we talk about gold in pine terms as we talk about gold in dollar terms. of brexit -- bomb of brexit bedlam. where will brexit take me to in gold? guest: in sterling terms, it's up 26%. that is doing 5% better than the counterparts in the u.s.. the big story in all markets is brexit will stop for me, -- brexit. for me, the biggest two weeks ahead since the global financial crisis. i think the fact that $15 billion has moved into gold so in in 2016 is a 30% increase holdings around the world. it is telling me that there is something big on the horizon. that we could see gold, you asked me where gold was going, i think a brexit takes us to 1500 or 1600. but a stay vote would probably see it as low as 1100. rishaad: let's actually go to the physical demand for gold. we've got the indian festival season coming up, but china is now an even bigger player. how does that change the complexion of your daily view of what is going on in the gold market? guest: first of all, physical never drives the gold price. i think you are right to focus on china and india. count

so this is why the return as we say to gold is so critical, because gold is really time. throughout history, the -- as mining gear has advanced, as the technology for extracting gold has advanced the gold has become more widely distributed, more deeper and so essentially the cost, the time to extract the gold is remained reasonable constant for centuries, so gold has thus become the source of time in the economy measured through time and this is really the heart of -- of what money is. money is time and what we really are experiencing today is the war against time, conducted by all the central banks of the world. and it explains the great slowdown in growth that really began with the abandonment in 1971 and everything began to slow down because the signal of where hayek insisted upon was critical, price signals conferred by money were rather than a measuring stick as eteve describes it it became a magic line. all these magic lines for the government and you can't have real growth without knowledge and learning and knowledge and learning depends on real information rather

to me it looks like a blip. >> if you look at gold -- think of gold as being a currency, look at gold predicated in yen, a four-year bull market. in euros, it's a two and a half-year bull market. if you look only at gold in dollar terms, it's only a six-month bull market. i think of gold as being a currency, one to be crossed against the other. it's a four-year bull market. that's a lot of people have missed that fact. >> dennis, good to see you in person. >> always good to be seen. >> dennis gartman of the gartman letter. i know you're long gold. >> i'd rather listen to the fundamentals than what dennis is saying. he talking about oil and supply and demand factors that really have actually changed dramatically. i think gold's also going higher. whether it's truly -- >> brexit will remain? >> gold is going higher for different reasons. underinvestment in gold mining and a lot of projects that have been scrapped. >> supply and demand reasons, i think we might agree. i started, when it really became clear to me, is with the japanese going to negative interest ratsd. now you're talking a

this is why the return to gold is so critical. gold is really time. by happenstance throughout history, as mining year has advanced, technology for extracting gold has advanced, the gold has become more widely distributed, more attenuated and deeper, essentially the cost, the time to extract the gold has remained reasonably constant for centuries so gold has become the source of time in the economy, measured through time. this is really the heart of what money is. what we are experiencing today, is a war against time. central banks of the world. it explains the great slow down, but really began with the abandonment in 1971. when everything began to slow down. the signal which hayek insisted upon was critical, the price signals conferred by money were debauched. money became rather than a measuring stick as steve described it it became a magic wand. all these magic wands for the government, you can't have real growth without knowledge and learning and knowledge and learning depends on real information rather than this serious manipulations of the fed w

gets the gold now. when gold spikes up, i will go to switzerland.k to london, now to china. china is not selling. you have physical shortages, mine are shut in. inflationary is coming. >> it's coming! it will be here any day. i have been hearing that for eight years. do you remember the open letter to the fed? look, i am a long-term investor. i believe in a diversified global portfolio. when we look overlong periods of time, and i fully admit to cheating in the chart that went up in today's column. i picked the peak of gold back in the day. coincidently the dow is at the same price. 37 years later, in gold is little higher, but the dow is at 18,000. look over long periods of time. gold does not give you a coupon, discounted cash flow, and it does not give you a dividend. when you look at the factors that cause the total return for portfolios, dividends are enormous component to the equity. jim: in a world of negative interest rates, gold is the high-yield asset. zero is higher than negative. joe: but is less rain three and 4%. gold, like cash, as a

reachader said gold could 1350 announced.u look into the terminal, here's a chart showing gold holdings in exchange traded fund at the highest since 2013. for more perspective on where , ours could go from here guest is from -- joins us from chicago. what is it with the round-trip in gold today question mark suddenly we are back low the very important $1300 an ounce level. it has been a wild ride during today's market session. i they get reflects the current level of volatility that had been building in the market for the last or so. gdp withreflect it in , at least as of about 15 minutes ago. about i want to ask you the brexit risk. what kind of difference is it going to make with price of gold? guest: it is a significant risk. u.k. prediction markers which accurate than polls suggest, there's a greater than 50% probability that britain will in fact leave the eu. oft leaves a variety concerns in terms of the overall stability as a whole. that concern is ultimately what is creating this safety bid in gold. if that is the way

