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March 9, 2020 3:25 pm
With the new rage and fast spread of the Coronavirus, the, already emotional, market has become a bloodbath. Today, hear more about the craziness of the viral infection and more with a Money Monday Update! Joined along side with David Fischer with Landmark Capital Gold!
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Thank you and God Bless
Everyone just time for this noble show where biblical Christianity meets the everyday issues of life in your home, at work, and even in politics. Steve is an ordinary man who believes in an extraordinary God it on a show, there's plenty of grace and lots of true but no sacred calls 866-34-TRUTH six 634 true or checking out online.com.
Now here's your host Steve Noble okay so jolly is not that that's his wildest life right now the headlines what's going on in the world right now is just totally wild. Some people are thinking F technologically.
They're going to going on the road of end times that I don't think we should should be doing that. It's nowhere near as bad or as ground shaking as some of the things that we read about in Scripture, but the market did close down a little over 2000 points today got shut down early because they have these three triggers a calm circuit breakers if it goes down 7% is all one day it goes down 7% that's got a level I event and they shut off her 15 minutes of the body can't catch a breather get a hold of yourself and then level II event as if it's down 13%. They do the same thing shut it off for 15 minutes and it gets really bad a level III event down 20%.
Again one day and then now they shut down for the remainder of the day just so you know the worst one day shut down the worst one-day drop percentagewise could you they'll is some 1500 points, but all depends on what the point basis is I when the market somewhere between 24,020 9000 and a 1500 point drop is not the number in on-site 5% so you don't lose your mind, the biggest one-day drop is 1987 Black Friday, down 22.6%. That would've been in our market right now. That would've been like 5000 points plus today so obviously aren't anywhere near that the second and worst hour back to back that was in the Great Depression 1929, down 12.8% one day and down 11.7% the next day sit down over 23% in two days and so were not anywhere near that kind of territory, but when we see this type of stuff going on. It is pretty crazy is that the coronavirus is that the oil battle that's now surging between Saudi Arabia and OPEC and Russia and we are in is affected by that as we used to be praise the Lord because were a net energy exporter now or not hanging by everything that happens in the Middle East when it comes to oil. Although does affect the world and in the coronavirus care so check this out and I want to ask you of the scope of the phones and we'll talk David Fisher in the last segment of the show today with a little money Monday update which is good timing because oil oil prices were down 24%. The day the worst days since 1991, which is the goal for one invasion and the left let's people on the left are hoping and praying.
If they pray that this is trumps Katrina and so this is just wild.
So I've got to open up the phones to you to put these first three segments of your economists can ask you what you think about the whole coronavirus thing is it totally overblown. Is it something but not everything. Is it nothing and has it affected you personally besides the financial stuff as it affected you at work, as it affected your travel is a coronavirus affected you at all and my position on official position is been it's not everything. It's not a nightmare but it's not nothing which leaves me a really wide swath right but but what, that's my question for you has coronavirus affected you at all and any what do you know anybody is gotten it. Odds are you don't as an affected traveler work because that's starting to happen, especially internationally, but do you want your general reaction of the component coronavirus going on right now as it's communal continuing to spread in America will continue to do that and so I'm just curious what you think. We haven't done a single show on it when I open up the phone sits in all these weeks since it's been around, but I am curious to hear what you think about coronavirus just generally or specifically.
If you have your own story you want to share about that.
That would be great. Just trying to gauge where you're at because there's the media, other social media. And then there's no real people like you and I so that's what I'm wondering 866-34-TRUTH 87884 is the number I would love to hear from you. Just generally if you want to give your reaction to the whole coronavirus care, whatever you want to call it is a totally overblown is it to Russia hatching this is that there's all kinds of conspiracy theories out there and will hand where it got started that there's a rush that the Chinese have a method Russians.
The Chinese have a deadly chemical weapons facility there and then you got one of the main leaders in Iran dies from coronavirus that was pretty wild.
So maybe you've got some conspiracy theory about it. Or maybe just think it's nothing at all overblown big deal get a flu shot. Go but go on with your life or if it's affected you personally. I would like to know that 866-34-TRUTH 87884 866-34-TRUTH 87884 or 866-34-TRUTH, and certainly on a financial site. It is, but check this out.
This is where were at.
And this is why social media doesn't help a lot and why spending so much time looking at the news doesn't really help a lot and why I don't do news talk, five days a week on this show because this is what happens. I'm looking at the Drudge Report right now.
