implied volatility in gld today was up 10%.lenty of people that thinks there are more down side. >> my model that we run is right at 138 on the gld, so, certainly there could be down side here. we've gone ahead and sold some in the money calls against our long gld exposure. so, that's interesting that the 138 break even level, we probably are going to be due for that, to hit that level, maybe go further and that's where dan's trade would pay off. >>> shares of goldman sachs have been on a mini-rally. could now be the time to get short the banks? we'll debate it when we come back. . futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade

that's the gld. the dollar itself might take on the dollars that want to go to 89. >> he still owns 21 million shares of the gld and that's a problem. >> can gold and the dollar both go up? >> hi, brian. how you doing? what did happen during the cyprus deal is that gold and the dollar did go up. like okay, hold it. that can happen. i think we will see that but i don't think we will see that for a couple of years. >> we have got a big problem. >> what does happen in yen terms, yes, gold is going higher. it really is about the dollar. what has happened across the world is this. it's going to get better and the reason is that go to south america and they want dollars. you go to asia. what are they doing? bottom line here? transferring their currencies whether into europe or the united states. the euro is done. >> before we let you go, we need to ask. i don't get paid in yen. in u.s. dollar terms should we buy gold at this price or sell it or do nothing? >> don't buy it. not even close. when i say don't

>> gld, i don't trade it. other people do, i trade gold futures, i don't care about gld. you can have it. >> one of the things that's interesting. is the correlation between dollar yen and gold? i think this has a lot more to do with the currency moves than anything. i think central banks are going to be defending the price of gold. these have been the ones that distorted this bubble in the first place. they have a lot to learn by putting a floor on this. >> not recognizing this is a bubble is tremendous risk. you think about first of all when dennis says he's never seen it before, that's true. at some point, an alarm bell has to go off. is this the end of qe? >> it's -- there are some, and sri lanka has said -- not that it's a huge mover of the gold market. >> when it speaks, get out of the way. >> it gets in the way of using this dip in order to bolster the reserves. >> i think people -- >> go ahead. >> i think what people are forgetting here is that the fed, the ecb, the bank of france would like to see gold prices lower, bank of china on the other hand, i suspect woul

so if the price of the gld is high, so you would buy the gld. way around and just reverse it, gold arbitraging, one of the problems we've had this year is there's been redemptions in some of these big, bold etfs, let me show you general numbers and what's been going here. a total of etfs and there were 89 million ounces. this is according to hard asset investors. that's 8 1/2% of the gold in the vault of the etfs have been redeemed now. that's significant selling pressure and that's a factor in the declining gold that we've seen recently. here's the big issue. who will be the marginal buyer of gold. the indians are jewelry buyers, that will be long-term investors, that might be a problem. at some point it will fiend natural buyers whether it's 1300 or 1200, nobody knows. here are the gold stocks and obviously at new lows and question is the follow through on the commodity names and this is a global slowdown story. it's not a china, it's not a gold story overall here. if you look at the commodity names they're under significant pressure and you h

that would put gold futures down around the $1,510 mark, it would put the gld etf down around $146. those are significant numbers. volatility there is extreme. watch for a big move in gold over the next couple of weeks. - oil is moving down as well. are you having any positioning there? - you know, i am really sitting and watching here. another $1.50 or so to the downside, right around $91, $91.50, that is pretty critical. if we breach that, i'd probably get short it, because the next number below that is $89. but, you know, it is really following the commodity space right now in this downward trend. - thanks a lot scott. have a good one. - you too angie. steady hiring is forecast for the next three months. that's according to a survey of 2,000 hiring managers across the country by online job site careerbuilder. our cover story explores what sort of jobs are out there, and whether incomes are rising also. *a careerbuilder survey found better than one in four companies plans to hire full- time, permanent employees within the next three months - and for jobs other than highly-sought-