>> i like gold. clear last week we discussed safety any risk assets like stocks and commodities and actually risk in safe havens like gold, jeelds yields, yen. what's happened, risk put on and safe havens came out. a place for gold, i think. on the chart, start toed the year with a furious rally. get about 18% off the bottom. what happens? the back it drop? world ending. what rye like about gold, as stocks rally, as risky assets rally, gold actually holds its own. what you consider to be a safe haven, think gold should ease as stocks rise is not what happens. gold hangs in there. it's a two-way star. got this trading range here. so, boom. go 209 longer term chart and this is where it really happens here. the 200 week and the 100 week. last week discussed that key failure at the 200 week. around 1313, 1315. so, look, kind of like big ben parliament. can't get left here. a tight trading rate but still like it. room for gold here. let me show you why. the dollar. boom. this is your big chart of the doll

we have to go to a gold ?and why because gold keeps us better than anything else. we did it 18 years when you see price fluctuate that's that not the value of gold. gold is like a ruler like 12 in a foot or 60 minutes an hour. fix to have a fix value like 16 ounces in a powbd you'll see this economy start to really -- prosper and did it for 180 years meantime let's have real interest rates in the market again. instead of these bureaucrats set interest rates let the price be set by people free borrow, lenders set that price and reduce of the portfolio 4 trillion which they cease from the economy. cease those assets return that, let that blow off as these bonds mature in to the financial system and three people determine where capitol goes in creating future prosperity for awful all of us. thank you very much. [applause] >> thank you steve. i heard you say many times that monetary policy is kriewrnl. and crucial and heard you say when people start discussing topic that's a signal for tokes to either go to sleep or leave the group. and you know your exposition and goo

i still think gold goes higher. i thought the most interesting thing with gold trade and dollar, they both sold off in tandem. positively correlated. to me i take that to me safe haven assets. hoarding of gold, hoarding of u.s. dollars in this environment. they trade together, which is very different from what most people expect. >> i was talking to chris williams earlier today on power lunch. he was mentioning that you have the possibility of blrexit off the table, what if there's a delay, this was a rumor, he mentioned to me. >> that would be a brelay. >> enough of that. >> of the breferendum. serious business. >> not laughing at that. continue. >> what kind of environment does that create, there's a delay. >> everybody talks about waiting for certainty. they are never going to the it. all that does is add to uncertainty we already have. there's going to be a vote at some point. my opinion, i think it's a coin flip. i think cooler heads will prevail. i want to go back, i happen to think it's the crux of this marke

it lends itself to gold. i think gold goes higher from here. i think the miners outperform. >> you would rather -- >> i love this game. tune in. >> we'll do this later. but gold or the miners? >> the miners. i mean, somewhat counterintuitive. they're so levers to the price. i think you stay to the miners. >> amborella, shares jumping 5%. revenue matching forecast here. of course, the read through is go pro which is also higher on the back of this guy. >> i love for go pro to take off. right or wrong? i mean we have nick woodman on all the time. >> you wear a go pro around your house. >> go pros are amazing. >> i'm amazing. but with that said, now all the analysts are tripping themselves to upgrade. i sort of get it. go back to november and see where the stock was trading. look where it is trading now. look at the short interest. the inclination is to fade this move to the upside. i think the inclination is wrong. i think you stay with this one over the next couple weeks. >> all right. simon, over to you. >> thank you very much. stocks are off t

>> no, do you buy gold of sul ver. one is about to surge even higher. >>> and -- >> honestly, we're out of gas. >> that sums up the transport. we'll tell you why it could get a lot worse. ♪ make that move right now baby ♪ >>> the story of the week was a collapse in global rights. a hunt for yield and perhaps some dangerously crowded trades. let's get in the money. dan, what are you looking at? >> we know what the trades have been over the course of this whole year. and really into the back half of last year. to me, it was obviously utilities. u.s. telcos. one of the things is the defensive nature of the businesses. not as much on the consumer staples. but there was also the dividend yield. they have become crowded trades. the most important point, thinking about the staples is that the stocks have gotten very expensive relative to the market. the s&p market is trades about 6 1/2 times. proctor & gamble is trading 21 times forward earnings. that they'ved that negative growth >> if you think all growth the is going to be

