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. it is not like there is a line. >> he is funny. you cannot teach that. >> actually, dave, i want to thank you. when i was in high school, my c

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. [lgh

secondly, i think we've also seen a big short position built on comex. not sure that short position is sustainablsustainab. i would see that short position coming off and therefore we should see a short covering rally. >> aren't there more headwinds, though, if you look at big investors, pension funds, mutual funds, getting rid of gold, even demand around the world hasn't offset that. the stock market rally in and of itself, right? is negative for gold, is it not? >> i think demand around the world has offset what we've seen in terms of the etf selling, but unfortunately we've got this big short position on the comex that's come in and i think that's what's really driven the price down. >> what we're seeing in gold on some level may be a metaphor to what happened in the credit bubble. when things are good, there are a lot of people that actually could override very difficult balance sheets and once credit became difficult we saw a lot of companies floating debt to the surface. in terms of the miners a lost projects that looks very good at $1800 gold don'

or the comex market of course uses leverage fifty to one hundred to one to keep the price of precious metals level that they want to keep it that where is the physical demand around the world is jumping in at what point does the physical demand overwhelm the paper more. and secondarily the question is your magic number for china when they get to four thousand tons from the stated reserve of a thousand and fifty tons how close are we to that and when that news breaks what can we expect well we're getting closer but we're not all the way there are of course china. doesn't is not transparent about the amount of gold they have officially they say they have a little over one thousand tonnes through various sources i think we can put that number significantly higher at least two thousand tonnes perhaps three thousand tonnes not clear exactly where that is but what they have to do they have to get to a ratio of sort of gold to g.d.p. that puts them on a par with the united states that number is actually a moving target because their g.d.p. is growing so fast but it's at least four thousand t

treatment and the head coach says he will be making a game time decision.fá he'll b%Ñf ready to go comex to ñrplay. ik/"el like, yo3á know, if i ca get to a point where i'm notxdjd hobbling,jf and it( canw3fá cut want to. it would have to be 100% is all that can be confident that )( won't do any further damage. >> the warriorsxd fans desperaty hopefá that heçó will fáplay. golden trails is in the best of ten series and tip-off isfá at 12:30 att( oracle. >>> coming up, he is the he might be forced to sell his stake in the team. the exclusive interview with the silken valleyxd tycoon who is making international headlines in the nba. >>> mostly sunny skies in one of the places that will make a run at close to 90 degrees this workweek forecaste1 shows quite a few changes. we'll have a look at that when we come right back. morning. ut at a veryw3 prettyxd start to the day in san jose. it's going to be nice and warm for whatever you havexd plannedo celebrate your mom. îi a military mom in the ba area. very special event was held at the fairlp mount hotel in sa joe yesterday onb. behalf ofb.

time it is more interesting than that was last september when gold was $1,700 in the open interest on comexracts today you have $1,350 and open interest is 441,000. liz: i get that but that is a good point*. open interest that means people are piling in and it is starting to look compelling. >> if you look on balance with the central bank's arguments and significant risk of central banks across europe and the troubled country selling gold which could suppress prices. liz: there is a question if there really did sell its gold. >> and greece has been upgraded. >> raises the risk countries have to monetize assets and sell the family silver and that is a risk that is the allied air but if you look at the issue of the price of gold today rethink the marginal cost of production on the cast pate -- cash basis for $750 per ounce date -- rethink it is still an air pocket. >> the price of production is closer to $12 if you think about the cost of diesel to operate the machinery and a 40 or 50 trucks you're up at $1,200 without adjusting for inflation and without the spread over that you are seeing he

inventories in shanghai, inventories in london, inventories in the comex has been going on for a whiles sick. and what's sad is not only is dr. copper sick, but so, too, is tin, aluminum, zinc. all of the base metals have been under pressure. and they don't argue for strong economic growth. i think they are starting to argue for very weak economic growth. i had been quite bullish of the economy here in the united states, but i think that the base metals markets are making me look at things from an economic perspective a tad more pessimistically than i might have a short while ago. the base metals do speak loudly and they're speaking very bearishly. >> dennis, we broaden it out to commodities and people say how beneficial it would be to the consumer. and i understand that to a point, but is a commodity move telling you -- does it portend a deflationary period? because if that is the case, then i believe we're potentially in for a world of hurt here. >> guy, i'm afraid that that's what the commodity markets are, indeed, telling us. gold turned over today and turned over badly. i think it