto brokers which was put into place to help pay for the bill. all right, much of the ecosystem getting a bump. you've got crypto brokerage coinbase, yeah, that's right, bitcoin's at $46,000 right now. coinbase is moving higher by 7.6%. they report quarterly numbers tomorrow. marathon digital jumping 7%. let me get to tesla. scott redler was just mentioning tesla, investors breathing ease easy after jeffrey's this morning said buy this stock now, $715 at the very moment, because it's going to $850. shares are higher right now, up 2.25% even as the ev giant confirmed that its cyber truck is going to be delayed until 2022 due to production issues. by the way, tesla becomes the

late company to require all employees and visitors to wear masks at its nevada factory regardless of vaccination status. tesla, we should mention, yes, up 50 quadrillion percent if over the past two years, but it's flat year to date. [laughter] amc looking at gains of 1,550% this year, and after the bell today we're going to see if there's a reason for it to go higher. the theater chain, which is trading right now up 4.7%, looks to report a quarterly loss of 94 cents versus a $5.3-8g loss a year ago. -- 5.38 loss a year ago. gamestop having a solid session, up 7.6%. and, news flash, adam aron of amc will be joining, yes, charles payne tomorrow before "the claman countdown." speaking of gains, after a

lackluster july, road blocks powering higher with by 9.5%, roblox direct listed back in march at $45, it's trading at 85.25 right now in this final hour of trade. and sanderson farm agreeing to be swallowed up by cargill and continental grain, the deal values the poultry giant at $203 per share above 30 -- about 30% above its price in june when the wall street first reported the three might be in discussions. sanderson farms stands at $196.9 07. but it's not just chicken that's got the food world squawking. panera bread has inked a deal. the ceo of the new combo to be called pa a their rah brands. a panera brands. but why now? the new combo coming together just as coffee prices double year-over-year and the country eyes a work force reluctant to return to the cappuccino

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that's aerotrainer.com. ♪♪ liz: okay, i know a lot of you bought moderna and pfizer, but look at moderna once again. it's sitting at the temperature of the s&p 500 -- top of the s&p 500, it is on track for a record close at this point, $491.58 a shower. what's going on? well, shares continue to move higher after its can covid-19 vaccine got swiss approval for 12-17-year-olds, and it also got provisional approval from australian regulators. german rival biontech also moving higher by about 15.8% after upbeat results. the german company, along with partner pfizer -- which is up 1.7. % -- has! ed more than a -- has supplied more than a billion doses of covid-19 july 21st. and, yes, i did have somebody

say i bought pfizer, why is it taking so so long to move? listen, the market's strange. who knows why. here we go, tyson food is near the head of the s&p 500 as well as the meat processer raises its forecast for fiscal 2021 revenue. tyson also warned about inflation saying higher costs are hitting the company faster than it can raise prices. what does that mean for the cost of not just your chicken sandwich, but for your morning cup of joe or everything bagel? panera brands better start planning. the three-way merger of panera bread, caribou coffee and einstein brothers bagels will have nearly 4,000 stores and 110,000 employees. joining us now, the man who will run this combo, niren chaudhary, the ceo. great to have you back. that's quite a rollout by your parent, jav holdings. what's the thinking behind these

three names coming together behind one umbrella? >> it's good to see you. well, we're really excited about this development because it brings together three iconic brands, as you mentioned, you were one of the world's, probably one of the world's largest fast casual platforms. so i think what's unique about this whole thing, these are three brands that have common core values, commitment to serving food that has the highest quality ingredients, but also -- and the only three brands that are complementary to each other. for breakfast you have bagels, caribou coffee, and then you have panera bread leading the lunch business. so complementary brands. and we believe that these two brands will be stronger together and be able to grow much faster as a result of the creation of this plan.

liz: well, niren, this is great, but it comes at a time where we are seeing unbelievably high prices for arabica coffee beans. i think they have jumped exponentially over the past year. i was looking at some of these price jumps, up 36% year-over-year because of the freeze, plus the freight costs are increasing, wheat prices jumping about 40%, sugar up 28%. how to you look at -- how do you look at putting these three together? will there be some kind of cost saver? you can find some cost savings of sorts by consolidating them? >> i think commodity inflation and inflation pressure is going high, as you said, there's no question about it. i think it is, my feeling is it's because of the near-term shock of demand spiking up much

faster than people expected. so we just are competing between supply and demand, that is the result, inflationary pressure. i think the brands are pretty well protected in the near term for in this year. it was an issue of contract we have in supplies. but for next year, certainly, it'll be a headwind that we have to be very careful about and see how much of that increase we can absorb to increase efficiencies and how much can we actually take care of through leverage by consolidating volumes where it makes sense across the three brands. so we see how next year shapes up, but i feel pretty good we're able to continue. liz: when we look at the landscape as it pertains to workers, we just got an incredible jobs report for the month of july. a gain of nearly 1 million jobs.