we have money moving into gold. eric: gold has been the story of the year. it's taken $10 billion.n 2hings, it has taken billion. that is the lesser used when. it's a widespread move. it's not a fed inflation thing like it normally has been. this is a crisis hedge. the stickiness and the consistency is a bear sign. there are fund managers who are interested in gold. the big story has to be the global bond yields being so low. the u.s. looks very good in comparison. are: almost all the flows responding. bmg have taken the lion share. usually you see that in the short term or the long-term. this indicates to me people are rebalancing. they own that as their core bond exposure. scarlet: it's positioning ahead of whatever the fed does. people feel it's gotten to frothy lately. more crisiss concern. alyx: do you feel they are a sticky? again,f you look at agg look at the flows. normally they are five or six. the fact that those two are the is two, that tells me there rebalancing and it's sticky. scarlet: vanguard is all over the top 10 it comes to flows. eric: that's a bear sign. they a

that said, again, we do like gold, but overnight i cannot predict that gold will do well.re: european financials i heard you say might be a better investment for those who are interested. >> if they can get it. the markets are closed right now. it's late to trade many of these things. if the sterling weakens, that might be a buying opportunity. but leave it up to the pros. deirdre: that's a key point, to leave it to the pros. thank you very much. axle merk. we want to highlight where the markets did close. the votes still being tallied in the u.k. we had the dow topping 18,000. stocks surging and that was up around 1% ahead of this e.u. or u.k. decision whether or not it will leave the e.u. we do have continuing coverage of this historic vote. we are here all evening. we'll keep you updated. stay with us for the latest on fox business. charles payne going to continue right now on "making money." charles: stocks ending on a high note, rallying to session highs. it seems investors are confident british voters will decide to stay in as part of the e.u. one of the officers in

any time the fear factor goes up gold may go with it. at best gold is a hedge. i don't recommend it as a long-term investment. >> all right, always sage advice, tim mower with vam alliance, thank you. >>> here's another look at the post-brexit sell-off on wall street this friday. the dow lost 611 points today. that's about the low for the session. the nasdaq fell by 202 points. and the s&p 500 dropped by stick. the s&p by the way is now negative for the year. >>> and that is "nightly business report" for tonight. i'm sharon epperson. thanks so much for watching. >> and i'm bill griffeth. have a great weekend, everybody. we'll see you again on m gwen: living on the edge in europe, at the supreme court, on the campaign trail, and in the halls of congress. we cover surprise after surprise tonight on "washington week." >> i do not think it would be right for me to try to be the captain that steers our country to its next destination. gwen: in a shocking turn, britain votes to leave the european union. sending ripples through international finance and politics. >> wh

any time the fear factor goes up gold may go with it. at best gold is a hedge. i don't recommend it as a long-term investment. >> all right, always sage advice, tim mower with vam alliance, thank you. >>> here's another look at the post-brexit sell-off on wall street this friday. the dow lost 611 points today. that's about the low for the session. the nasdaq fell by 202 points. and the s&p 500 dropped by stick. the s&p by the way is now negative for the year. >>> and that is "nightly business report" for tonight. i'm sharon epperson. thanks so much for watching. >> and i'm bill griffeth. have a great weekend, everybody. we'll see you again on m ♪ it's all right, it's okay ♪ ♪ doesn't really matter if you're old and gray ♪ ♪ it's all right, i say it's okay ♪ ♪ listen to what i say ♪ it's all right, doing fine ♪ ♪ doesn't really matter if the sun don't shine ♪ ♪ it's all right, i say it's okay ♪ ♪ we're gettin' to the end of the day ♪ morning. hello, governor. what have you got there? electricity bills. bank statements. letters. all belonging to different people.

specifically, and own a gold etf, and the gold is awful, and maybe you own 3 p and raise it to 5%, andook at the the sensitive ti and right now, the market is rallying and the gold is now coming off of it, and is it coming, and the market is rallying because of what has gone on here with the terrible tragedy, and do they postpone the brexit, and that is a possibility, and it is more towards the bremain,ed a it remains to be seen, but gold is tough to play. >> and speaking of the tragedies, i want to get back to the picture we were showing you a moment ago in orlando. there is air force one touching down, and the president and the vice president are landing there to speak to the victims in the deadliest mass shooting in this country, and more than 50 injure and the doctors treating the wounded over the last few days, saying they wouldn't be surprised if the death toll did increase. the president is in orlando to meet with the families today. michelle caruso-cabrera has more on what's coming up on "power lunch." >> we'll be covering that as well. starting at the top of the hour, what man

silver long and gold the short side with almost no capital risk. >> sell a call spread in gold, buy ini got schooled. >> by the professor. >> all right. >> up next, from hot to not. one of the best performing sectors is tanking. it could have a huge impact on the market. we'll explain rve after the break. here at td ameritrade, they work hard. wow, that was random. random? no. it's all about understanding patterns. like the mail guy at 3:12pm every day or jerry getting dumped every third tuesday. jerry: every third tuesday. we have pattern recognition technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. td ameritrade. steve, other than making i'm here atme move stuff,rade trader offices. what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what'