Okay. And before you even get that, you know, usually they'll have a couple little things up top and then they have dubbed the really big font in the middle of the page and in this case in the middle of page they 123456 big headings. But above that over 20 and check this out this is what they're saying which is not like what why I think were seeing so much of fomenting of fear, and just paranoid out here but these are the little headlines on the Drudge Report right now. New York, prison labor prepares to dig graves now making hand sanitizer California restaurant takes temperatures before serving customers top virus. Dr. says, high blood pressure is a major death risk New York City consider shutting the subway system top transit official test positive.
New Jersey's first patient warns. It happened so quick shocking escalation from no symptoms to death and just hours threat fuels demand for herbal remedies Kramer blast trump.
We want leadership we don't want golfing Pres. retweets photo of himself fiddling reassures donors responses under control stock trading halted after selling trigger circuit breaker White House drafting economic steps to fight fallout Wall Street execs coming Wednesday. Anxiety grants companies across the world are past the point of containment. Congress considers emergency shutdown foreign officials discouraged from visiting Oval Office and State Department conference calls, video chats instead wash Post politico daily beast.
Reporters quarantine end of social distancing our era of social distancing begins deadly prison proud approach as breakout Italy caged Pope receives guests from afar flight diverted after passengers turned unruly over person coughing and sneezing woman sparks panic by deliberately coughing on crew Saudi Arabia to find people hundred $33,000 for hiding health details on entry and all travelers to Israel to be isolated at that just came out Israel today. So literally Israel says any foreign travelers coming into their country are to be isolated for what seven days to weeks. It's something like that and that's just the top. Then you get into the main headlines on the Drudge Report here they are the market bloodbath stocks greater Dow down 2013 oil plunges 24% banks hit hard fed pumps more cash. Welcome to the Drudge Report welcome to the media. What you think of all this you think of a coronavirus your life. Everybody's life here in America. 866-34-TRUTH give me a call 866-34-TRUTH back in the noble show what the buyer can we call this here now what we call it. I mean it's real people have died yet a lot of people around the world to have a but nothing near what you have with the flu.
So how are you reading the coronavirus, are you concerned, you know, as it affected you yet, other than obviously the market stinking, and the number one reason, the market tanked today by the way, and will talk to David Fisher at the end of the show is not the coronavirus that is a that is a factor because of what's happening in different industries like airlines industries.
For example, I just learned something new today airlines or some airlines are running ghost flights there called ghost flights. That means, especially in Europe. So in Europe you have a rule at the 8020 rule. So you have to use at least 80% of your of your airport slots. So in an airport, you have certain flights coming in every day those airport slots you have to use at least 80% of a oriole start losing them and other competitors can pick them up. So now there's some airlines are flying there called ghost flights, no passengers, but they gotta get the plane into the gate at that around that schedule time in order to maintain those slots because this will turn around. Eventually, and so then you gotta be ready to get back to business, but right now it's just wild, but this is all going on. Again, the oil price down 24% today. That's a big deal that happened between Saudi Arabia and OPEC in Russia and so there's little bit of a price war going on there, which is why the price is down 24% on oil today which is the worst drop since 1991 when we invaded and did all the Gulf War stuff for the first time so just grazing and people like to bring up the flu issue 20,000 flu deaths this season. 34 million people of God so this is an as deadly as the flu but it spreads a lot faster and a lot more easily a flu as I was just mentioning on Facebook live a flu germ can survive about four or five hours on a doorhandle or whatever, but coronavirus can survive for 9 to 14 days from everything I've read so as a whole different animal.
There, but most of us are. Don't worry about it there's like 90% of the cases will resolve themselves you'll you'll get sick. You will feel great and then your body will fight it off another working on the working on a vaccine and all I can stuff it has affected you are or what you think about all this is just total height when you think about the coronavirus and the way it's been covered.
