recently you see what's going on with venezuela guess what venezuela did, b.k. >> they took some gold. >> they askefof england, we want $1.2 billion of our gold back you know what they said? no, doesn't work that way. i am telling you now that central banks are buying gold in ways they haven't done it in decades. gold in my opinion going higher. >> we know that russia is buying gold we've seen that just in the stats out there. but the other thing with gold, i'm not 100% sure it's a warning sign but think about the probable outcomes we have here for the economy. we have some kind of a china trade deal and the global economy turns around what happens then, the u.s. is at full employment, the potential for higher inflation is there what happens if none of that happens and europe continues to crater, china continues to crater and the u.s. economy catches a cold well, then the federal reserve even today said we're thinking about doing quantitative easing when it's not even an emergency. i think that's what gold is telling you. it doesn't mean that you have to have runaway inflation, but it

bull b.k. now. >> i'm mr.ut that you basically have exchange levels at ten-year lows in terms of copper, supply/demand, et cetera that's great just to be clear, i own freeport to treat it as pure copper or gold play is wrong they made some tremendous acquisition plays at the peak. i'll leave that for people to look into those deals. i didn't like those deals. this company probably has upside to about $18, which would be a nice move here breakout at 12.50 for sure i think the entire resource space look the most interesting. >> is it just a giant trade bet though let's say we get really bad headlines out of trade. >> i think it's a giant inflation bet. that's what i think it is more than a trade bet. >> you think we have inflation >> i think we're going to have higher inflation. >> he's bullish and thinks we have inflation. >> exactly so inflation is okay as long as it's not too much. at some point in time the market will start to decrease earnings expectations because inflation will erode that. but until we get

is, and you've asked it so i'll answer before you ask it again, does that put the fed back in play b.k. would say probably no and i'd say if you see a reacceleration i'd say yes. >> i think there's no shot the fed comes back they told us they'll look for inflation above 2% before they think about raising rates again. so i think the fed is out of the picture for 2019 i just think that we probably have priced in everything here we know we're not going to get an intellectual property deal in the next three days. we're going to get probably some kind of movement forward but that's what the market has priced in. until the market sells off, i think it's riskier to buy today enclosure l clearly than it was a couple of weeks ago. >> i'm telling you with expectations so low on global growth, i'm of the view the chinese economy in the second half of the year is going to reaccelerate i think gdp is probably going to be 6.8, maybe 6.78%, which is above where it is now. they have cut rates, they have given you stimulus, they have rrr cuts i think the worst is priced in the same thing with europe i'

b.k. will speak about this so i don't want to steal his thunder. trade talks, i think a lot of this, 75% was based on the fact that all of a sudden central box which were hawkish six weeks ago have all globally now turned as dovish as possible spigot is back on. i follow the north man trader on twitter and you should as well actually if you think about it, the bear case has been proven because in october, november when this market didn't have a safety net, when the wallendas were on their tight rope without the net underneath, then you saw some of the things that could go wrong and manifesting the stock price. now things are going wrong in terms of slowing economies, earnings revisions to the downside, but nobody seems to care because, guess what, central banks are dovish and they're going to be the safe net for the market again. >> what do you think got the wallendi wallendas. >> i thought you said caught them. >> i got it, i got it. >> tyight rope walkers. global synchronized dovishness. >> what concerns me is i have been uncharacteristically bul

this is from our friend and b.k. oh you know it awful how many asked do we get there in the course of the years from the fifty thousand of these various hats they're all also hope morass of scripture that i have teachers from dot com ok ok oh my god now now she's got it she's she says she has to tweet it first so we're going to go to elena suppose she's. alina cho she never know growth right enough ok she's going to tweet it out for taking the hash tag that ellen trust change you know because this is all about trust you know that all the balancing incentives of big quiting is not only do you relying greed but you also rely on trust so we're having to trust where the community is trusting that you and i want to take that hundred twenty dollars and run off to mexico we're actually going to pass it on to the next torch holder. we don't want to be lighting networks shamed you know so you have passed it on to the next the next all around me kind of thing the torch i feel so reckless now you yeah there's like you know muha

. >> well, i totally agree with b.k. he took my thunder, which is the pricing power. it's very much like netflix. if you have pricing power -- if you have power, you have power they do. i think the digital growth, when that's now 13% of what they're selling and it's growing at 60%, boy, that's something you've got to focus on. that's something as they get that chipolt-lane working as well -- i think starbucks needs that too, that might help out their efficiency >> the star line i don't know. >> they're doing fine. >> this has been a great trade for bill ackerman. >> oh, my god, tremendous. i don't know what he was hoping for. he's got to be delighted i don't know what he's going to do with it, but good for him. >> for more on the latest earnings, go to cnbc.com i'm melissa lee. you're watching "fast money" on cnbc here's what else is coming up on "fast. >>> video game stocks are getting crushed. is it game over for these once hot stocks or are these stocks setting up for the perfect reset? we will explain. >>> plus -- >> these are brownies of the pot variety. >> we're