downside pressure from the aussie gold miners given that gold has full and the most in four weeks, givingn that two days slumped as the remain camp gains more traction in the polls, who we are seeing losses coming through. rishaad: thanks. britain could find itself having to renegotiate trade deals with asian nations and could do so from a position of weakness if it voted to leave the eu. how important is asian trade for the u.k.? you consider what will happen in the future will, two thirds of global growth comes from asia, so is becoming much more important. if you look at the translations -- relations with china, it's doubled u.k. exports, now something like $80 billion worth , but that said, the u.k. has a long way to go. if you look at the top sustained trading partners the u.k. has come only one asian country is in that group, and that's china. rishaad: is that reciprocal trade? >> most asian countries, the uk's not even in the top 10, except for new zealand. rishaad: any advantages of a departure? >> one of the arguments is that if the u.k. comes out, it will be able to maybe negoti

but i'll stay heavy on gold. >> oh, really? julie, would you go near gold?>> the only gold i invested in is the gold that goes around my neck, wrist and fingers. >> what would you look to buy here, julie? >> cbs is on my list. i own that. and -- but question have to go down into the mid-80s to make it a good buy. i would love to add to my jen tex that i've mentioned before. and adve, health care sectors tend to do well during the summer months. and as a long-term investor, what i want to do is i actually raised a little bit of cash in may. so i do have cash. and i'll just continue to watch my portfolio. and those stocks that really are selling at a good pe multiple. >> all right. so you've got your shopping list, both of you, ready to go here. good to see you both. thank you. good to see smiles on faces today. julie and demond, two of our favorite investors. >> we'll look ahead to next week when we come right back. we com. (speaking japanese) oh watson, your japanese is very good. thank you. (speaking japanese) exactly. i can understand nuance, context and i

therefore, the proper trade is to own gold in euro terms, or even own gold in yen terms.t this point you want to own gold in euro terms. you want to be long the currency that would be the strongest, that would be gold. short the currency or fund your gold in the currency that's the weakest, the euro is second. >> dennis, it's karen. let me ask you something. looking at the pound, for the same bet, what do you think the risk/reward of the pound is versus gold for the brexit event? >> they've beaten up the table so severely over the last month and a half. if i had to choose between one or the other, i'd choose not to be terribly short sterling. i would actually make my choice to be short the euro. i think sterling has discounted the demise of the vote completely. it could go a little bit lower. you could take cable under one 35. i think having fallen down from almost 160, to below 140, in the course of a month and a half, most of the ill news that would be predicated upon a leave vote i think is already in there. i think the one that is -- that has the most exposure is the

gold or financials? what is your style?> i right now i want offense in the market, and i have been clear over to the last couple of mon months, because i agree with jon, i see the numbers and the fl flows, and money is going out of the market. >> and you want bonds or stock? because people are buying the bonds and the 10-year yield is at the lowest level. >> and the german 10-year went to 0.39 or something like that. >> and you buy the bonds, but overbryced, but with zero rates elsewhere, the u.s. bond market is looking incredibly cheap with a yield of 1.7 as what i said the 10-year. >> you are saying that you would buy a bond -- >> if i'm a fixed income investor i am buying ten years, but credit investor overall, i am looking at the corporates or the munis even though it sis inflated and so it is overvalues with the historic norms burk u with one-third of the zorn out there, we are at zero rates at 10 trillion and it is remarkable. >> and i was told that picking up a bond is like picking up a dime in front of the steam rol

the gold rally is set to continue. betty: ramy, you're looking pretty smart as a gold ball. now, gold is up 1.5% in futures trading in chicago. it just opened in the past hour. that is the initial reaction there. let's take a look at what has been happening since friday when brexit first hit. i want to show you spot gold. let's bring that up. show you what has been happening there in terms of the share price of that. it is now up 6% in the past two days. leg up see this little higher in futures trading in chicago. play is not any surprise to anyone, pushing higher, friday spot gold had rallied as much as a percent. this was the biggest jump since 2008, and futures trading at that time was double the average. bloomberg spoke to many analysts. one set the volume he's all that time was unmatched by anything, the phones ringing off the hook, and he was planning to work over the weekend. i want to show you what is happening in terms of old as well as the pound sterling. it is really interesting -- in terms of gold as well as the pound sterling. the pound sterling is represented i

look at gold today. look at gold miners today. look at how resilient the bond market continues to be. i'll say that the tlt is still a buy. i do think ten-year goes to 1 1/4. german bonds, 30-year rates here in the united states, it all points to the bond market continuing to get squashed down. at some point b.k. is going to be right and the bond yields are going to explode higher. but i think they go lower first. >> all of our jobs is not to make sure b.k. is right, it's to make money in the market. i can tell you i've been concerned about the s&p 500. i'm not really trading that. what i am doing, though, is i bought some tlt today, because we had a very good auction. i bought gold and silver. if we have that inflationary type of scare or increase, gold and silver will do well. as a hedge or maybe the dollar is a hedge, the gold is a hedge, long the u.s. dollar if the fed raises interest rates. >> the glass half full side of it. karen, what do you do? >> if some of these things happen and the fed does raise, i don't really get th