866-34-TRUTH 87884. I would love to hear from you as matter fact I'm just gonna tell you to pick up the phone: I want to talk to lower I'd rather hear from you. I can do this all day every day. You know that, but I'd really like to hear from you on here how other people are reacting. This 866-34-TRUTH 87884 866-34-TRUTH 87884 866-34-TRUTH what you think of all the coronavirus stuff and has it affected you or anybody that you know personally. Not like did you get it because the odds are we not nobodies list. We only have two people wake County where I live here in North Carolina that have it and then you can be a symptom that it for two weeks without even knowing you have it, and then we don't have a lot of testing. North Carolina has like 150 test kits right and even talking about task. It sounds a little nutty, doesn't it. So what you think about the coronavirus. The coverage in the frenzy 8663 foray 7884 or 866-34-TRUTH is likely to be a part of the show here today on the Steve noble show and it's because you're very quiet and what you teach us social distancing doesn't include a phone call just in case you're wondering if you have the phone and call in your not causing yourself a problem or anybody else but I would like to hear from you and some friends are chiming in on Facebook live so sure some of those comments as well. 866-34-TRUTH 87884. Is it overblown or is it serious are you worried or is it nothing that I like to hear from you.
8663 foray 788-4866 34 true some people on not Facebook live in need of a say. My mother is elderly and has MS and more concern for her than myself. Certainly, so when you're older.
My father-in-law's 80 my mother's 88 absolutely if you fly around your increasing your odds of coming into contact with that in the older you are the more susceptible you are to it especially if you have any kind of up compromised health situation the first place, then that's not good day.
They gotta be aware that but the stuff is all over the place in terms of the media, and now course, they're hoping it's going to be trumps Katrina MSNBC on Friday was talking about that that a couple of gas.
The going yeah this is this is gonna be trumps Katrina. Obviously they would wanted to be. They wanted to be bad there to do anything they can to try to dislodge Donald Trump and anything that might hurt his his reelection campaign.
They're all for that was Rahm Emanuel. By the way back during the Obama days when he said we should never waste a good tragedy. That's charming is not great never waste a good tragedy, love that that's super great anyway.
The in the market again today will talk to David Fisher about it.
The higher earlier this year is about 29,500 to close today at 23,008 48 so it's down 20%.
Okay, that's a big deal then nobody really saw coming and part of that is the coronavirus because it's not so much.
I read an article last week about it. It's not so much the coronavirus itself and people getting sick in a very small percentage of them sadly dying but is the effect that has on other things. So you start this traveling and then people are starting to stay home stay home work from home if you can telecommute do all that kind of stuff airline industries are going to feel that and then it was so bizarre because earlier today I was like oh, and I noticed in my car.
I ran out of hand sanitizer. I went to Harris Teeter not good on the street to Walgreens not when and to target a little while ago not is that I mean hand sanitizer summit you might want to go buy some stock computer else just nutty.
866-34-TRUTH 87884 is the number today 866-34-TRUTH 87884 866-34-TRUTH you think the coronavirus care is legitimate or is it all just media frenzy or somewhere in between that's and I'm curious to see an earlier today and I listen I listen to a fair amount of talk radio. Some days more than others just depends on what's going on with my schedule in teaching and such, but I was listening to Glenn Beck is doing a coronavirus update every day now at 11 AM Eastern time right the middle of the show to the earlier two days talking about Gov. Now he's a self-described catastrophes okay now I think one of the problems for Glenn back as a committed Mormon is that he most likely are there some Mormons that know the Lord. Some, but the more they know about Mormonism, the less likely that is to be true. So Glenn back to me sounds like somebody that doesn't really know the joy of the Lord is highly emotional is all over the map. His emotions were getting the best of him earlier today and that sometimes that's effective and it's right and it's honest. I appreciate that, but he's talking earlier today on his show about the to see government intervention in the economy because of the coronavirus to the levels that we haven't seen since the Great Depression, which is on the whole new deal came together and that of Senegal. Okay, it's one thing to talk about it that something like that that the government obviously could be doing things which always makes me nervous. The government stepping up the plate because everybody assumes they have to do something the government has to do something to stabilize the markets because right now we have all system that's propped up not just nationally, but around the world. So now it's like when you Lyle lot you gotta come up with another lighting for each of the lies that's basic what happens.
Old things built on the sin. So he's talking about all the stuff and is fine.
It's one thing to talk about. Okay, here's some things going on in the news or that the governments talking about but then to turn around and say hey this is really serious. Make sure you have two weeks of food in your house.
Make sure you're ready to telecommute. By the way I I'm I'm sure that the am pretty sure I don't know exactly what phrase he used, but he was very confident that we can see the government intervention in the economy in ways that we haven't seen since the Great Depression and I'm just going you know any slamming the media at the same time first Gary for scaring up all this hysteria and sitting on take Glenn what are you doing what you do right now the exact same thing so it's can happen on both sides of the political aisle 866-34-TRUTH 87884.