253,000 of those were for drinking and eating establishments. tell me about what you're seeing as far as applications filled. we also got the brand new june jolts number, this is for job openings and labor turnover. it was a record number, something like 10.02 or 10.01 million unfilled jobs. pardon me, 10.07 million unfilled jobs. that is a record. are you having trouble filling the positions at panera, and what are you doing to attract workers? >> you know, it's, it's actually a good problem to have because the business is very strong. we've come out very strong of the pandemic, and we are short of people, you know? and it is a distinctive challenge that we have across the entire industry. to give you a sense, we've had to hire 10-12,000 people in the last two months,?

now -- you know? now, we've been able to hire them, but it is hard out there. how many people are leaving as you hire the new ones who come onboard. so we're working very hard on value proposition from our associates, so we've gone up to near $15 where appropriate, depending on which part of the country, but also more important, importantly things like free meals to our associates, things like career growth opportunities. so, for example, 100% of our general managers are grown from within at this point in time. so we believe by having a comprehensive -- [inaudible] we should be able to attract associates. just like i talked supply chain disruption, i think this is also a near-term phenomenon of demand coming back very, very quickly and with the process of adjustment, hopefully things settle down over the next few

months. liz: well, there's nothing better than croissants from panera, bagels from einstein and coffee from caribou. big hit in the upper midwest. niren chaudhary, great to see you. congratulations and we want to continue to follow exactly what's happening with all of these discussions that we've just had, inflation, hiring, etc., so please come back. >> a real pleasure. liz: the senate, folks, we're hearing just made a significant leap toward a vote on the $1.5 trillion infrastructure bill. what we're going to do is head straight to capitol hill for the very latest on the plan to finally fix america's crumbling roads and bridges and to add broadband in all the parts of the nation that need it so badly. are you standing by in one of those states? stay tuned, we're coming right back on "the claman countdown." ♪ ♪ (vo) while you may not be running an architectural firm,

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muck ♪ ♪ liz: we've got breaking news. taken you to the floor of the senate where senator chuck grassley, republican from iowa, is speaking on the floor as the senior circuit prepares to vote on the $1.5 trillion infrastructure bill. that will be later tonight or maybe early tomorrow morning. senate majority leader chuck schumer says it is on a glide path for approval. but that's not the same thing for the $3.5 trillion budget resolution package that was released this morning or raising the debt ceiling either. you keeping score here, everybody? hillary vaughn is, she's keeping track of all of the legislative movements. she's joining us live on capitol hill. where do we stand on the infrastructure bull? that's what i'm -- bill? i'm interested in at the moment. >> reporter: we're expecting a final passage vote at the very least at 3 a.m., but it could happen earlier than that. you're right, waiting at the end of that glide path -- which we do understand there is enough

support to get that bipartisan infrastructure package through -- there is that $3.5 trillion reconciliation package that senator bernie sanders introduced today x that is a raising eyebrows not only among moderate democrats, but also republicans who are worried about rising inflation and the impending debt limit. treasury secretary janet yellen saying today that if congress does not raise the debt limit, the u.s. government is going to run out of money, saying that it will cause irreparable harm to the u.s. economy. but even though yellen is warning that they are running out of money, democrats are moving forward with that massive $3.5 trillion reconciliation package. >> won't let republicans have any say in this monstrosity, but they want our help raising their credit card to make it happen. democrats want republicans to help them raise the debt limit so they can keep spending historic sums of money with zero