jim, what is gold saying right now?> well it was up to this point saying that it didn't expect the fed to tighten. you could see it, it rallied in the brief one-week period where it seemed like maybe they'd tighten and raise expectations to 40%. after that crummy unemployment number gold rallied again saying they're not. today is interesting to me because it's rallying along with the safe havens. i don't think it's telling us this is any global panic. what it is telling us it not ohm fits in with the weak dollar trade it also fits in with the safe haven trade. i've been on this all year and pretty harrowing times for a while but i like it now. >> this is jim says jack a kind of risk-off trade not an inflation protection trade. there ain't no inflation out there. how do you see gold? what is it telling you? >> tyler, there say big, red flag with what's going on in gold and people need to heed that warning. it's telling you there's been a loss of confidence in central banks. it really started a few months ago and it's bee

we referred to it as gold on steroids. gold tohave is the silver ratio. of gold divided by the price of silver over the past 20 years. everywhat you can see is time the gold to silver ratio gets above 80, this red dotted lines, you get these incredible returns and silver, outpacing the returns in gold. 1995, this period in silver was up 36% and gold went down 44%. and during this period, after we passed through 80%, silver was at 182%. 2008,hen we passed 80% in silver rose 407% and gold was only up 105%. you can see the incredible outperformance each of these times the gold to silver ratio crossed over 80, and now it has done it again. by the way, guy, silveris found in the earth at 70 parts per billion. gold is only found at 4 parts per billion. more sense to have a gold silver ratio less than 20, and right now it is at 79.4. guy: you had a busy morning, haven't you? matt: i am kind of a gold bug. guy: fixed income yielding virtually nothing. divided by 10 years are divided by gold? >> the problem is that the u.s. 10 year is very attractive on a relative

do the silver long side and gold the short side.have almost no capital risk. >> sell a call spread in gold, buy one in silver. >> interesting. >> no comment. >> by the professor. all right. up next, from hot to not, one of the best performing sectors in the last few months is suddenly tanking. we'll explain right after this break. here at td ameritrade, they work hard. wow, that was random. random? no. it's all about understanding patterns. like the mail guy at 3:12pm every day or jerry getting dumped every third tuesday. jerry: every third tuesday. we have pattern recognition technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. td ameritrade. ♪ "dinner!" "may i be excused?" get the new xfinity tv app and for the first time ever stream live tv, watch on demand, and download your dvr shows anywhere. steve, other than making i'm here atme move stuff,rade trader offices. what are you working on? let me show you. okay. our thinkorswim trading platform

ain't no time for woman on the come up it's either -- or the commas ♪ ♪ man i just want to go flex goldi'm stone cold with the flex with my squad and i'm smoking up a check ♪ ♪ man i just want to go flex gold on my teeth and on my neck ♪ ♪ and i'm stone cold with the flex with my squad and i'm smoking up a check ♪ ♪ yeah pushing gas getting mother -- nosebleeds she ain't never met a youngin' doing like me ♪ ♪ she got a man but she says she really like me she doing things to excite me ♪ ♪ she sending all her friends snaps of my new tracks ♪ ♪ cause all these hoes know what's about to come next i hit my plug up got the bape on connect ♪ ♪ i drop a couple bands i just wanna go ♪ ♪ man i just want to go flex gold on my teeth and on my neck ♪ ♪ and i'm stone cold with the flex with my squad and i'm smoking up a check ♪ ♪ man i just want to go flex gold on my teeth and on my neck ♪ ♪ and i'm stone cold with the flex with my squad and i'm smoking up a check ♪ ♪ knowing all of this it just don't make a difference i'm just talking -- to the ones that will listen ♪ ♪ i came with the heat man i sw

and the gold price is doing well. are we now on the gold price? $1283, i've seen people talking about 1350. alexander: definitely would be a lot of momentum, especially if we vote to leave. there will be a strong move, and we can expect gold to rally form rom there. you will need to never the gold rally will reverse, as the situation becomes clear. but there could definitely be some big upward momentum. and there is already been a big strong year-to-date for gold price. anna: let's talk about the rest of the commodities, this may be has applications for the u.k. equity story, i was interested to read that the brexit vote next thursday is very important for equities, but the weighting of commodities, still a strong waiting even the commodities are not as strong as they were five years ago. the fact that you are saying commodities are actually going to have more of an impact on commodity prices from where we go in the brexit debate. alexander: i really feel year today is a story about commodity shaping the u.k. landscap