You guys are supplied to 866-34-TRUTH what he think about Corona will be right and show great hope you're having a good day despite the fact that the Dow just got told tank today down over 2000 points will talk to David Fisher in the last segment of the show today about that. And then, as that is one of the coronavirus thing now depends on where you look depends on what headlines are to look at. So I started the show by reading and sharing some of the headlines that are on the Drudge Report. Not sure those like Fox news Dow suffers worst one-day drop on record as oil price were rubs and coronavirus spreads well that makes it look like it's 50-50.
What happened with the market today. Most of the market today, which she saw coming. If you saw the futures up you looked late last night or early this morning you saw in the future. It was like down 1900 points with the futures because of what's going on in this war over oil between OPEC mostly Saudi Arabia and Russia and so all of a sudden there's a glut of oil which drove the price down. The wood product for oil price went down 24% today.
Again, I don't spend too much on that because were to talk to David Fisher about it before segment, but it's just kinda crazy going on out there and I've been asking if you want to call and I would love to hear from you.
What you think about the coronavirus coverage just in general is it just creating mass hysteria or do we just have a community locally and nationally and internationally, that this is most people around the world still are not online so most people don't live like we do, but here in America over you're getting assaulted with information all the time and it coronavirus coronavirus coronavirus confront coronavirus everything. This is all another note to people whole wake County, which is where I live in North Carolina, Raleigh, Durham, Chapel Hill County area, wake County, but we at we have our first confirm case a coronavirus awakening oh so all of a sudden, Harris Teeter and Walgreens and target her out of hand sanitizer literally. I want all three of them earlier today.
They were all out visitor go okay what the world going under. So Jessica on Facebook that a much more worried about the economic impacts in the actual virus Dave nerd alert said concerned about economy and fear in the marketplace. People will in our panicking and that's so true and and that's just what's out there and other people not concerned about the market drop. It will not be the last time this week will all settle down in three weeks Corona Corolla.
It's all over go by fake news so do you agree with that. Do you think it's all overkill. So we think about the media coverage is a good is it necessary or is it totally spikes and is just run with it.
Whatever. If it bleeds it leads. 866-34-TRUTH 87884 866-34-TRUTH 87884 or 866-34-TRUTH not know. Does everybody have a coronavirus right now so I know what is to confront you can't spread the coronavirus by making a phone call and a topic like this usually the phones are ringing quite helpfully.
Right now they're not.
Which is bizarre but I'll just keep going, but I would rather hear from you. To be quite honest, 866-34-TRUTH 87884 866-34-TRUTH Catherine on Facebook lives that it's easy to control people in their freight. So thankful my trust is in the one true God.
Is that what it's about our people are people at his sister some kind of control this government control by what government is started in China so some people think that China did it on purpose. Wuhan, some people are alleging that Wuhan is the site of a chemical weapons area biological warfare for the Chinese government Chinese military yada yada yada so yeah and I saw that Sherry, thanks for being on here today.
It has a last name seamlessly slips you have an S Sherry at the end of noble nobles, first time you're here, I saw video or Dr. Drew slammed the media over the media hype. That's exactly what happened. Dr. Drew came out and Dr. Oz did the same thing Cielo but God's people that are well known in terms of when they do there and all the morning shows and all I can stuff on television, but then they become. I like Dr. Oz who shows up in a lot of places has a Fox news is pumping this out there. The Dr. Oz survival protocol. Dr. Oz is coronavirus survival protocols were it's really intense I'm looking at it it's really intense PDF document whatever you want to call it info graphic in its and it's mostly blood red and some black right and it's got a little couple little pictures of the actual coronavirus itself that's on their are some of the things that are that are listed that we should be.
This is the coronavirus survival guide.
Think about that. Just as the title, the coronavirus survival guide which means that you there's a good chance you're gonna die. So you need something to survive the coronavirus.
Most of us don't need anything to survive the coronavirus if you're if you're over five and under 80 and in good health. You can be fine. Some of us will have a never know it in your body will fight it off you'll be fine from all the things I've been reading.
Here you go Dr. Oz's survival guide. Wash your hands with soap and water for 20 seconds and use hand sanitizer with at least 60% alcohol.
