david: coming up, mike mayo will be joining us right here on the program.emma: coming up, the cf are a research analyst. this is bloomberg. alix: by gold, that is the message from ray dalio. said in a note we can say if things go badly, it would seem the old would benefit. if you don't have 10% in gold, we suggest you look at this. don't let traditional biases stand in your way of doing this. gold is up or a third day. it is up more than 2%. we are joined by our boston bureau. how much more upside can we see? another $20've got in the near term. our target is 1350. i do think there is more safe haven that could be involved with old. alix: how much of that is fast? michael: that's a fair observation. the way the markets are turning in a low volatility world, i think there is some nimbleness. 1300,d breaks through some people would jump on board. that could add more to it. in the near term, being nimble is good. alix: what about real rates? they rise if you don't have inflation. inflation is on the road to nowhere. what does that do? michael: that's a fair ob

welcome back mike mayo has been called a renegade, rouser, and perhaps even worse by some of the financiale has covered over the years and there's a new gig and a big new call on one stock in particular, mr. mayo just joined wells fargo securities as a senior analyst in his first tv interview. good to see you again, welcome back >> thanks for having me. >> congrats on the gig good to be back on the street? >> i heard you were calling my name, mike, start working, stop enjoying yourself. >> all of this stuff was happening with the banks i was like, i've got to hear from mayo. i used to say hold the mayo, now i say bring the mayo the banks, how do they look to you today? >> we launched coverage at wells fargo securities, i can say i'm extremely happy at week six. and we are positive on the banks long-term. i heard what howard marks had to say about the market, when it comes to the bank specifically, you have the strongest balance sheets in a generation, you have a breakout of revenues, the banks have been in a funk this decade breakout of revenues, and june 28th was a huge day, june 28th of

. >>> mike mayo is back at a new firm, with a new call on a stock he says can double in the next few also why nvidia's earnings could hold the key for the entire tech trade. we'll debate what is likely to happen >>> a lot of people already watching that. thanks >>> over to the cm -- rick santelli for the san telle exchange >>> good morning, thank you, john whether you look at the south korean stock market, the nikkei, they really don't look that much different. you could argue ours is a bit less developed, but they're all kind of roughly the same pretty much you pair up against the yen, the yen is improving. if you look at the dollars versus the yuan, it's one of the first charts that look good. if you pair the yuan against the yen, of course the yen wins. the reason i'm bringing this up, yes, there are moves and they're logical with respect to the frame of north korea and the issues of the geopolitics involved with that country and all others countries, specifically the united states/guam. here's the things historically it's hard to peg, but this time around, i think we need to ackn

--rlet: that was mike mario mike mayo, bank analyst at wells fargo securities.ulie: up next, iron ore has been on fire this summer, but will tensions with north korea put the brakes on that? from new york, this is bloomberg. ♪ got you outnumbered. the dinosaurs' extinction... don't listen to them. not appropriate. now i'm mashing these potatoes with my stick of butter... why don't you sit over here. find your awesome with the xfinity stream app. included with xfinity tv. more to stream to every screen. ♪ from bloomberg world headquarters in midtown manhattan, this is bloomberg markets. i'm scarlet fu. let's get caught up on some of the day's big movers and the week's big movers. oil has erased its earlier losses and is moving up for today's russian, but it is not enough to -- session, but it is not enough to change the directory for the week. this would be the worst week since july 21. the ia this week reduces cash demand for opec in 2015. this could be a sign for opec as well. that -- isshows starting to make a come back here, particularly in the market for cru

haven't mentioned financials yet but we talked about the soft ppi number >> right >> at the same time mike mayoyears. says the overall of the ten largest banks are, we could go from 9 to 11 that's not counting rates. >> mike was known as kind of a famous bear for awhile he comes out, agrees with me on corbat stock's down tangible book. just a crummy market today except for comcast >> you mentioned those follow on offerings from yesterday how did they fair? >> geez, let's see the french is mustard. mccormick up five bucks. that was really, really good the other one was 3.5. the -- oh, geez. caught me in -- >> sorry >> but anyway. they are thermo fisher >> it just ticked down it had been up >> a note that caught my eye that i'm concerned about, estee lauder has been up really big. i did a lot of work last night on elf which is eyes lips face they've cracked into walmart that was disconcerting to me they said we're not going to guide up every time. but cos mettics are soft dillards pointed that out. i think that cosmetics have cooled as a category with tremendous growth and there's price competiti

mayo ofthat was mike wells fargo securities. nejra: time for the bloomberg business flash.rming chipmaker are falling today, and video posted strong earnings with an upbeat forecast but the data center related revenue rose less than 2%. investors appetite for backing the riskiest companies is soaring. conditions for tech startups reached a record high of 44% from a year ago. striving the surge is the number of new businesses raising money for the first time, a huge turnaround from earlier this year. in china, the government stepping up scrutiny over onlinet content, the watchdog has launched an investigation into possible content law violations at companies. reports the online services are carrying user generated content that with violence and rumors and porn. a sign the energy energy -- industry is stabilizing after turmoil, the number of bankruptcies among oil and natural gas companies in north america down sharply. through july, 14 energy companies have sought bankruptcy protection this year, compared with 55 firms over the same time a year ago. businessour bloomberg fla