troops to be involve gld that's so great.format button on memorizing the aku-b-abads in my head. i can't remember any more names i can't pronounce. >> a lot of european states, and certainly the syrian people who aren't aligned with the government want to see more pressure put on moscow, and they want more of an ability for the rebels to defend themselves. because right now, there is something of a veto in place by u.s. and other allies to prevent a lot of weapons there getting in there with the idea that that would make it worse, but it's hard for it to get much worse. >> stephen: when do you go back? >> i just got here! you're sending me out again! i just got here. >> stephen: how long are you going to spend in the united states? >> not very long. >> stephen: you're going to go back overseas soon? >> very soon. >> stephen: this is called the bucket. you put on the bucket, and just send the other side back to syria. think about it? >> it would have made the escape a lot easier. you just turn it off. >> stephen: and you're go

sell-off, and there was a lot of money throwing out of etfs, including the one you're associated with, the gldwho was doing that selling and why? >> we think that the, without having perfect information, the markets are telling us that the selling that went on in the futures markets in the u.s. and some transactions out of the etfs, including spider gold shares, were more short-term focus, more trading focused, traders in the marketplace, not necessarily long-term investors. and i think what we're seeing here is a little bit of a disconnect between what's happening in the u.s. market, led by as i mentioned, short-term trading, and the fundamental demand for gold around the world. we always point to india and china. they account for over half of gold demand now, and they are driven by economic expansion, albeit maybe not at the 8%, but the reasons for buying gold are varied around the world. and that we see as a short-term price pullback. >> the two commis you just mentioned, china and india, india has the wedding season coming up, i suppose, so there will be more buying associated with that, b

let's talk numbers today on gld, which is the gold etf that she mentioned. on the technical side, it's richard ross, and on the fundamental sigh, it's peter schiff. and peter, you've long pounded the table for gold. what do you think of goldman's call today? >> well, first of all, i've been telling my clients to buy gold since 1999. so it was under $300 at the time. but the fact that goldman is telling the muppets to sell their gold, i think the smart money is going to take the other side of that trade. in fact, i'm very curious about the timing of this call. if goldman really was this negative on gold, whyn didn't they so on thursday before we got the friday jobs report, which is extremely bull issue for the price of gold? so they should be less bearish now. in fact, i think they're trying to drive the price down. >> isn't that the point, though. is that it's not reacting the way it normally would to certain data points. and it's just not acting the way gold typically would. so they're saying get out now. >> it started to. it had a very good day yesterday.

as a major holder of gld. how much pain are investors going to endure before they start saying, you know what, give me my money back. >> i think that's the bigger point. it may not be the pain that he can take, it's whether or not he gets redemptions. >> let's step into the earnings fire, shall we? next week is quite a big week for earnings. let's find out which stocks our buyers are selling. bk, kick it off. >> next week we have a lot of tech earnings. intel is one of them. we've seen pcs plunging. i'm staying short, ewy. very heavy tech. very heavy international trade. >> josh? >> as a rule i try not to buy a stock just because it's reporting, but the one i'm most interested to see and i may get involved with is linked-in. not quite next week, it's a couple of days after. linked-in has been crushing estimates every time it reports. my friends at estimise. i would not be shocked to see another blowout quarter. lnkd will be the one i'm looking out for. >> karen. >> long jpmorgan, long bank america going into n

i'm shorting it, but i'm shorting it through equity options with the gld. this is an aggressive position for me. i wouldn't just outright short gold. it could be up $100 tomorrow. but this 143 level in the gld is exactly where it sold off when it was down over $100. resistance becomes support, support resistance. there's more head wind for gold. we've seen a nice rally in the global growth stocks. x, pbr, fcx. cole, china, steel is up a lot over the last six to eight days . i don't mind fading some of those. also in the fxe, the euro. i don't mind getting short a little bit through equity options. but i don't want to be put in anything too aggressive to the short side on these housing stocks, consumer staples, anything linked to the u.s. story. >> i guess i'm just trying to figure out, you know, why it is that the stock market is continuing to, you know, make new highs and monies keep coming into equities, and yet the bond market is telling a different story. doug, what do you make of this bifurcation between equities and bonds? what is this trying to say i