Okay some hippies said what's mostly scary is the fact that the washing your hands is such a new thing. What a great point, disinfect services surfaces by using disinfectant sprays instead of wipes, which can spread germs from one service to another. It's advised to let the service remain wet for three minutes prior to dry. Get at least seven hours of sleep a night. Somebody needs to tell Donald Trump that exercise regularly, aiming for 30, 30 minutes every other day, improve air quality by using humidifier because viruses dislike humid air when you're on an airplane sit next to the window. It's better for you because that germs own is that little limited area which includes the road before and after you. He noted the air that comes in from outside is actually pretty clean. Meditate because that can support your immune system is significant story in Fox K avoid handshakes. Dr. Oz says handshaking transfers 10 times more germs than fist pumping, but he also discouraged. This bumpy fist bump passes 1/10 the germs is a firm handshake Dr. Oz said on Monday he encouraged people to embrace the power of a good head nod sup sup sup you know that Nick Doolittle had not think I saw friend in the grocery store and target when I couldn't find any hand sanitizer earlier. I put my hand up shaker samples and cinnamon several months and he gave it would put out his elbow's an hour doing that I got the head nod get the she head a little bit hey hey hey do you elbow thing and apparently fist bumps no longer allowed to eliminate face touching that's prime for me. I just did it. It's encouraged to have a two week supply of essential items. Listen to this, including freezer friendly food items, nonperishable foods, medications and household supplies including toilet paper, soap and detergent just in case you think it's all fake news and it's all on the left. This is on Fox teach you on Facebook that the ones eating Tide pods might be onto something. See if they are immune. Koch, eat foods and take vitamins that support the immune system eating leafy greens and fruit hi AMVETS vitamins like citrus is blackberries and kiwi provide your body with essential vitamins and minerals and try not to be a jokester get the flu shot to avoid confusing seasonal flu with Kovic 19 if you're sick.
Take 80 mg of zinc daily 250 mg of vitamin C twice daily, 250 mg of beta Gluck and daily and take elderberry syrup or lozenges four times a day for five days so this was all on Fox news. So what's remember this one and I tell all my students. This is well so I have 88 students every week and now apparently I need to push the first row back further. But I tell them all the time. Everybody selling you I'm I'm in here. I'm not objective and subjective. I have an agenda. I'm here to try to teach you a biblical worldview. I'm teaching about the Constitution and about Civics and about ethics in the stall coming from a biblical worldview. I'm I'm trying to move you in a certain direction.
There's no doubt about it, but the media does the same thing. So there's so much competition because everybody's got a blog everybody's got a podcast's website, not your ears. So it's like election night all the time and what's the number one thing that media outlets are trying to do on election night call the election state-by-state and then for the whole nation right there's a big rut because your unity will turn tuned in and I'll go tune in to the station that's giving me the answers faster because I'm nervous.
I want to know if my guys or gals winning so there's all this pressure out there.
So that's why going back to the Drudge Report was I just pulled it up now. This is above quote above the fold. These are about 25 headlines before you even get to the main headlines. This is above at the top of the website, your prison labor prepares to dig graves now making hand sanitizer California restaurant takes temperature before serving customers top virus Dr. this is new and since high blood pressure is a major death risk New York City consider shutting the subway system top transit official. By the way test positive. New Jersey's first patient warns. It happened so quick shocking escalation from no symptoms to death and just hours treat threat fuels demand for herbal remedies Florida Republican goes into quarantine after flying on Air Force One and did you hear that Ted Cruz itself quarantine because he was at sea pack and apparently somebody that's well-placed at sea pack has the coronavirus and they were shaken hands and mingling with everybody and Ted Cruz. Somehow they figured out that Ted Cruz had an interaction with his guide shook his hand or whatever. And now Ted Cruz itself. Quarantine so also you start to see a rash of that this the financial impact which is a much bigger deal and you can have all kinds of people staying home from work and school system.
Shutting down of what is it Manor Steve at the school shuts down for a week will because what you do with all the parents that need to go to work and they don't.
They can go to work because their kids are in school. Also their kids have to come home from school and a lot of a lot of them will choose to stay home from work. See how this works so you got this kind of cascading environment that were read absolutely be educated, absolutely be paranoid. Hope be fearful know you been given that spirit of fear if you're a follower of Christ who should have the but were not called to be ignorant either to pay attention. I think Balsam basic rules washing hands probably slow down on the handshaking and all that kind of stuff in such a study in the previous well off the rest of Europe that okay looking back at Steve Noble, the noble show.
