you wrote for comex. does that still happen? >> that is a good question. >> leno, letterman -- they all have staffs. but if you're talking about starting up, most comics writer their own stuff. but they buddy up. that is what larry did with jerry. >> can you teach somebody to be funny, to write comedy? do you have it or do you not? what about being funny? >> no. [laughter] >> either you have it or you do not. >> you do not. [laughter] >> no, i do not believe you can teach people to be funny. i think people can hone it and get better. but i do not think anybody who has no sense of humor is going to get one. do you? >> this is so exciting. the youngest member of our studio audience has submitted to the microphone. i have to say one thing. please keep your questions short and to the point. >> what point? comments. with that, the floor is yours. >> i have a quick statement before my question.

you could be as low as 5% on the comex.in calls and this is forced selling that's going on here and the big question, i would not be surprised to see margins raised on commodities, particularly gold, maybe even as soon as today. i'm not an expert on it, but that would be the logical thing to do. a lot of people messaged me over the night and this was panic justified and european banks and they'll be sellers of gold and this gets a little bit complicated because under the rules of the ecb and what's going on, they can't sell gold to finance the governments and they can sell gold to finance losses on the central banks and that's what the proposed idea was in cyprus. in theory, european banks could do it if they were financing losses. but i think it's very unlikely to see that happen and by the way, there are agreements between the central banks that limit the amount of gold that can be sold on a yearly basis. i see this all as a little bit unlikely. bottom line is the overall market is holding up very well. >> in the next hou

now you have a tremendous amount of physical, comex stocks are very low. >> price deflates?t. there is the no supply has to go higher. >> you believe goldman is pieing it? >> from what i've been told by many different sources vampire squid is buying with all eight tentacles. >> was this concerted thing? >> goldman puts a recommendation. then they have to sell out their gold and cyprus is bailout is paid for. they have only 14 tons of gold. tremendous amount of pressure came on the gold market. as trader, i have noticed -- >> we can't get into this forever. i will believe, goldman you believe is buying gold. >> from what i've been told, yes. >> that is amazing. guys, back to you. leave you on that. melissa: charlie gasparino. thanks so much. lori: it has been 15 minutes sentence our last check of the markets. ben willis joins us from the floor of the new york stock exchange. it has sure been a wild week for the market. curious for your take on volume. i wouldn't be surprised if a lot of traders are ready to call it a week privy too this week right? >> the market has been whip

if that intraday drop is what it hits that is the worst since gold futures started trading on the comexe talked to marti at barrick asset management and here is what he was saying. he is essentially saying gold is no longer a safe haven hedge anymore, not needed anymore. earlier in the day investors look at stocks and real estate state more of an inflation hedge. we'll put what marty on the screen. here it comes. he is saying the u.s. dollar is stronger. he is saying inflation is not a storyline right now. as china growth slows, china's use of commodities and metals is also slowing. so gold is being caught in a rip tide right now of a commodities selloff as it oil breaks below $90. oil is around $88 a barrel. tracy: not selling because of this but more so of computer-generated stop losses, right? >> that is interesting. you wonder when that will hit the bottom right there. tracy: right. >> also we're seeing historic action in the spdr gold etf. five times the trading volume going on in the prior three months. that was one time the biggest exchange traded fund. it lost nearly 20% of its

increasingly unaffordable welfare state, low economic growth, double, even triple recessions, except for comex the trip. the present economic crisis reflects some deeper truths. and not primarily because of the external pressures, but rather because of some of the inherent contradictions in this functionality that is encouraged by what i call european economic culture over a long amount of time. now, all of that is saying that america's economic culture as i call it continues to drift in the same direction. i think we can assume safely that over time some trends that we see in europe will start to manifest themselves in the united states. that, i think, is what americans mean when they use phrases like european position or like we are becoming like europe. such today i want to do three things. the first one to do is explain what my book means by the phrase "becoming europe." the second thing i want to do is sketch out where some similar trends are asserting themselves in the united states, and since i am with the heritage foundation in a spirit of optimism want to tell america you mobile to av

increasingly unaffordable welfare state, low economic growth, double, even triple recessions, except for comex the trip. the present economic crisis reflects some deeper truths. and not primarily because of the external pressures, but rather because of some of the inherent contradictions in this functionality that is encouraged by what i call european economic culture over a long amount of time. now, all of that is saying that america's economic culture as i call it continues to drift in the same direction. i think we can assume safely that over time some trends that we see in europe will start to manifest themselves in the united states. that, i think, is what americans mean when they use phrases like european position or like we are becoming like europe. such today i want to do three things. the first one to do is explain what my book means by the phrase "becoming europe." the second thing i want to do is sketch out where some similar trends are asserting themselves in the united states, and since i am with the heritage foundation in a spirit of optimism want to tell america you mobile to av