>> i took the profits on gold, which is, and i didn't think that it would be my best trade, but gold outperformed the vix and the uvxy and the put, and these are bets i had into the brexit vote putting them on thinking that the spdr puts or the volatility would be the best performing, but no, gold made a 7% move like that, and just surged through a bunch of the strike prices for the gld and that is where i got the extra octane for my account today. >> and jim? >> well, i want to be specific, simon, because it is a buying opportunity, but today not the day to do it. you should expect selling to increase as the after noon goes on for a simple reason. everybody's predictive power is weak right now, and that includes the media and the market prognosticators like myself and you have three days' worth of news items before the market comes out, and so if you are a portfolio manager or trader, you are saying, why commit capital and risks this afternoon and wait and get three days' more information to put it to work. monday? i expect it down, too, and you can draw a parallel to when the chine

me others are favoring gold over paper.s it possible that that kind of creeping gradual gold standard will start internationally and here in the united states? >> guest: well, i think getting a gold standard and this is one reason why we wrote the book is so the people get an understanding of what the thing actually is, not this myth encrusted thing that we are told by economists. it's very simple like having a ruler with 12 inches, does not restrict the size of a building you wish to construct. it just means you have a basis of measurement to make it possible to do construction efficiently and safely. same thing with the economy having a stable currency. so, what you might call the idea of framework is beginning to be laid. the chinese have been studying this foramework is beginning toe laid. the chinese have been studying this for several years and i would not be surprise within the next decade they don't mess up their economic reforms they are trying to do now. china goes to a gold standard before we do. they are beginni

, the new gold. silver lining. paul, thank you. we will be right back. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it helps pick up some of what medicare doesn't pay. . . . .tons . . now i know i'll be able to stick with him. [ male announcer ] with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and virtually no referrals needed. so don't wait. call now and request this free decision guide to help you better understand medicare... and which aar

gold was on the mat. the five-year lows and just until this year, until the fed didn't do what people expected them to do it's up 20% but still down 35% from the 2011 highs here and doesn't really look like anything other than speculation. how many times have we heard people say that's where you got to be and get a lot of torque. we had mark cuban doing that and call volume is amazing. to me, i don't see this commitment. i see a lot of talk about it but i don't think that's for your portfolio -- >> why not? why not? listen, it is the ultimate market, right, because what will you use it for but seeing, you look at stan who has 30% of portfolio. we don't know how much soros has and banks in asia buying gold. people are hoarding gold. why is that? i don't get that at all. >> it doesn't give you yield and in a place -- its defensive. these guys are praying -- price is going higher. what i don't understand is everyone talking negative things and the reason the world will fall apart, the dollar is anything goin

gdx, gold miners, go for it. i know. brian hates when i talk about gold.i've seen a number of people who say, gosh, i would never recommend gold. >> look, all the central banks are on the board. people in japan, europe are moving their money out of banks and putting it in gold. >> they're buying safes. >> they're buying safes, that's right. >> why are you recommending -- by the way, the gdx is 99% of audience knows this. the 1% that is new maybe, gdx is the gold miner etf. why are you recommending shardz of the gold miners? are you also recommending the physical metals? >> the physical metal is great. i think everybody should have gold as part of their portfolio. physically. >> well, look, yes. i'll just say yes. but look at gdx today. it moved up almost 4%. right now it's on the screen at 4%. >> right. >> gold up is about, you know, .6%. >> every piece of gold that's ever been mined is still, you know, out there. it doesn't actually return. you have to pay to store it. all the negatives. >> well, i mean, i'm not getting much money on my bank account right

gold going forward. significant capital outflows. what of the arguments we push back against that is you look at china and it is running a current account surplus given the trade balance, so there is a limit on how significant the capital outlook out of china can actually get. also, you look at the government and go back to the policymakers back in fourth quarter and first quarter and there were a lot of uncertainties. that is sophisticated. it proves that the policymakers are much more adept at managing those presumptions. you manage those and you don't have the risk of capital outflow, which takes without bullish leg of the gold output. megan: you used to live in london, what about breakxit? the: that is much more of european-british event and not so much a u.s. dollar event, so in or gold are nominated dollar i am not so much worried about. it is a question mainly for the pound been for the dollar and gold. thank you for being with us. it has been great to have you. yuan'scoming up, the worst month in

with the pound and the end and gold ahead of this.am, whoalked from said that this would be -- this time next week, we could be talking about the state again. rishaad: and the australian election coming up as well. thank you very much, julia. -- julia. manus: think agreement. it we will get more insight into the day ahead, and the on. the global chief economist, and economics point of view from everything you have looked at, this is going one way or another whether we vote to stay in, you say that the market will not be looking at the brexit at all. guest: it is divided 50-50, we have about 11% of the public that is undecided. and we do not really know who will actually show up and vote today, so the uncertainty is pretty high. but the way that the financial markets are behaving, there is a very clear expectation from the financial market side that the returned will remain in the european union. this is what the market is factoring in at the moment. so the possibility of a shock, and it will be so, if there is a brexit. it is real and