gld up 40% which is a huge move. i think the goal is also what it says about the broader market is that the fed can't keep stocks higher. i think that that's a huge problem right now because we worried about north korea, we've worried about italian elections, we've worried about cyprus, but the fed outweighs that. if they can't keep it higher, there's no way to go but down. >> i think the fed can keep up financials. some of those stocks still look cheap. everywhere else you have to deliver. >> there's the charts. to me, you talk about gold and some. things that are working here right now. when we look at what has gotten us here over the last year. >> ray of sunshine from dan. wow. what a switch here. >> defensive issues that have been doing a lot of heavy issues. if you think about some of the best performing sectors this year, you have health care up 20% year to date versus the s&p that's up 11.5%. you have consumer staples. you have utilities. these are some of the most defensive names. why are people going for the

then i'll answer that question. >> you have a lot of average trader in the gld. all got scared out, blown out. that's where you saw this massive exit from the gld. gold didn't have enough to hold itself up. stkph we are seeing the down side. i have to higher a security guard. it's hard to sell gold. there's reason to be nervous, is there not? >> all these products that are made, once the exchanges went public and went for profit, they had to come out with all these instruments to make money. and it doesn't necessarily mean it's safe for the public to go into. now they can trade through the etf. and all of a sudden they come in and get a little bit over their head. a lot of people lost a lot of money in the last week. it's a problem. >> what are you telling clients right now when they call up on this issue? >> let me just r something to you. then i'll answer the the question. it's difficult to not be long. the answer is very simple. the futures market is telling you that the professionals who moved to gold are not going to be influenced by what the gld is doing. t

and the gld in which paulson has a 5. 4% stake. the smallest within the company kingdom, managing just $700 million in assets. shifting their money out of denominations. it appears that david's green light capital. with exposure to the mining companies that continue to suffer. they decline to comment. but we'll see if they start to rotate out of them. >> look forward to that information very much. >> goldman sachs obviously. >> we may be too early. what they did was look at the reaction of gold. gold sore d into gold. they noticed that gold was no longer performing the function of the flight to safety that we had seen in the past. >> let's switch to who is profiting the most. you have some of the biggest information. what have you heard? >> well, jim is not necessarily short gold. but remember, a lot as we were saying at the time of the program, every commodity is being sold off here and what jim is short is iron ore. he has talked about companies that, you know, he has said is one of his biggest short picks. those companies are bi

the gld saw over $2 billion come out of that one exchange traded fund just last week. that's a big reason why some are saying not yet. barclays have cllowered their price forecast. >> thank you so much. it is kind of quiet down here today. >> the markets are a little unsure which way to go. look at some of these multiindustry names. tea was $23. it's $21 now. we're going to see these companies are important because they make all the things behind the walls. most of the home builders have been positive. i want to know the home builders are down. >> net flix is one of the ones that you're watching. >> most definitely. another mover on the radar? texas instruments a slew of tech firms reporting this week. all of these companies reporting last week. morgan stanley raising its hepatitis c revenue estimate to 2016. rick is here to update us on all sorts of other global affairs. >> you nailed it again. we are just drifting southward under the 170 area. we don't talk about this too much. whatever you want to call it. t the. >> rick, thank you very much. to housing now. profit

and taking a large position in the gld so they're going to stay the course but they do think it could be choppy in the weeks and months to come. >> to the bond market now where we have got breaking news. rick tracking the action. hi, rick. >> hi. 35 billion brand new bouncing baby five year notes hitting the street. the auction priced outside the wi. we give it a c plus. and it ended up at .71 yield. tiler back to you. >> thank you very much. apple stock falling far from the tree. the company's plan failed to ignite investors. soft outlook from apple from the current quarter prompted at least 17 brokerages to cut their targets. there you see, let's let that linger here so people can get their minds around what they're looking at here. it is off more than 40% from its all-time high. back in september. now josh is going explain how wall street got so much so wrong on apple in just a moment. but first on why curiously apple is issuing new debt to do these stock buy backs and pay the dividend despite the fact that they got $145 billion. >> you have to keep in mind that a significant amoun