First of all, will go to David Fisher. Good timing on a Monday Monday update because obviously let's talk about, but I was complaining about no callers but you have phone lines were full so I'm looking at a screen, not the meanship for the chauffeur you hearing the show. Whatever station happened to be untruth radio one of our other affiliates wherever you're at is is is in Winston-Salem and then they take the calls. There and I'm looking at a computer screen which we share screen so I can see right I can see the calls coming in so for some reason my screened and refreshed.
I'm looking at a blank. It's literally out like a it's a website where I can see all the lines and I'm looking at it and there's nothing there and I'm staying in the show. I'm going to the information I'm trying to make it worthwhile for your time because I know your time is valuable so I'm just going on and I'm looking readily here if you're on Facebook like you can see me like a two screen. Sarah got my MacBook in front of me and that I got a PC earlier and I look at the screen I'll see any callers there something on this is redo this is a making sense.
This is the type of subtopic that we are getting a lot of callers, then Keith is doing a yeoman's job.
Thank you. Keith is doing a great job. Truth. Radio network sends me a text which I did notice because I'm on the error of talking and sometimes I'm really good. It at multitasking and this time I wasn't. So he's on the ice that sends me a text that hasty you got up you know all the lines are full, then I see that when I have the commercial break and that's when I went almost wanted to go full on sanctified reaction here on the air.
So for all of you that called and think you for calling. Thank you for trying. Please forgive me for not seeing that I just some action to refresh my screen I didn't so I totally messed that up and you are on hold for a while so please forgive me. I'm really sorry. Please forgive me. Will try to set this back up again tomorrow on the show.
The first part of the show tomorrow by the ways can be Jeremy Camp. The movie I still believe opens Friday so Jeremy campus the true story behind his first marriage and his wife unfortunately died when just college-age from cancer incredible movie that opens nationwide on Friday so we'll talk start start tomorrow with Jeremy Campanella go back in the and open the phones up and make sure I'm doing my job and will get you back on so please for forgive me for that.
Please accept my apologies and I will drive over to David Fisher. David, thanks for calling and sorry about that was all.
Just like the coronavirus thing is just blossoming all over the place. Like trying to get your financial planner stockbroker today. You know that yeah because I don't have your good luck anyway, thanks for calling and it's good to hear your voice and it's been totally crazy day.
We don't see things like this very often.
So help us to understand markets obviously in turmoil. Some people are saying it's the oil situation.
Some people say in its coronavirus. Perhaps it's a combination of the two, but let's start with the passage of Scripture. I quit because we deftly need to ground ourselves. Hebrews 13 eight the same yesterday and today and forever. You know there's a lot of things in our life. The change of seasons change government leadership change we might have a change coming this November. At least the house or the Senate. Maybe the presidency. We as people change over time we get we grow older we change and grow hopefully and more into the image of Christ. Markets definitely change happening today. One thing that we know for sure God's love does not changes his plan for salvation has not changed his way is through the cross.
By accepting his son Jesus Christ as our Lord and Savior so the Lord is the same yesterday today and forever, and when things change around as he is our rock we can stand on him and not be moved by storms on Mike. Amen. And that's why the matter when when we have whether it's a 9/11 type event tossup in the market or even the coronavirus of your house is built on the rock. This is a good opportunity for us to kinda shine in and show that peace that surpasses all understanding. So Hebrews 13 a.
What a great reminder. Thanks for bringing that to our attention. Okay, so the markets are crazy today.
David help us understand what's happening will get over all the bubble saying it's overvalued the stock market and we have 1 PM called a coronavirus that have popped the bubble another pin that came out and maybe it's relating to the coronavirus because of the coronavirus is not solved. In fact, it's probably going to get worse with everything I'm reading in the United States.
There is a doctor to loose back to the PhD in biology you saying science, technology, and good food Institute is saying organ how to use a million cases in the US by the end of April. If it spreads up the same rate that it spread through the rest of the world so the coronavirus is not fiction start going away, but we got a new pin oil. This is in reference to Russia and Saudi Arabia and the United States into what happened last time I was watching this late last night of the markets limited down the US markets even though they were closely limited down in the future market. There were down 5% and this is all because Russia did not bow to the idea of Saudi Arabia.
