Right . Train travel. A lot of people on the roads. Please be care flg, everybody. The weather, of course, impacting airports in a big way. More and more Flights Canceled or delayed as people try to get home for the holidays. Well bring you live reports from several key areas affect bd i the storm. Meantime, tensions still running high right now even on the eve of thanksgiving in ferguson, missouri. Theres now a much bigger Law Enforcement presence there. But thats too late for many store owners who are still picking up the pieces from the riots earlier this week and well speak to the owner of a cell phone store. Been there for 18 years in ferguson. He was looted back in august. And then again on monday night. He has a lot of questions for authorities and a producer spoke to him on the phone. He is still very angry about the situation there. Heres where we stand with an hour left to go in the trading session. The last hour you can trade these equities here, bill, before the opec meeting tomorrow. Oil has already settled as a fresh fouryear low. The dows off about 15 points. Again, a lot of Movement Across the oil space. The s p, though, look at that, holding on to a nice gain and the nasdaq up 21. All right. Lets get to the exchange and find out what everybodys thankful for. We have heather hughes. Hi. Hello there. Keith fitzgerald. Jack bouroujian and Rick Santelli from chicago. Heather, what are you thankful for . What are you thinking about this market . Its been meandering far month or so. Im thankful i made it to the show today, speaks of the snow in d. C. Here. We have about one inch and pounded with the snow. May seem like flurries to you in new york but is it enough to stop consumers from shopping this friday on black friday . We are seeing the airline earls all on delays today but the airlines in general are up over 10 for the month of nothing. The transports are leading the market higher. That means rails, airlines, trucking and delivery trucks and, of course, that may be on the backs of oil dropping 8 in the month of november. Yeah. Well get to some of that, as well. The impact that black friday will see from some of the storms and keep people home and decisions people make and pivot and talk a little bit, keith, about whats happening in the oil space right now. I mean, what did you make of the sea drill news of cutting the dividend . How much more of this kind of activity could follow, do you think . Well, you know, that wasnt entirely unexpected to me because the dividend was very high to begin with but on the back of the dollar i expect oil to drop further. I think it may see 40, 45 next year. That having been said, im attracted to the energy space, particularly pipelines because irrespective of the price of the commodity is, theres something to look forward. Move it and charge a fee. Thats still an income producer so you have to be selective. Okay. Jack, i mean, we are sitting at alltime highs. You are pleased about that. Come on. Theres got to be a cloud on the horizon youre watching for. Not that im trying to be a Debbie Downer right now. What are you looking for here in whats happening you up at nights . The one thing that i worry about is probably something that all central bachers actually worry ant. Thats real deflationary pressure. Not make believe or supply side pressure but real demand driven disinflationary pressure. I dont see that. If anything, that cut by the Chinese Central Bank should not be underestimated. You unleash that he vie than and see a demand for commodity products thats going to take that d word completely out of our vocabulary. I dont know. Bill, we are going to witness what i consider to be the best of all possible worlds for equities over the course of the next year. Dont be surprised if we have another year just like this next year. Jack, i mean, do you think that the beginning a little bit of a rate cut is enough to trigger voracious demand for commodities . It is the back of the whole move. I dont see where this is going to come from . I do, kelly. Ill tell you why. Remember, the chinese had a bigger problem trying to fight and ward off inflationary pressure. The fact theyre doing this no, they havent. Thats not true. Over the course of the last seven years. Thats not true. The central bank and the government within china has been more concerned and has been trying to balance that property prices maybe. Along with their inflation and they have a bubble. They know it an trying to deal wit. What they did with this cut and loosening of restrictions is absolutely huge. And i think its going to play out and something to talk about more and more over the course of the next few months and coincides with the link of shanghai and hong kong. Rickster, you agree . Im thankful that kellys here today. Listen. When it comes when it comes to doing your work for you. Lowering the lending and, of course, the deposit rate means that the institutions that have some liquidity game the spread. Okay . They have the same problem United States and all the rest of the world has. That you can try to create liquidity and try to create more money to lend out but in essence the transmission is broken and doesnt address to the areas needed and second point with regard to oil, we have been talking. Kelly, theres a great Financial Times story, i was thinking of you. Oil prices fall weighs on banks. There you go. Losses between barclays and wells fargo putting up a bridge loan for that merger. You remember that saban oil and forest oil. Both u. S. Based companies. My spin is different than yours. I dont care if they lose money but underscores why zero Interest Rates arent a good thing creating liquidity. Wait a minute. Rick no pushing money in areas that are crazy. Just the opposite, rick all right, all right. Fair point. What, jack . Im saying its not the one that is are creating regulation. Theyre doing what theyre