what we saw on friday was over $1.2 billion coming out of the largest gold etf, the gld, the spyder gold trust. traders have been paying close attention to the change in open interest in gold futures and the decline there was not very great at all, only about 3300 contracts. what some traders are say is that it tells you a long mark had a lot of shorts coming in. the cme has raised margins, not only on gold, but on many of the metals. that's something that's not contributed much to the volatility. some traders saying that is yesterday another reason for the global growth is slowing. we did get good economic numbers. but still it's rather remarkable how strong the market is and the breadth of the market. i have to get put up these sectors. when you soo el health care moving up with financials, moving up with materials and consumer staples, all, look at that, that's a broad market advance. i think that speaks to the resiliency of the united states. copper miners or silver miners, or gold miners, or even physical palladium or platinum, all moving to up the side. i do want to conclude by not

it's real easy to hit sell on your gld. >> that's absolutely right. etfs have made it possible to own commodities, bonds, bonds otherseas and stocks in a way that wasn't possible before. to the extent that it makes it easy to own them it makes it easy to disown them. i think that's something that you have to take with the overall market. >> bob, thank you very much. let's get more now on why gold is taking its biggest single datumable since 1983. >> we certainly seen -- i can only call it relentless selling for the last two to three sessions. we're seeing long term holders and short term momentum players. the markets are much more efficient. there is less physical market out there that is floating around to be done. >> at this particular point, you are probably not finding any true technical support until you get to between 12, 15, and 1100. that is starting to get back to production levels. >> very quickly. a lot of people see a drop like this and they say don't worry about it. it won't last that long. that's what they said in 1980. gold went is this

bet on gold and gld. and whatever you do avoid the jr. mine ours. >> in terms of copper, didn't get any love today. what is your take here. if you look at tin and alum numb and zinc, they have all been moving from the upper left to the lower rilg on the chards. that's a phd in economics and that doesn't bode well for the economy. copper is telling us a story about slowing global economic growth. >> upper left to lower right equals down. >> for the dyslexic viewers among us, thanks. >> do you agree? gold over gdx? >> and the stocks don't lie. if you go back to the gdx when the s&p was significantly lower than what it is now and when the price of gold was probably 400 to $500 lower, gesds what? gold razz hallied probably the same amount. so again, specifically you can get into minors here and there. the better play has always been gold. >> coming up next, why big blue slide may be your gain. her case for ibm and other compelling names in the space. and fashion trail blazer or victim? two traders take on michael kors in our street fight. i'v

that all of those worries about the gld not being a real security when you go to the gold dealers? >> it did have that feeling which gets you wondering is there forced liquidation? >> let's not forget these are bought with leverage by certain funds and we don't have the answers right now. >> you even said this morning on twitter as someone who liquidating a client's position. >> i have taken apart clients who put up the capital and you wouldn't believe it. these -- and i remember telling one of my clients, okay, keys to the house, and i took them. that's the kind of guy you are. >> david, a pound of flesh. i'll have my bond. >> if you prick me do i not -- whatever. it's the way it works. >> you mentioned the goldman call. nat gas is the safe haven which is a big departure. it's literal keys and what happens is i'll give you mortgage. >> it's that frantic. it's 2:00. you find out what money they have or everything that client has is gone at 2 tooichl 01 and if it's a small cap stock that they own, you're, like, oh, my! how did that happen and that was gld which traded like a small c

despite the 60 to 7 70 billion dollars, the gld and iau have shed almost 10 billion dollars of that metal as one of our smart viewers points out, gold often is just a hedge against the u.s. economy. so as things have gotten better. it is a reason to avoid gold. and therefore gold is going to be getting weaker and weaker. but another big factor a lot of guys are looking at there is a lot of deleverage a lot about what kim jong un may or may not do? >> there is a possibility or probability that he could do something. but it seems to have the same tone of rhetoric that we have almost every year when we have the joint exercises with south korea. and brian, one of our main proxies is obviously south korea. but at the end of the day, the ewy i don't think a lot of the stress is. >> thanks brian. >> stop me if you have heard this before. the white house wants to make it easier. good idea or trouble ahead. and roller coasters are on our radar today. we'll tell you why in a topsy turvey street talk ahead. clients are always learning more to make their money do more. (ann) to help me plan my next m

