that even with this massive balance sheet which is all as a leverage balance sheet and the swiss national bank has. the banking system is much too big for the country and too big to be saved and so the swiss banking system sadly is. not conservative ah there these days and to leverage and assists national bank could not save them if that was required so that you know this is why i'm always said to people if you want to end up with money the end of this coming crisis don't keep the major part of it in the banks because it's not going to be either in the bank it's not going to be there or the money that you have in the back is going to be debased to such an extent they'll be worthless right you know it's setting up there is an interesting conflict and geopolitical conflict because some countries are accumulating golf and some countries are accumulating paper assets and fiat's money and interestingly there's an appears at the switzerland is siding with the money printers and the money money hoarders. and so they have set themselves up to be in conflict with countries like russia and china that ar

understand his role in that particular part of financial history and also i should note that the swiss national bank just sold from what i understand they're apple holding they had a very large business and apple stock they've said they're selling that stock central banks have been buying stock unusually now they seem to be on a winding that stock that could put some downward pressure on the markets if they start on why these positions what about gold mess it's not doing much except trading treading water any thoughts it's been turning water now for almost two years z z. it's started to rally late two thousand and fifteen and i think that is certainly that's one gold mine or there's a bottom and they took off and many are two and three times had some of the juniors are four and five even more times ahead and they gold corp is a just a there's some real problems there somewhere because it's hardly rallied at all but outside of that gold is pretty much a reflection on faith and central banks you know people look at it as an inflation hedge if you asher if you pull up charts it's not if you compare the

twenty-first century fox in the red when swiss swiss national bank sold some shares but now in the green. nobody we know for them, excess inventory njd.com missed their top line. apple we been talking about, we are seeing signs for slower iphone demand. >> if santa costs our best. tell him bert says hello. >> when i sit on his lap, i will. >> have a good one. from that to black friday and the shopping underway. analysts predicting a 4% pop and holiday shopping this year overall. where does that leave us? let's bring him bert, the retail extraordinaire. he and bert go way back. what are your people picking up at the stores? that's what we want to use you for. >> the big thing you reference santa. this really transforms, macy's was doing phenomenal business yesterday strong all day all night i've never seen him going that strong going into midnight, where the retail has been slow. cold weather, wet weather, when the oil markets rollover that affects the rest of retail. like you just talked, something to worry about going forward. possibly cause for concern. >> like everybody was saying las