republican input and zero republican votes. >> reporter: democrats can raise the debt ceiling but putting it in the reconciliation bill, but they are calling republicans' bluff. senator sanders saying he thinks republicans will get onboard, saying at the end of the day, republicans understood at the end of the day, they are not going to destroy the economy. the u.s. will always pay its bills. there are some democrats in the senate that are worried about all this spending going out the door. jerome powell last week saying monetary and fiscal response met the moment of crisis when our economy suffered the medical equivalent of a heart attack, but now it's time to unsure we don't overprescribe the patient by further stimulating an already strong recovery. we are waiting for that final passage on this bipartisan infrastructure bill, liz, but the fate of it in the house still uncertain. there has been concern among moderate democrats of the pay-fors in this and also the

way it's being tied to that $3.5 trillion reconciliation package. liz. liz: all right. thank you. again, we're still waiting on it and, folks, again, there's an important broadband piece to all of in that a lot of people are waiting on, so we shall see. we've got a cosmic crash of multiple companies in one super-hot sector. in just the last week, two mega-mergers involving four huge names in the online gambling world with penn national gaming ponying up for fellow online platform the score and today draftkings snapping up the golden nugget online. which team will come up with the full house? the ceos of team penn are here to throw down the gauntlet. with the closing bell ringing in 29 minutes and the dow down 89 points, we are coming right back with penn national gaming's jay snowden and the score's john levy ready to talk smack when we return. don't go away. ♪

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♪ liz: a take a look, bitcoin trading above $46,000 per coin, we're at $46,210. ethereum at 3160 at the moment. this as sec chair gary gensler plans to regulate what he calls the wild west of digital currency, but perhaps these numbers look so good in part because not every member of the sec is on the same major. to charlie gasparino who a's not only watching the spiking prices of these coins, but he spoke with gensler's fellow commissioner, also known as crypto mom, hester peirce. charlie. >> yeah. we have some breaking news right now exclusive to "the claman countdown" that we just were

able to confirm on crypto. so gary gensler wants to get into crypto bigtime in terms of regulation. there's going to be a battle over who has jurisdiction between the cftc, the treasury department and gary gensler, so keep that in mind. i did speak with hester peirce a little bit about that, and we're going to get into that. but another agency might be getting into the fray. at least, sources are telling the fox business network that the consumer financial protection board, the cfpb -- you've heard of them, right? they're a banking regulator that was created at the behest of elizabeth warren, the powerful progressive senator from massachusetts following the financial crisis. they were somewhat laid back during the trump years, but they could get active again, and they could get really active in crypto. we understand they are weighing when they have the direct regulatory authority to get into crypto. they've been talking about -- they've been receiving a lot of

complaints from consumers about the ripoffs in crypto. the american banker did a story last week that highlighted the complaints to the cfpb and showed there was a significant number of crypto complaints in there about potential ripoffs. but from what i understand, they are looking at whether they should jump into the regulatory, i guess, turf war that's going on here between the various parties as to who gets to regulate crypto and how much can they regulate. the one interesting thing about the cfpb, because when you look at the cftc, they have specific regulatory powers over things that are traded commodities. sec only can regulate securities. that means a stock, a bond, something that has, something that represents a slice of -- a bond is, essentially, a piece of a company's cash flow, right? it's debt of the company. a stock is a security, an ownership position in a company. so that's how their power is

limited. cfpb was written so broadly by congress that they could get into anything, and they could get into this i a big way. we're waiting for a comment from the cfpb. now, i did speak with hester or pierce. a couple things she told me, she likes gary gensler a lot. she's the crypto mom, he's got a background in crypto. as you know, he was a lecturer at mit, professorren on digital coins -- professor on digital coins. she disagrees on approach. gary gensler wants a large regulatory the approach to crypto. the crypto mom wants much more self-regulation, and that could happen. interesting thing, she disagrees with him on his notion that his categorical sort of, i guess, claim that the crypto business is the wild west of investing. she says it's not. there are so the skittish parts but, you know, it's mostly -- and self-policing a lot. she also told me that congress b

is getting involved in this. and so we're going to see -- i can't tell you when it's going to happen. there's a lot of stuff on people's plates right now including we're still in the middle of a pandemic. but congress is going to move on crypto because this is a burgeoning industry. it's a $2 trillion industry, as you know, and the cfpb gets involved, it's just, it's going to be -- we're talking about a regulatory crap show between three agencies, maybe four, and congress definitely has to come and get involved and say who does what. so more regulation, i guess, is coming down. can't tell you when. there's a lot of tough going on. but the cfpb gets involved -- liz: it's not hurting cryptos today, charlie. that's what's so surprising. that might be the overriding fact that you have the tax provision that was going to -- >> that's why. liz: -- explain what it was, and now they're going to explain what it is.