gld so why does it mean lame? why is gay lame? >> there's a connection there.ut people are using these terms. >> i didn't think you would say that. >> i don't have a problem. >> would you say that's so jewish? or that's so irish of you? >>es if i got drunk one night, someone may say that to me. do i give a damn? no. >> but it's easy for you -- because there are kids in schools who are, you know, getting bullied and stuff. and teachers aren't saying anything. you go to the movies -- did you ever go to eddie murphy concert? i remember going and watching them on hbo. and the slurs he was throwing around made you want to shrink out of the theater. i think it's a strange thing. look, i'm not one to tell people when to come out. but i do think, for me, a lot of it had to do in my own mind, with traveling to dangerous places and also not wanting to be the story. i didn't want to arrive at some place and have it be an issue. >> actually -- >> i think that what he's doing, like, this positive reinforcement of gay people in the plic square is much more effective in comba

the easiest way to do it, most people will trade it by owning the etf, buy $2 million worth of the gldhen sell the japanese yen etf, an equal dollar amount. the way i do it, i'm long gold on the futures market and then i use the foreign exchange market to short yen there. i match my dollar amounts equally. but you'll start seeing japanese money moving into cotton. so today, for example, i bought a little bit of cotton for my own account and sold yen against it. i'm buying a little bit of crude oil, selling yen against it. i think you'll see the commodities markets in absolute terms moving higher, not in dollar terms, but yen terms. it's affected that way in gold versus yen. i think you're going to start to see money moving in yen terms over the course of the next two weeks, three weeks, six months, over the next year. >> great to speak with you. thanks if are your time. >> thanks. >> josh, you're nodding your head at the notion of buying gold in yen terms? >> not quizzically at all. i guess the idea of converting your currency and then doing that trade, i think for most people the way

gld second quarter trade for me. >> are you bearish on the markets? >> yes. look at you putting words in my mouth. >> that's the extrapolation. >> i'm not brian kelly, but yes. >> zipped it up, not yet. >> not yet. yet is the operative word. >> it's a fail point. the xlus, i got out of them. the risk entree was everything as pete said earlier kicking off the show. they bought everything. i think the money is going to start to turn back into the xlus, dividend chase again. >> energy space. utility name. when you look across the energy space, all we see consistently hitting in the options world, it's been everything from the integrat integrateds, the refiners, participation across the energy sector. there have been pullbacks. those are the opportunity for people who missed it looking for that 10%. they don't have to be afraid. i feel the energy space has more room to the up side. >> as the bull keeps running, is it time to buy some of the names left behind? let's bring in tom lee, chief u.s. equity strategist at jpmorgan. he's been bullish, but recently cautiou

gld investigators have found female dna on at least one of the bombs used in the attacks. what exactly does that mean? we're going to get right to that along with all the other angles of the story tonight in boston. >>> susan candiotti with the latest on the investigation and what the fbi found at tamerlan's wife's investigation today. a possible link between tamerlan tsarnaev and a known jihadist and a look at how authorities could have prevented the attack and at what cost to america's privacy and freedom. >>> but i want to go to boston first and susan with this breaking news. >> by finding that female dna on one of the pressure cookers, it certainly helps move forward this investigation. we know that investigators have been looking for any kind of evidence on the remains of the pressure cooker bombs. looking for hair samples, for any dna samples, for finger prints, for example. now we know it has tested positive for dna. we also know that the fbi retrieved a dna sample from tamerlan tsarnaev's widow, catherine russel, at her parents' home in rhode island. >>> now, just

the reason why we think that works, why the rest of the spider family including the gld, the gold, whatscribe as three best practices. it holds very highly liquid stock only. it holds it consistently, doesn't trade around it, doesn't rebalance it and it's very transparent. you know what you're going to get and you know what it's going to cost you to get it. take the stuff we've been talking about. so take the energy sector -- >> right. >> take the liquids, take the commodities. the funds right through -- right down the board, they don't hold highly liquid stuff. >> right. >> they don't hold it consistently. >> right. >> whether it's futures sort of as a rolling or it's daily rebalancing and they're not transparent. you look at the stated fees within an etf and a stated fees might be 50 basis points. >> it's huge. >> it's even above and beyond that. the cost of actually holding the shares and running the position could be multiples of the stated fees. our message is the stated fees tell a fraction of the story of what the real cost is. coupled with the fact you don't know what you're goi

