freeport matt moran was iti because itc doesn't think it's going to slow down copper production. if nobody slows down, you get too much supply new don't have enough demand to me that supply. so the price of the producer will go down as well. i talked about apple eating netflix's lunch. it's not a done deal. we note netflix has some great shows. a boost in the price target did not seem to help netflix. alix: thank you so much for the roundup on the markets. ofoined by the deputy head u.s. economics. we have yet to see the global stock selloff trickle into the economy. do you agree? >> i do agree. it's hard to know the impact of the changing conditions on the real economy. that's something we will find out in the coming months. the way i think about it, there is more uncertainty. it is uncertainty for reserve officials and for the forecast. it maybe foreshadowing a weakening in the data were going to see. alix: one bright spot has been the housing market that you cover quite closely. you were looking at the homeowner vacancy rates versus the rental vacancy rate. they have both been

fallingelated to copper , including freeport matt moran. the price of gold -- the safe haven is rising right now from earlier, up by about .4%. it is still near a one-month low as investors dumped holdings or exchange traded projects -- exchange traded products. higher interest rates mean investors would likely pull money out of gold and into a stronger dollar. major commodities slipping right there, all in nature territory. major territory. opec says we are getting closer to a autumn in shale oil production which means eventually, demand must tell up. why is opec so up the mystic? bloss fromh javier london. oil prices heading to $20 -- well -- opec provided a relatively optimistic view of the oil market saying the time of low oil prices is beginning to have an impact not only in the united states but elsewhere. it has seen very little growth close by, that means in a way you could say a saudi arabia led strategy of lowering the price of oil is starting to make some appropriate advances. scarlet: what is their track record with these monthl

going on -- pimm: now pull up fcx, freeport --t moore and -- matt lauren freeport matt moore and -- freeport mac moran than 3% today. deal to related energy this has to do with our operators in florida and new mexico. teco energy moves higher today. they are being taken over by a canadian company based in nova paying forthey are teco energy. matt: let's it to the headlines of the hour. pimm: europe is dealing with the biggest energy crisis world war ii. the ecb president is expected to say that the best way to handle to prices -- the crisis is take in the book of the refugees. >> we can handle the accommodation and integration of 800,000 refugees this year in germany. but it cannot be ripped -- repeated every year. we need a different asylum policy. germany, austria, and sweden cannot be the only countries to participate in accommodating refugees. pimm: german chancellor merkel almostrmany will spend $7 billion more on refugees next year. and playing with europe, there is some encouraging news for the european economy. the euro area grew more than estimated in second quarter. the eu revised numbers fo

moran makes copper. copper was down, and i think it that said competitors are not going to stop. there were some winners that were interesting. cablevision -- erik: i will hold you right there because -- matt: american airlines? erik: no, marc faber is going to be with us. he is the editor of the -- of "the gloom, boom & doom report" with us from thailand. good morning. marc: good morning. thank you for having me on your program. erik: here is what i want to know -- where would you turn right now? if there is one market in the world, one asset class that offers either safety, or the prospect for capital appreciation over the short term, what is it? modern think because of central banking and repeated interventions with monetary qe, allin other words, around the world by central banks, there is no safe asset anymore. when i grew up in the 1950's it was safe to put your money in the bank on deposit. the yields were low, but it was safe. nowadays, you do not know what will happen next in terms of the purchasing power of money heard what we know -- money. what we know is it is going down. if i have to turn anywhere, where, as you say, the opportunity for large capital gains exists, and the dow