>> that's today, that's today's trade. one other way to look at it, if they're all fighting amongst themselves -- i'm sure there's traders thinking this, buy bitcoin and ethereum -- liz: right, right, nothing happens. [laughter] charlie, good stuff. cfpb possibly jumping into the dog pile of regulators in crypto. thank you very much, good stuff. m&a in the gaming sector heating up. mass consolidation, four huge names. we've got two of the ceos who are ready to say bring it on. we've got penn national gaming and the score. closing bell ringing in 19 minutes. we are coming right back, don't go away. ♪ ♪ as someone who resembles someone else... i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. [ nautical horn blows ] i mean just because you look like someone else

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♪ liz: breaking news, we've got to look at golden nugget, okay? it is up 51% after draftkings rolled the dice on golden nugget online gaming. the $1.56 billion all-stock deal, golden nugget right now at $18.60, a gain of about 52%. draftkings is scooping up the online gambling site and its 5 million customers in that stock deal which values gnog at 18.83 per share. just about there, 18.61, roughly a 53% premium over friday's close. here's what's stunning, it's the second major merger in the gaming space over just the past five days. last thursday penn national gaming announced its $2 billion cash and stock deal to buy sports betting and media giant the score. that that merger heartily

welcomed by the market, the score closed up 79% on the day of the deal. we do have the score pulling back barely, right in it's down just 2%, so the market still holding on to most of those gains here, and penn is down just 1%. so now we have a showdown in this fast-consolidating sector. let's bring in team penn/score, james snowden, and john levy, founder of the score. john, you were just with us june 23rd to take a victory lap after the canadians allowed single game sports betting. at the time you said the future was so so bright, you know, you were lusted on the nasdaq, opportunity's endless. why was this right time to sell? if did anything change to make you think let me team up with penn? >> timing is everything, right? i mean, listen, we were on this path to help get canada in that position where, you know, sports betting was going to be legal. we've been on that path for over

a year now. and, you know, penn, we've been talking to penn for over two years now in terms of just who they are, what they are. we did our big access deal with them two years ago. back then we knew there was a shared vision, we have the same culture and, you know, things just came together now. and, you know, i think if you look at our deal, it really is an amazing thing. in our view, this is the deal that's really transformative for all of sports gaming and really gives penn the ability to check all the boxes. we couldn't be more happy to have them as our umbrella corporation now. it gives us scale and and growth and allows us to do in the states and in canada which is just about to grow. so it really is a great deal for us. liz: jay, you know, just days after your major announcement, you've got this draftkings/golden nugget news which is a big hook-up here. the market cap is for draftkings is about 9 billion compared with

you guys, and you're still huge, but you've got to talk to us about what this does. how will you distinguish yourselves by pairing with thescore to kind of leap above those other choices that are out there? and it's not just draftkings and golden nugget, it's fanduel, mgm, it's fox bet with flutter, etc. >> yeah, a lot of competition and stiff. we feel great about our strategy, and i think that the acquisition of thescore, similar to barstool, you know, our approach from an m&a stand point is to find really healthy companies, acquire them and let them be them and act as an accelerant. we have a shared vision across the three brands, penn, barstool and thescore, that there's going to be this tremendous integration between media and sports betting that allows us to have the best in class customer acquisition talks. we're able to do so much creative marketing organically,

and barstool is one of the best brands in north america, and thescore is amazing at engagement and retention. you put those two things together, and it creates a very, very powerful business model. liz: yeah. i get that, but when you talk about gamblers, they are simply, john, going for the site that will give them the most money, okay? because as you start to look at more and more consolidation in this industry, this is no surprise to you, you're going to see margins get thinner and thinner, and how are you going to work with jay and say is, you know what? here's what we can do to attracting the actual gamblers and bring in that revenue? >> liz, i think it really boils down to really engagement and retention. i mean, you know, you've got a lot of companies even before these mergers and, you know, and i would put ours in a distinct category compared to the others. i think ours is head and shoulders best fit in class. but, you know, it's all about not just building it for the