>> as i said last week, judge, as you were out, but i said to michelle, i sold puts on the gld.right down to the levels that we had heard a number of technicians talk about. saying basically $1,360 would be a screaming buy. we have screamed up about 60 points from that level for the precious metal. so also the volatility was so high, judge, that even if the market didn't move, the underlying didn't move as drastically, just an easing in that panic level brought down the value of many of those puts pretty dramatically. and i'm sticking with that position. >> joe? >> well, i think it's a great trade. and i think mark fisher made great commentary last week in talking about -- >> basically said if you love it, then you should love the move that you saw down? >> absolutely. >> you should buy it if you like it, right? >> absolutely. i would agree with that. but i would caution those that are going to buy gold right here, understand the problem that i have with it is the lack of a central bank willing to step up and say besides sri lanka, that they would be an aggressive buyer of gold

gld, dennis. >> a nice beat on earnings per share, $11.58 per share, wall street was looking at $10.66 that's a nice surprise after disappointments with the previous two guys. but revenue, again, in a tiny miss. wall street wanted $14.09 billion, revenue coming in below $14 at $13.97, but the stock is up anyway, and that's got to be because of some of the details people are already seeing regarding some of their ad sales and price per click and they've been able to stop the decline. one loss point, motorola mobility, the mobile phone maker google bought, it had $189 million loss in the quarter after losing a billion since google closed that deal in may. david: all right. ad sale, you know, the interesting thing about ad sale, they are up even though revenue per click is down. tim mull hold land, the fact is every time people move into mobility, move into the mobile devices as opposed to pcs, that means that they get paid less per click. but the overall ad sales, tim, are doing pretty good. >> yeah. you get more clicks, i think, on the mobile than you would on the pc, so there's the tra

can piplation in the gld, the gold eft, trading almost five times its average volume. that along with margin calls fueling the fire. minors also taking a hit in newmont mining and barrick gold deep in the red. as for oil, also dropping to a nine-month low. concern about a weak global demand outlook. u.s. retail sales fell in march. remember this week the international energy agency also cut its global oil demand growth estimate for this year by 25,000 barrels per day. larry, back to you. >>> many thanks to josh lipton. what's driving this commodity sell-off? a couple points, first, there's no end of the world, all right, gold, no end to the world gold trade. second, there's no end to the dollar gold trade. third, there's no inflation. fourth, maybe cyprus and egypt in some of the euro central banks are selling gold, maybe. we don't know that yet. but how about this thought? a hat-tip to my pal, dave goldman. u.s. energy independence from saudi arabia and elsewhere ends our trade deficit over time, boosts king dollar, and winds up crushing gold. all right? let's bring i

and we now just like gold coins even more than the gld. that's just my feeling. one guy.el. let's go to scott in new jersey. scott? >> caller: jim, how are you doing? >> all right, partner. local man. what's up? >> caller: you're intelligent and a genius. >> thank you. >> caller: beautiful guy. what about agrium? >> not my favorite. i like potash a little more. i like the ag group. i'm not jumping up and down about it because the price of crops is not going up a lot. miguel in georgia. miguel? >> caller: boo-yah, jim. >> boo-yah. >> caller: i to know about sun power. >> actually i think -- the hine these have pulled back. the chinese have pulled back from solar. i did think the quarter was excellent. i kept waiting for it to pull back. it never did. jake in louisiana. >> caller: jake, how you doing, buddy? thank you for pulling back the smoke and mirrors for the small inve investor. >> thank you. >> caller: you recommended a year ago life technologies. i got behind it. it's been in the news a couple weeks ago. it's kind of flat now. i know you say investing doesn't mean h

what's interesting, we're seeing this big move out of gold, also, when it comes to the gold etf, the glde biggest holder of actual gold reserves. it's been selling them off and the sell-off today was wig, at five times the average daily volume, maria. >> amazing numbers there. thank you so much, bertha. if you think gold has it bad, check out the last two days of trading in bitcoins. the virtual currency wiping out about two-thirds of its value. there's the chart. the u.s. dollar versus the bitcoin. mary thompson following the bitcoin story all day today. mary? >> hey, there, maria. many compare bitcoins to commodities like gold, as there's finite amounts of the digital currency. charlie schrum, a partner at the new york lounge ever and an early investor in bitcoins sees bitcoins as something different. >> it's cash with wings. it's literally cash with wings. that's the best way to describe it. >> its wings clipped late this week, though, after reaching a high of 240, bitcoins dropped 270% to a low of just over $54 before recovering slightly. bitcoins rocketing higher and on to the publi

