Overnight in asia, the markets in china, hong kong and taiwan all closed for dragon boat festival. And early trading in europe, also red arrows. The dax is the biggest decliner. Down 1. 25 the cac and ftsi boat down 1 . Wti down but still well above 50. And george soros front page this morning. A bearish soros is lured back to trading again. Getting back into the game. Soros recently directed a series of big bearish investments, semiing stocks and buying gold in shares of gold miners. And in an article he warns the falloff from ununwinding of chinese investments likely will have global implications. Soros is worried that continued inflation in china will hurt the u. S. And others. And he say s telling the jou if britain leaves it could unleash a general exodus and the disintegration of the European Union will become practically unavoidable. Soross best known trades of course he bet against the pound in 1992 in a trade that led to 1 billion in profits. We know what the markets done. Some of his bets in gold have done well. Druckenmiller. 8 . Little more in some of the gold minors. Maybe the miners. Talking to gartman in this a second because, you know, i didnt buy the stupid stuff. He tried. I had to open an account. It took a week to get the papers in. They do this online now joe. No no im buying maple leaves. I i dont want to buy i want things i can actually hold. So finally in a position to buy on the employment day you. Get 38,000 and gold goes up 40 frickin dollars or something. I actually trade frickin dollars . Huh . Yeah. And the china thing. So now soros thinks the flows are headed the other way is this. His concern is the china slowdown1 means slowdown1 for er where. Past performance is no guarantee of future performance. And hes not been an active trader for a long time. Something like 30 billion but sees things from macro. 30 billion dollars is a good number to say ive got tom past performance. I will acknowledge. Because gold now. Im not sure it backs off. In a period of rising Interest Rates. When you are at zero you figure Interest Rates are going up some day. Which would not be great for gold. But the thing is gold ran up to 2,000 before we got full on qe one two and three and then einhorn and others got in saying were going to get and as we got to qe one two and three the rest of the world followed it came back to 1200 so it is way ahead of the consensus thinking. But if the fed cant get out if they are feckless and in effective and cant get out then they lose control. In effective. Right and then they lose control and gold does go up. So i dont think im going to have another chance. You will have plenty of chances. Below 1200 . Doubt that. Thats what i want. 1275, come on. I cant chase it. When i want i was asking can we see this is ego. This is psychological. I was only doing it to like play with the maple leaves anyway. You know, put a light there and visit shining on my face. And have like a video. And the sound of it. You have felt it before, havent you . What . Gold. You have felt coins and bouillon. There is a reason for 4,000 years people have treasured it. It is treasure. A friend and i had bought some gold. We were on the border trade in chicago and we had a vile of it. To protect ourselves and we put it in our coat pocket and it pulled our coat down and ripped our coats and were trying not to look conspicuous in chicago trying to get it to our lock box. It was really quite funny. Treasure isnt treasure if there is no gold. I dont think. A buried treasure without gold. Better be some nice jewels. And the jewels need to be set in gold. Anyway. You need to use one as the ball marker. That is classic thing to do. As what what. A ball marker. Sports thing little lady. Dont even concern yourself. Get some i do that on purpose. Touching all this stuff. You should talk. Anyway, president obama is yeah. Did you see . I just noticed. Well its nice. Its good. Sacred and holy and glowing. Obama is expected to meet with Bernie Sanders today. I think the berns got too hang in there, dude. Hang in there man. You are the one whos energized the whole campaign. It is crooked. Journal saying that. It is crooked. What do you think . Your talking points. Why do you think . Hang in there bernie. You deserve more. It is unacceptable. It is rigged it is not fair. Earned the right to say whatever he wants. Yeah. No reason to get out. You lost in every possible metric and there is no reason for you to be still doing this. There isnt. Shes got the delegates. Shes got more votes. I but hey i agree with you buddy. Hang in there. The meeting will be just divide and conquer. Will be at the white house today at 11 15 a. M. Eastern. President back from jimmy fallon i guess, and expected to push the candidate from vermont to embrace Hillary Clinton for the nominee of the party. And conservative radio talk show host hugo hewitt the latest to ham ter nominee saying the rnc these to dump trump. And while all this is going on president obama took some time to come into new york for the only late night show really worth appearing on jimmy fallon the tonight show. The main role im going to be playing in this process is to remind the people that this is a serious job. This is not reality tv. President also slow jammed the news and you can watch that when the show airs tonight. So i was talking one of the producers dennis or whomever. Thinking i might have a kindred soul in