doing because of overregulation. That didnt happen in d. C. Rick, i have to tell you something. Regulators stick to the traders. Great segment today, you had a great segment today talking about the dual mandate and happening is you got a Federal Reserve carrying fiscal and Monetary Policy on their back. We know that. Thats the world weve got right now. We have got a world where d. C. Is the bad policy is better than no policy. You have to give the central bank a a for what theyre doing. I give them a f minus. Theres no way. You cannot possibly give the central bank theyre making it up. Were the worst debtor in the history of the world. Theyre pulling a rabbit out of the hat aenl not a good looking one. We are the best looking horse in the glue factory right now. Theres heck to pay because of this eventually. Now, to go to the corporations, talk about the traders, the guys moving real money, thats where the future of the markets lies. Policy comes and goes. All of the financial pundits are saying theyre moving their rate forecast out longer and if its true that were meeting our dual mandates and quantitative easing where were embarking on ending it here in the u. S. You have gdp looking better. You have unemployment thats improving. Then why would we not raise rates sooner than later and stick to the mid2014 forecast Going Forward . That needs to happen regardless of yield around the world globally. Heather, what happens to the s p and dow and nasdaq if they raise rates . 50 or 60 basis points. Which obviously is still unbelievably low. What happens, heather . Again saying it goes south. Hang on. Questions for heather. Yes. That will be a huge risk to the markets here in the u. S. , potential risk, yes, i see that. Thats why potentially theyre not going to raise rates in 2015. But thats not their job. Let the free market system determine what rates should be. I agree. Im not talking about marketdriven rates. The fed is completely taken the word free out of market. Theyre disassociated now. This is manipulated construct. Keith, hang on a second. Because you can i understand they move around the front end, the fed funds rate, fine. The treasury markets a big market. The 10 and 30year space, the signal from the market with global participants is clear and you know that. It would be better if they didnt have 3 trillion of those securities. Come on, kelly grand scheme of thing this iss not enough to move it around and the very risk youre talking about, the fed loses control and cant both say theyre going to lose control and have total control. Listen. Thats the issue. Thats why the rates are going down. Anything can happen in Interest Rates because the market signals are broken. Who knows what happens . If anything can happen, thats the point. We are seeing anything can happen and anything happening right now the long ends moving lower. But thats why. Because of boon yields. There you go with a 10. Ive talked about this. So youre at 73. 5 and 150. Youre at 220. Thats exactly thats the end of the year. Thats the point. 214 and 10s. Who is the economist we had on the other day from columbia working with mark gurgler. He is opposed to the fed raising rates right now. I said what would happen if the fed started to raise Interest Rates right now and he said there would be an appreciable slow down in the economy. There are still plenty of economists out there who are convinced that this low Monetary Policy is necessary. All the markets data. Its good. Consumer confidence is at alltime highs. Retail sales are doing well. In part because of the easy money policy. This is not my argument, necessarily. Im saying theres a kof vi of economists out there convinced and pounding the table saying that the fed needs to keep the easy money policy in place. You cant do that. Its wrong. Were not in a vacuum. There was something in there. We cannot raise rates by ourselves. We are not in a vacuum. Regardless of what the data says. This is a Global Economy. We are doing this in conjunction with abenomics. Dont you think were developing another bubble . Thats reassuring. Thats the reality. 1. 5 quadruple yen in debt. Like it or not, we are the leaders of the Global Economy so guess what. We have to do exactly what were doing. And kudos once again to janet yellen and the fed for continuing oh my brother. I cant believe you said that, jack. No way. Well go at this point. We love having you on the show. Thank you. And happy thanksgiving. Happy thanksgiving, everybody happy thanksgiving. Same to you. Thanks, guys. Every one of you. That was one of the easiest exchanges ive ever done. George burns once said he had the easiest job in showbiz. Stand on the stage with his wife gracie and he would start by saying, so, hows your brother and then smoke a cigar for 20 minutes. Thats how i was on the exchange. That was fun to watch. I wouldnt mind a cigar well, maybe i would. The dow is still off by 12 points. S p up by about 3 and the nasdaq with a gain of 21. Again, largely the energy space seeing some big declines. Got to look at sea drill down 20 . Names like Diamond Offshore off 10 today, too. Close eye on gold. What happens in switzerland does not necessarily stay there. Why an upcoming vote in switzerland could give gold prices a seismic boost everywhere. That well talk about, very important, coming up here. Later, a white thanksgiving. Youre taking a look at a live shot outside cnbc headquarters right now. Winter storm is barrelling up the northeast and creating travel nightmare for hundreds of thousands of people trying to get, yes, to grandmas house for turkey tomorrow. The latest forecast from the Weather Channel on where this storm is moving and when it will be over. Stay with us. Act i. Scene 3. Open port twentytwoohoneseven on the firewall for customer db access. Install version twopointthree of db connector and ensure verbose flag is set in case of problems. clapping