amy: after winning the gold matter -- gold medal, he returned to the soututh.an interview, he e described what happened next. gold medal, olympic olympic champioion, is polaland considereded a communist c cour? g gng, ♪s i am standing so p proud. ♪ , i am goioing to what the world for america. [laughter] i took my gold m medal and thout i invent something. i know i can eat downtown now. blacack folks could not eatat downtown a and i wendownwntown d down down and i sat down for a cup of coffee and hot d dg and the lady said, we don't serve negros. said, i don't either, , just give me one. [laughter] i said i am the olympipic gold medal l winner for thrhree days. i won the gold medal and i'm going to eat. , , i had to leave the restaurant in my hometown , could went to church not eat downtown. i said something is wrong. mohammed ali describing his return after winning the olympic gold medal. four years later, after the fight, he declared, "i am the greatest." then he shocked thehe sports s d and announced d hes jojoining te nation of islam and changing his name.

and then ran gold, simple gold. those are the ones that truly do not attract each other.u can gauge the tension by seeing those. gold going higher, banks going low are, still not there yet. let's say there's always a bull market somewhere. we try to find it just for you. right near on "mad money." i'm jim cramer. see you tomorrow. >>> another big dive na surprised the world. the uk leaving the european union. the dow plummeting 260 points today. what's next. tonight, expert advice designed to help you make the right financial decisions. this is a cnbc special report. "brexit, facing the fallout." >>> good evening, everybody. welcome. i'm tyler mathisen. >> i'm sue herera. a tidal wave of concern caused

now, from bonds to gold, and gold losing a bit today, it is down about six bucks an ounce. see that, about half a percent. but kind of like the bond market, gold has maintained much of its gains. in fact, so far this month, we are seeing the price of gold up 8.5%. but gold is no silver. we should note silver up 16.5%. so silver, we'll call it the burl ives trade. ♪ silver and gold but silver has doubled gold. michelle? >> yeah, it's been a big move. gold's huge rally after last week's brexit vote was up about 4% for this week alone. 8% for the month. j.j. joins us with his bearish take. jim joins us with the bullish take. jim, it's already had a great run. why do you think there's more to come? >> well, we're looking for the market to get up to around the 1,400 tlr level. i believe there's still enough safe haven flows coming in, as you pointed out. yields are extraordinarily low. around that level, it is supportive. and outside of the united states, even before the uk vote, we had negative interest rates, which has actually been propelling the gold market to a degree highe

of gold miners. and in an article he warns the falloff from ununwinding of chinese investments likely will have global implications. soros is worried that continued inflation in china will hurt the u.s. and others. and he say s telling the jou if britain leaves it could unleash a general exodus and the disintegration of the european union will become practically unavoidable. soros's best known trades of course he bet against the pound in 1992 in a trade that led to $1 billion in profits. >> we know what the market's done. >> some of his bets in gold have done well. >> druckenmiller. 8%. >> little more in some of the gold minors. >> maybe the miners. talking to gartman in this a second because, you know, i didn't buy the stupid stuff. >> he tried. >> i had to open an account. it took a week to get the papers in. >> they do this online now joe. >> no no i'm buying maple leaves. i i don't want to buy i want things i can actually hold. so finally in a position to buy on the employment day you. get 38,000

and silver as well. 1400 is that a distinct possibility for gold on the upside and what is the gold/lver ratio telling you. >> i'm not allowed to give specific price targets, but if you use the silver/gold to look at wra we're currently out. for each ounce of gold that's mined there's ten ounces of silver mined. it seems there may be an opportunity historically that average that has been close tore 40 or lower if you look at a long time period. broader based assets even fixed income which has been very expensive recently and prior to brexit, precious metals as a whole look potentially as a cheaper alternative on a historical bases. >> you're an etf man. how strong is the case for the physical. so be it gold and if it is going to be in favor, how much portfolio allocation do you set aside. are we going to see the precious metals in singapore start filling up. >> listening to the station, there's uncertainty looming and in that situation people look for alternative assets and silver and gold being those typically under owned relative to broad based portfolio. i think there's a lot of p