the gld is down almost 5%. >> and it's been plummeting, recently, gold. >> meanwhile, big interview rightst sat down exclusively with one of the biggest in the media business, john malone. tell us what he told you. >> so many different things that we've aired today and discussed, of course. malone may be known as a visionary when it comes to the media business, but what has already fueled his approach to investing is a focus on tax-advantaged assets and a mantra that says when the money is cheap, use it. tell me about your approach, given cheap money. where we are right now. >> one way to look at is, it's the present value of future cash flows, discounted by the borrowing rate. and so, things that are trading at seven or eight times post the synergies seem very cheap, if you can borrow money at 3%. so given the super cheap capital, these sustainable cash flow businesses just look very attractive, to me, to be bought with leverage. >> you're comfortable levering up in this environment, i would assume, though, you know, where do you sort of draw the line? >> you wouldn't leverage a manufact

if you look at the gld monthly support doesn't come until 120. look at gold. it's not a commodity. it's more of a currency. it's a supply/demand curve. it doesn't have any industrial production in the world. it's not like copper. it's not like steel. what can people sell it for? it's the same thing as diamonds or bit coins. there's nobody that wants to buy right now. i think it can dip a lot lower. i think the stock market is headed higher. i don't think there's much correlation between the two. >> so why the reaction then? what do you think this reaction is, then? why is the market selling off because gold is getting crushed? >> i think it's a global growth story. we saw weak gdp, chinese gdp drop to 7.7%. a lot of global base stories are getting crushed. fcx, caterpillar. anything linked to global growth stories going down. i'm long this market and i'm long a lot of u.s. based stocks. i'm long some retail. i'm long some cable. i was long calls in sprint. i don't mind being long those. i don't want to be any longs where the top is from the top left to bottom right. that's how gold

home building stocks, semiconductor stops, gold stocks, no surprise that we've seen outflows from the gld for a while. and oil service for the first time in a while, that was a notably weak group this week. where we had heavy volume this week, maria and bill, is in the bond funds. bond etfs. look at the tlt. this is the long-term bond etfs. yesterday has huge volumes, twice normal, and the bond rush back on this week. guys, back to you. >> big-time. that's for sure, bob. thanks very much. well, this week's stock market sell-off is nothing compared to the plunge in commodity prices that we have seen. >> especially gold. >> gold, corn, oil. sharon epperson is at the nymex with details. sharon? >> let's start with energy. we're looking at what this weak jobs data means for energy demand. that's a big reason why we're seeing such a slide here in oil prices. in fact, we're looking at brent here that's near lows of the session. and, in fact, for the week, we're seeing big losses in brent crude and u.s. oil futures and in gasoline. that might be the silver lining. because that should mean that p

disagree a little with the gentleman we just had on a lot of people have been buying through the etf-gldy liquid. you say we're buying this as an insurance policy they still don't want it to go down and when he they he start to see even their insurance policies start to fall apart they get nervous and start to panic. i'm disappointed so far with the reboundwa we're looking at. it's one of the things not a lot of technical support until after 1200. liz: and i'm not sure if-- >> that's it. and by the way, we opened up about $30 higher for gold this morning and now we're up. 10, $12. and that's we are at the moment. 1375, charles. >> the news conference in boston just ended to add to what we already reported and the boston police commissioner just said, and i'm quoting now. no one's in custody. 176 people injured. 17 critical injuries, three people dead. i want to go to nicole. microsoft, it's a dow stock and it's gaining some ground. tell me about it. >> that's right, stuart varney's microsoft up 1.1% and we noted that morgan stanley gives it an upgrade and positive comments not helping mi