Arabia asked with OPEC asking for Russia to cut the production in Russia had another idea because oil flow and if you could coproduction to millrace the price of oil so as a strategy for Russia says no they want to put a squeeze on American shale producers which afforded the market in recent years, and we've moved from a country that was relying on oil coming isn't asked import. Therefore, we wanted cheap oil coming in, but Melbourne exporters.
We want higher oil prices so Russia thought they would try and mess with the shale companies and they actually were able to do that and now there's a huge amount of companies that could be facing bankruptcy because they leverage their money and oil has dropped so much in the last week there was a meeting with bankers in the oil industry seeing if they could borrow more money. So now were facing a possible corporate crisis that I've talked about that might happen at the end the year. This drop oil 22% in one day. Overnight Russia, surviving a $400 billion in cash. This in all the markets in turmoil. The Nikki down 5%, the Hang Seng down 4% German back 7% are going through the list really down 10% screen 7% and we limited down the market was open for four minutes this morning and then we halted trading because it went down 7% within four minutes. Yes, just amazing to watch how fast all this happened so economic warfare is alive and well and happening in in with nobody on another nearby saw this coming, but we certainly are all aware of it now, so I it would look like the vast majority what happened the day with his 2000 point drop is based on the oil situation and not coronavirus. Is that correct it.
You more to do with oil. Although they don't know how much the coronavirus is factoring in sure experts are saying. It probably would've been down a little bit today because of the news much more widespread outbreak break over the weekend and every time we found a previous week's Mondays been a bad day so but I would attribute this to more oil than the virus… What's the Fed doing because in another inviting a bunch of leaders from Wall Street to come in on Wednesday and they're talking about pumping more money.
I mean, I think they pumped more money and and even today, they lowered the rate last week is the Fed going to try to put on the Superman cape again or what you probably do not go to Google, execution, or there about fire department on the arsonist as our friendships are exactly as TJ said, so they injected $150 billion in the overnight repo marketing normally direct the hundred and that's been going on from September there wasn't enough but right now Morgan Stanley is fingers cracks that are appearing in the credit market so you can probably see the Fed coming out and fixing.
This was the Fed going to do there to provide more quantitive using probably.
But they're going to before they do the put a lot of money and there to get ready to inject in the system but I think before that lower interest rates.
They're supposed to meet on the 18th of this month but there can have an emergency meeting.
It looks like I think there is going be another 50 basis point drop which would bring us down to three quarters or percent and then once they get down to zero Mentor rule and women in the projection thing really be there in two months. Ironically, if this thing continues, then they're going to start a whole QE program, so this is so them doing exactly what we did before snarking to fix anything. But it's the markets are anticipating they need help. It didn't make the virus goal of a wave snarking to make them getting more test kits out but it's supposed to bring mental stability and they didn't do that this last time and is probably not going to do this time around either gold reacting.
All of this will gold went up in the overnight markets, over 1700 and came back down arrested it slap today. Maybe down the dollar but it's flat-footed. Year to date is been outperforming stock of 9.9%. The Dow is down 15 4.14.8 so goal is been the refuge for this also been drawn upon when liquidity is needed in these positions. Like I mentioned here last week when gold took a big hit one day and then pop right back up to the their positions. Once the wrong direction in the in the stock market so they had to draw from and after that was winning there was making money amounts been gold so gold is still a long term bull market and Jeffrey go unlock the bonking came out on Friday and by the way, said that all these things were going to happen in the near future. The baubles going to pop and this is on Friday and also on Friday said that he's been the dollars going is going to get weaker and seems to be the Fed will cut rates the room/limb and this is means that were going to have higher prices and gold and he's been bidding on the higher prices and gold since 2018. The summer of that year when gold was 1190.
So he's advocating the below one the largest hedge fund managers in the world and the largest rate. Gallo is also saying get gold in the portfolio. So there is a movement towards gold. Yeah.
So these uncertain times and it's not getting better is getting worse. The people need to get information about this education is so key when it comes to dealing with this crazy market. So in terms of understanding gold's role in anybody's portfolio how to the old-fashioned way: four 879-8882 and try again to Farland Lancer exam two 844-879-8882 | website landmark goal.com I think you might print it's always a good having Jan, thanks for helping us understand simple, toxic, and I felt things succinct and right. So, again, to try tomorrow. We got Jeremy camp at the beginning of the show tomorrow to talk. But I still believe then will go back to the phone talking about