and as you can see, the chart on gold continues to look bullish. >> and gold is up 2.7% from last week. >>> and investigators are trying to learn more about the man who opened fire at a crowded night club in orlando. the club closed early sunday morning. 50 people were killed in the attack. 53 of those injured. law enforcement call this an act of terrorism. details are emerging about the 29-year-old american citizen, born in new york, lived in florida. investigators are looking into possible ties with the islamic state. john harwood is joining us live from washington with the reaction in the political circles. john, good morning to you. >> reporter: good morning, wilfred. as investigators accelerate their efforts to figure out exactly what motivated omar mateen who worked for a private security company, had the ability to legally by these weapons, a pledged allegiance to isis during the attack itself, also showed anti-gay tendencies over a number of years. politicians cannot wait to describe and speak to the aftermath of this event. president obama came into the white house yesterday a

we think bitcoin is a better gold, it is gold 2.0.ok at the characteristics of money to make gold valuable, there are about nine characteristics. it matches or beats gold across the board. you do not to keep it in a ball. is a better gold. we think that lines up with our thesis and we think that is positive. if you look at the market cap a bitcoin, it is about $12 billion. if it is going to disrupt gold there may be a 100 ex return from today until that point because the -- that was the founders of gemini. >> coming up we have the close of trading just moments away. final check on all the action. ♪ ♪ the markets close in about 10 minutes -- seven minutes away. we're just a few minutes from would you miss. >> let's start with the dow jones. eight members down, this is the 30 stock average. when we take a look at the entry day, what is notable is there is a lot less gyration and swing. i know the chart makes it look like there's a lot of movement but it is in a pretty narrow range. 70 point swing and that compared to yesterday when it w

to celebrate the 20th anniversary of the gold medal win. threw an olympic-themed birthday party. mary lou retton and greg louganis. >> a replica of the "sports illustrated" cover from 20 years ago. >> during the atlanta games jenner visited the city's centennial park along with a young kim and kourtney kardashian. a tragic bomb hg left two people dead and 150 people injured and jenner wanted to assure the public that terror would not stop the competition. >> i've got my daughters here, my kids here. it's a safe place. the city of atlanta has been doing a wonderful job. it's unfortunate that one fool messed this thing up. i hope we're back on track now. >> now caitlyn is reliving history in the film exclusive "jenner: 40 years after gold." the cover shoot was done at her malibu home and in the film available on si.com we see that caitlyn keeps the gold medal tucked away in a drawer. the past year caitlyn has been a torch-bearer for many in the transgender community. >> we started this conversation and for the last year, i don't know about you, but it's been the most amazing year o

how high with gold go? and what is driving investors into the. >> both. some clarity around the u.s. election in november. it is going to be hillary clinton against donald trump. she -- the polls are beginning to favor her a little bit which migra might actually be a better outcome for wall street. the brexit i think is a bigger deal even than most people realize and the polls seem to be getting closer and closer as we move towards the vote. so clearly european -- >> -- trade? >> i doubt it. if you look at the technicals. one could argue that 1350 would be the next stop if gold was really going to take off. the one mitigating factor if you are an american investor is the dollar goes up again so that restrains gold to a certain extent. >> how proud ar pleased will the fe fed be about the lack of sell off? u.s. equities just in positive territory for the week as the whole if you take the negative move in future this is morning into account. >> if our a macro investor it is a relative value trade. safest place to be in the united states. whether or not it ke

higher, does gold remain as attractive. >> the whole gold play is most bank action. current gross is basically negative revenues for companies globally. it's very difficult to see any relay of growth. one can bet there will be more intention to boost stocks and inflated assets in the last few years, but it will continue because central banks are the only basically barrier against major downturn in financial markets. >> i've heard suggestions that we're going to be looking at the feds possibly embarking on qb 4. do you think that could become a reality. >> i think it's a possibility. they've done it twice already. it's very difficult today to deal with a major recession reshock given how indebted governments are. so central banks are trying to support the market to avoid that negative effects it would have in the deficiency shock you would have. >> so if there's one place you would invest today, where would it be? >> on a related basis, i think u.s. corporate still feel more defensive and the better position. again, the banking sector in the u.s. is -- imaging markets

trish: all right, marc is telling us to buy gold.arc, in all fairness, you always tell us to buy gold. >> yes, it's been a very good investment since 1999. much better than the s&p and much better than tech stocks in the u.s., and certainly over the last six months, nobody can accuse me of having been wrong to buy gold. trish: all right, that's true, marc. i should point out -- >> i recommend it to you to buy treasurys. >> this is the most optimistic i've heard you in months. it's a pleasure, sir? >> not a very optimistic outlook for the world. trish: for you, for you. >> i told you also to buy treasury bonds, and what have treasury bonds done? trish: they've rallied, sir. >> 50% year-over-year. trish: marc, thank you very much. we'll be right back after this. . cloud is up. analytics is up. seems like everything is up except your budget. introducing comcast business enterprise solutions. with a different kind of network that delivers the bandwidth you need without the high cost. because you can't build the business of tomorrow on th