sound isnt the cloud supposed to make business easier . Get the one that can connect to the systems that you already have. Today theres a new way to work. And its made with ibm. Starts at 6 30 a. M. On the vo rush hounose. Und here but for me, it starts with the opening bell. And the rush i get, lasts way more than an hour. announcer at scottrade, we share your passion for trading. Thats why weve built powerful technology to alert you to your next opportunity. Because at scottrade, our passion is to power yours. Welcome back. Its been a tough year for gold so far. The precious metal just about where it was in january but that could change sunday. Swiss voters heading to the polls on a controversial measure to lift global gold prices. Seema modi late in london has details for us. Hey, bill and kelly, thiss right. Another referendum here in europe potentially to be market moving. The swiss going to the poll this is sunday to vote on whether the central bank should increase the gold reserves to 20 of their total assets so why do Financial Markets care . Well, if the yes vote wins, the s b, Swiss National bank has to purchase 1,500 metric tons of gold over 5 years and analysts say its a big push to gold prices. In fact, b of an estimates 1350 an ounce, 17 to 18 premium of where gold is trading right now y. Is the vote happening . The far right wing Swiss Peoples Party, take a look at the campaign, the commercial saying a goldbacked central bank would make switzerland stronger, more independent and that it would also make the currency the swiss franc and many times seen as a safe haven. Others holding making the policy weaker and vulnerable to the price of gold and switzerland was the last country to leave the Gold Standard in 1999. Right now, there are a lot of opinion polls out there right now saying that 38 are voting yes while 47 are voting no. Analysts at Goldman Sachs say ahead of the vote on sunday we could see shortterm volatility in the gold especially if the yes vote Gains Momentum. Kelly and bill in. Seema, thanks. In fact, stay right there. Lets talk about it and have you join the conversation. Joining us, george jiro. You have been a bull on gold anyway. Is this the catalyst you think to revive the market down 40 sints its peak three years ago . Its a very good possibility but first let me hello in [ speaking Foreign Language ] this is an important vote. However, i think as seema seema laid out the whole case perfectly and shes terrific. I just want to say the only thing left at this friday whole host of things are coming together that cause anxiety that cause traders to undo about 48,000 contracts of open interest in the last 2 days. Right. And the comex rollover and an unusual low for a rollover when we have on friday opec, we have on friday the swiss vote and we have various other things coming up that i think meaning what, george . Theyre not as bullish on the contract or not . Oh no. I think that theyre neither bullish or bearish. They dont want the risk of having a position over the weekend because if the vote comes in, which could be a surprise plus, then, of course, the shorts would be hammered and if the vote actually comes in the way its expected not the 50 they need but the 38 , then, of course, thats pretty well in the market now. Okay. There will be a little selling off and thats it. In either case, the funds want to be out. Okay. Thats an interesting point. Seema, explain to people after we have heard so much about the extent to which during the Great Depression it was people that exited that Gold Standard to improve the outcomes, for example. Why would this country want to be now back in the throws of a Gold Standard . You brought up this is for seema. Hang on, george. In the detropical depression this is for seema. Okay. Im sorry. Its fine. Listen. Europe in general is dealing with a lot of challenges and a reason youre seeing the swiss gold vote come to the front and you have this far right wing Swiss Peoples Party that basically says the swiss franc needs to be more valuable and they want switzerland to be seen as more independent and stronger so they think that the Gold Standard is the best standard and thats why theyre putting this vote forward. Yeah, but, of course, holland and germany also have been repatrioting gold as you know. Holland took an unprecedented large sum. Germany, so far, while they voted early in the year to take a lot have only taken 5 so that they were going to take. But dont forget during the Great Depression one kilo of gold brought you a new ford, chevy and plymouth and now today a new ford, chevy or plymouth. George, is it realistic to expect a country as well meaning as it may be the try to go back on a quasi Gold Standard at a disadvantage with the rest of the World Economy not on a Gold Standard and the growth possibilities are limited then by the amount of gold they hold. Isnt it . Yes and no. Most central bankers dont like gold. For a lot of good reasons. But in switzerland, there is a culture that really believes that gold is the final payment. And that gold will maintain its value whether the rest of the world is not doing well. However, we havent seen the point is they may guarantee that that poor outcome, seema, by the way, they have the biggest Balance Sheet relative to gdp of any developed country, more so than japan, the u. S. , the uk. Whens it mean for europe . I think that im sorry. Go ahead, seema. No. Absolutely. I think it brings up a great question. Listen. Right now the opinion polls say that the novote is going to win but if the yesvote Gains Momentum it is a question for broader europe. This comes down to a vote between the poor and rich and something that many countries are dealing with right now. The poor basically far right wing party saying that theyre better off with their central bank backed by gold. Of course, thats the question of whether this