you as i say this but trump had about a tw week period where the same people that are now saying you got to get out, they were the same people all along saying hes not going to be the nominee. This isnt going to happen. Weve got to find someone else. For two weeks they have sort of had, you know, when he became the presumptive nominee. There was almost like a brief honeymoon. But the people that you mark kirk. Even paul ryan. Paul ryan was controversial for not going right away. So far week or so. Hugh hewitt. Never been a trump fan all along. Seems like hes been rubio. Every night at dinner we have a great debate over im not saying one way or another. But it is a binary choice, dennis. So who is your choice . Take my ball home or deal me another hand . Deal me another hand. [ inaudible ]. Okay. Anyway, the dump trump thing at this point it is the same as the trump will never be the nominee. He is going to go to the convention and get the nomination and then it is the damned the torpids come what may for the republican party. Probably expectations that once me became the presumptive nominee that maybe he could tone things down. Hasnt proven to be the case. Well there are people who think that the people that were behind him the most want him to and hes still going to say things that make them think well hes not going to turn into the politician. And by the way, donald trump got where he is by not listening to any of the people who told exactly. And i still looking back on it and the books will be written. But the idea that there can be 17. And some of the most qualified and guys with really four years ago they were begging to get in like Chris Christie or jeb bush. That was a problem. So many choices. Jeb bush never got more than 4 or 5 . Staggering. I was a strong kasich fan but no charisma. What are you like a rhino or something . The democrats are the ones that loved kasich. I would suggest to you that you party its not my party. The republican party. No that. Is so broken. This just reflects how broken the whole thing is. And you say that with not a hint of irony. Nominating you have the only thing that energized your party as you would say it is the 74yearold socialist. Hes the guy thats really exciting at this point. And a 69yearold socialist. Succeeding a 58yearold socialist. The extremists on both sides have somehow managed to pervert the whole system. Thats what happens. Nothing do with the parties. It has to do with people voting for those people in the country that are in a place that is not very positive right now. Regardless of that New York Times left behind and feel like they have been ignored by washington. Each day comes by becomes more and more monarchy. Draghi addressing a Economic Forum in brussels this morning. Draghi has argued Monetary Policy alone cant end the regions economic malaise. Joining us right now or who has been sitting here with us for a while a Dennis Gartman and great to see you. We just had this talk about the ecb and the Central Banks and that is probably the central theme driving just about every market now. Driving everything. Central banks have taken the central position. They are on the center stage every day. Draghis comment this is morning i thought were very serious. If you look at the euro after his comments it gave up almost 70 immediately. Hes made it abundantly clear there is not much more they can do. I think hes wrong. They can go to helicopter money and i think they should be doing that. I dont think they have a choice and i think that is where they have to go and will go but putting froern politicians to do something. Constitutes that. That was a very important change. And helicopter. And there will be more. . Exactly that. So they have started. They have started. Okay. And you think this is necessary because the economy is falling apart there . Yes. I think they have very real problems over there. The chinese circumstances weighing on europe. Europe itself is weighing on europe. The brexit vote i hate that word brexit is weighing on europe. And mr. Soros i think is correct if that vote goes the way it might be feared and it doesnt look to two that way. But if that goes that way on the periphery more and more countries will say if england is out im out. A foreign defense minister who said he thinks the problem is the vote itself. Even if they vote to stay in they will be voting to stay in and they will get better concessions from the eu and that every other nation will come back and want to renegotiate their terms of staying in as well. I think it is lose lieu. I think europe finds ints itself in a terrible untenable position. And remember the uk is only voting to stay in the Political Union and they have never been in the monetary union. A lot of people misunderstood that. They are not vote fog get or out of that. So if draghi dumps more money, what does that do to our central bank . Do we raise rates here. No. And japans negative Interest Rates and europe the real problem is negative Interest Rates. And what people dont understand is what happened in japan after they took money to negative levels, you want to take money out. It is going to cost me to keep it in and cash is really deflationary. And that is what people are missing. It doesnt get lent. Relent again. And there in creates the inflation. Japan strangely enough has to get back to positive Constitutional Rights and i dont know if they have the courage to do that. Soros thinks the way to play is to buy gold and gold miners. Maybe silver miners as well. What do you buy . I think the way is looking at currency and circumstances are. I want to own gold in the currencies that are probably most likely to weaken up. I want to old gold in euro terms. Eventually in yen terms but right now i want gold in euro terms. I think the gold with make its way easily back to parity with the u. S. Dollar. So gold in euro terms gets very strong. And paper entries on your account statements that show your ownership in gold when you yes. Really . That will work good. When you go to the border guard and say i need to get out of here and the zombie. Look ive got it right here. Everybody should own a little physical gold. What is a little . 