coming up, will be talking with david rosenberg on the canadian jobs situation.s is bloomberg. ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. mark: i'm mark crumpton with bloomberg first word news. two. world health organization rates are going to china to figure out where and how the coronavirus pandemic began. scientists believe the virus may was originated in bats and passed on to another and will before being passed on to humans. a freshr focused on food market in the chinese city of wuhan, but the discovery of earlier cases suggest the animal to human jump may have happened elsewhere. president trump has resumed

the dollar at multiyear lows what's with that joining us by phone, david rosenberg at rosenberg researchdavid, what does that signal to you? >> well, i think that, you know, the gold and maybe the silver and really it's the silver-gold ratio reverting. so silver can bring some serious cash up. but that's really fairly obvious that it's correlated with deepening negative interest rates. it's correlated with the weaker u.s. dollar. and correlated with the fact that when you look year over year, you know, you have m-1 growth running at 37%, sara. you have m-2 at 24%. we've taken out the growth rates of money supply in the 1970s that would have made the likes of arthur burns and miller blush. so a lot of this is just monetary creation. and gold and silver are great ahead of that environment. >> david, is it also predicting a recession which at times in the past gold rallies have done or in fact quite the open because of a opposite because of the stimulus will they be correlated with a strong economy >> well, that's a great question i would say that, you know, gold is actually done better sin

let's bring in david rosenberg >> good morning. >> good morning. >> david, you have called this the no reason no rhyme market. but after this action that we're seeing this morning, does today at least make sense? >> look, i think the stock market is going to price in a lot of things including a v-shaped recovery. today's job number does not give public highway v-shape recovery today, but we have to keep in mind the deep hole that we're coming out of. there is no doubt that the jobs are not coming back as quickly as we expected it makes sense that we started to see job creation coming back. but the hole is still so big in the context of losing 22 million jobs in two months so far with all of the reopen g reopenings that have happened. we recouped a grand total of one-third of that. we're still in the hole by 14 million jobs from where we were in february. if you look at the fourth-month trend, it was minus six. right now we're still minus 26%. so there is still a long way to go before question really call this a v-shaped recovery maybe initially the stock market priced in a recovery >>

david rosenberg on the report that said canada retrieved nearly a million jobs last month, still ringingnly about 40% of the 3 million lost. let's take a look at the

that hard asset reflation trade is pretty interesting, david david rosenberg is tweeting just now about buffett's hedge and in his view a perfect hedge against inflation given the cash flow dynamics and also a good hedge against deflation given the hard asset. >> yeah. and there we're talking, of course, dominion energy for those who perhaps missed it over the weekend. selling what is socially all of its gas transmission and storage segment to berkshire it's the largest that we've seen mr. buffett do in some time and does include $5.7 billion of indebtedness but close to $10 billion. to your point, carl, and the point that i ges rouess rosenbe making, as well. they're injecting a shot of adrenaline and thesis in midstream which has been facing distribution cuts, weaker commodity prices and weaker outlook for volumes and esg headwind as you might expect and questionable capital allocation decisions. there is a look at what berkshire is buying and we are calling it a $4 billion value because roughly closer to 10 when you throw debt in there, as well take that 25% stake and export and impo

. >> i like this stat, carl, from david rosenberg of rosenberg research, has his own shop now, he haseen bearish, no secret about it but he reminds us 70% of the s&p that is not tech is actually lower than it was back in september 2018. so that's money that you haven't made just how frustrating it is right now for all those value investors who saw a bit of strength a few weeks ago and that's really just faded the small cap investors that also saw some outperformance which has also faded makes you wonder whether if you continue to see strength if we do get this rotation out of the narrow leadership we have seen from the big cap tech stocks, what changes that or if those stocks are due for a violent reversal and correction to the mean that's one of the dee debates. what happens to the other stocks that are not just your tech, your semis, your stay at home cloud plays which are making new highs every single day. >> yeah, that's a good point it sort of brings to mind a couple of calls out this morning, microsoft web bush goes to 260 as a street high and they are talking about cloud tail w