>> i never gone home long overnight as gld i use it as trading vehicle only. >> if you hold, you shouldysical gold? >> you should hold the physical gold. >> bars in the basement? >> one of the, one of the, one of the things that the bears always scream about is the cost to hold gold. >> right. >> how will you hold it. >> where are you going to put it? >> costs me $300 a year to store my gold. local bank, safety deposit box. >> you have bars? >> i have coins. i have 10 ounce bars. i have coins. mostly i have vienna philharmonic coins. >> if you want to hold you can hold it. >> if you hold it you need to hold gold. >> let's talk short term people are worried about what is going on right now? you would stay out of the market right? >> as a trader it is two whippy to trade the market. goldman put a sell recommendation on gold. why? this is with l i'm hearing. physical stocks of gold were tremendously dawn down. back in january, germany wants to repay treat 300 tons of gold. the gold is held in the new york. new york fed said we'll give it to you. it will take seven years so they will give i

>> i've heard about the controversy and my husband is fantastic and i'm so gld i met him there but my to college, take the hardest classes you can, learn as much as you can. if you meet a husband, that's great but don't make it your mission. connell: did you meet in a lab? >> we were lab partners. that's true. connell: and he probably loves cupcakes, too. is he still a scientist? >> no. connell: neither one of you. that does say, just do what you like and then transition. thanks, sophie. good to see you >> thanks for having me. connell: georgetown cupcake and we're trying to keep our crew from it until we can wrap up the hour. no secret that the republicans are going to pounce on the president's budget tomorrow. there's a guest who says the democrats have their own issues with the president as well and then more on this board room drama with j.c. penney, whether the retailer can be saved. wheel hear why this has cost the store already the holiday season for 2013. markets now continues in a moment. we went out and asked people a simple question: how old is the oldest person you've know

exchange traded products so remember, i always remind everybody, melissa and lori, that when anybody buys gld, it actually takes physical gold off the market and stores it. when they sell it, that gold goes back on the market, and when you get a rise in supply, the price of the metal goes down, so barclay's says that is the biggest reason pushing gold down. they continue to expect it. back to you. melissa: great explainer. i want to ask about oil moving higher. after sharp losses last week, it is just a bounce back? >> i've been talking to traders since i got down here, sesk specifically in the s&p pit. they look at oil because it's an indicator of overall economic demand. they are not seeing demand for that. we see it in the weekly reports. right now, they expect oil prices to remain. nobody's out there calling for hundred dollar oil, but they are not really making big calls for it to fall below 90. as far as gas prices are concerned, expect them to remain where they are because $92 to $93 a barrel is a comfort level for the market right now. melissa: thank you so much. speaking of oil, good

i have to tell you gld is not doing you any good if the world comes to an end.re out where to store them. dig a hole in fort lee. >> at the border you try to sign over your etfs. i swear i own this gold. please, let me out. >> mike, what's been marking when it comes to stocks? do you still like them? >> i'll tell you, becky, it's been an interesting market listening to your guests this morning. we like to say the market has been begrudgingly going higher. stocks pay high dividends. consumer staples. big drug stocks have done very well. that's been the trade for the last quarter or so -- actually the last two quarters. that's defensive. one interesting thing is. >> technology. >> energy to some extent. and you look at the industrials and the materials. when they have outperformed at this level. there was a piece yesterday written by jpmorgan talking 700, 800 basis points underperformance, statistically that's usually a good time to buy those stocks. tactically i would be allocating in those areas, specifically technology and microsoft, intels of the world. you're

than $12 after having been closer to $20 and gold this morning tufouching th 52-week low and if the gld and the etfs and also in terms of fund interest, as well. that strong dollar is really a big headwind for gold. scott? >> bertha, thanks so much. jim, i just want to point out before we go to the tease here. the market has this amazing ability to hold up in the face of a lot of headwind and to your point about j.p. morgan that it can be up by the end of the day, it could be up by the time we get back from the next commercial break. >> it's a great boost. dividend is what you want. we're not going get too hung up on that in this market. the fed controls that and the more terminal equity business by the welcome wealth management in the world. they want to bank at j.p. morgan. >> literally, as you're talking, jim, it will go positive right now. can we get a j.p. morgan -- there it is, positive, rid now, literally. >> stay focused on that. that could be part of the rally that we may need to take us to the next level. >> a very expensive stock. a cramer move. >> oh, thank you. >> coming up