moment, it's building it for the future. and i think that's what really excited us about penn and jay and the decision can how this thing is going to roll out. it lays the ground work for sort of an evolutionary build of this amazing new opportunity that's out there. and i think that, you know, jay's right, are there's going to be a lot of competition. but if you get the core right and you get the customers coming into this ecosystem which is what we've been building with our technology, with our brand, and once you bring them in you don't give them an excuse to go anywhere else, that's the winning combination. and that's, i think, what we've gotten now with penn, and we just couldn't -- and then, of course, canada i don't i don't , and jay basically saying you guys do what you do and lead the team attack, we're just going to crush up here and as welsh you know, crush in the states -- as well, you know, crush in the states we're moving into. liz: jay, you guys made a huge splash when you took that big chunk of barstool sports. i know they're launching

restaurants, they love you as a partner. but i need you the fast forward five years into the future. will there just be one or two major players by that time in this space? >> i, listen, liz, i don't know how many there's going to be. there'll be a lot less than there are today, for sure, and we wanted to be in the driver's seat of really figuring out who the best partner is. there's no doubt that john levy and the levy family, what he's created at thescore has been amazing. and we feel as though we really have a differentiated strategy that's going to be best in class for the end user. be in charge of our technology staff, product development, we're thinking about doing things that nobody else can do because they don't have the assets that we have and the loyal follower base that we have between barstool and thescore. if you and i are talking in five years, we'll look back at these acquisitions, and i think we'll be on the same page that what

we're building at penn really transcends any one of these business opportunities. it's bigger than sports betting, it's bigger than online casinos, it's bigger than media. we're really focused on creating best in classics appearances for loyal end users, and we think this equals that in spades. liz: okay. you've got to keep john and dave portnoy out of the same room, because those two big personalities -- [laughter] that could be explosive. >> i welcome it. liz: great to have you, jay, john. we'll be watching the consolidation and the real competition here. up next, the golden flash crash sends gold bugs running for cover. what does it signal for the precious metal, if anything? we've got the ceo of one of the biggest gold miners in the world, barrett gold. he's next. closing bell ringing in seven minutes. we're coming right back. the dow now down triple digits, a loss after about 121 points.

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♪. liz: there was a wild moment overnight. a overnight "flash crash" in gold really caught investors by surprise. we have gold right now at $1732 a troy ounce, lower by 31 bucks. that is nowhere as bad as it was in the london markets overnight where it dropped to about $1678 per ounce. the precious metal seeing the worst fall since march dropping about 60 bucks in minutes. 2:00 a.m. eastern time a breach of the technical support level likely triggered all sorts of stop losses. the algorithms triggered the computer. they quickly recovered with you but not all the way.

john of barrick gold was certainly watching that moment. he joins us right now on all issues. particularly global inflation how it might in the future hit the top and bottom line. barrick gold ceo and president mark briscoe joins us after the company reported second quarter earnings. good to have you mark, can i get your thoughts on that moment in london overnight what did you hear, what did you first notice and what did you think when you saw it drop so precipitously? >> well, liz, good afternoon. yeah, we needed something like this to just bring home the importance that mining is a long-term business. we allocate capital on a long-term basis and we at barrick are really committed to be able to manage sustainably profitable mines throughout the cycle and everyone has been carried away about you know the gold price and the margins and and i've been banging on the

drum about the fact that it is important for to us invest in our future and i think that reminded everyone. i always say the gold price goes up and it goes down, not necessarily in that order. it was a big reminder we're in a very unstable time now as we emerge out of the pandemic. we have no real appreciation of the damage that the world economy has suffered under this pandemic. and the poor management thereof. so, you know, i think for me it was definitely nothing that makes me worry. we allocate capital at 1200-dollar gold and we've, i've said repeatedly the runway ahead is a little fuzzy. it is important to stay focused and deliver on your long-term plans. the short term will look after itself. liz: well, i will tell you something, with your management,

i think the short term might, with the stock down one .25%. not too worrisome. we would love to have you back, there is so much more to talk about, not just gold, your copper mining business. mark briscoe, lovely to have you. that is the closing bell. we have to run. [closing bell rings ♪. s&p down 25 points. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. okay two white hot topics tonight. the ongoing infrastructure saga, aka the electric vehicle fair state and senator bernie sanders chair of the budget committee released his long-awaited budget resolution agreement framework which will ultimately involve in 51 vote reconciliation instructions. first up, chad pergram, congressional