5 . 5 of your assets . Yeah. Think about that for a guy like gartner. Thats buck and a half. If you are looking at things and you think that gold is a way to play it. But look a lot of people arent going to go heavily into these positions. Weve seen stocks hold up pretty well. S p is within alltime highs and dow is only 2 off the levels. If were in an environment like this and the fed is not going to be raising rates this is the best place the put the money. And the term tina. There is no alternative. And sadly that is the operative formula right now. When will it stop . Whenever it stops. The market has been strong. It will eventually stop and when it does it wont be pretty. But if you have faded it. And i have tried to fade it every once in a while and every time you fade it it blows up in your face. You are assuming it wont always be tina. And it might always be tina like in japan they may never raise. How many have you known who have tried to stell jgb short . Everyone you know and its been 25 years of that sort of activity. With negative interest rate. Should be be surprised they have gone to negative Constitutional Rights. I think it is a bad decision but it is a long protactive move. And. Thanks for being here. Thanks for having me on. Are you going to favorite my tweet. No. It wasnt the nicest tweet. If it was a nice tweet and i liked the tweet i would give it a little heart. That was not said with malice. That was said with knee jerk. Knee jerk. Would you ever tweet they laughed so hard that my face hurts . I tweeted i went to the Jerry Seinfeld show last night. And somebody tweets because their face hurts im going say really does because killing me. That was you expect him to like it . No but i would never tweet that. You know someone is going to tweet it is killing me. No i dont that. You have to there are a lot of nice people on the street who say very nice things about my face. If you tweet my face hurts, someone is going to yes. It is killing me. Glad you got to see Jerry Seinfeld. Unbelievable show. But it is really not out there until you have experienced it. Now it is actually worth talking about it. It is. Youve seen it. You have experienced how many times do i have to hear about the water there is a new show i just watched called the wire. And i looked, 2004. Exactly. Coming up. Its disneys world. What a great show. I love the way they portrayed the newspaper though. Hes back to the wire. And the seinfeld. Both. A flu Magic Kingdom about to open in shanghai with. Check out this day in history as we head to break. Every year, the amount of data your enterprise uses goes up. Smart devices are up. Cloud is up. Analytics is up. Seems like everything is up except your budget. Introducing comcast Business Enterprise solutions. With a different kind of network that delivers the bandwidth you need without the high cost. Because you cant build the business of tomorrow on the network of yesterday. Welcome back to squawk box. Shanghai disney set to open next week. Here a first look at the park. Why is this park important for disneys ambitions in china . China represents a great market for the walt disney company. Because our stories are not only known here but they are universal in appeal. They touch hearts all over the world no matter the country or culture. So this is i think a great reminder for disney and a Growth Market as well. And this is an extremely important step or the biggest step actually weve ever taken anywhere to grow that market. How does this park help other parts of the business in this market . Well it clearly will serve as sort of a booster rocket for people whos preex appreciation of disney. The knowledge that disney is in fact universal in appeal to people. The appreciation of knowledge of characters and stories. An immersive park experience, the disney way is something that people remember for the rest of their lives. And that goes a long way in terms of not just creating word of mouth in terms of people interest for and passion for our broaden and everything it stands for. And everything that bears its name. What is disney doing differently in this park compared to others around the world. To begin with we eliminated main street. Even our story telling here started in mandarin and translated to english so we could we work and it understand it instead of starting in english and translating to mandarin. That way it is much more authentic in terms of language and story telling or much more distinctive in that sense. The architecture. Putting a chinese tea house right in the center of this park in grand form. Disney town, using architecture that is sort of old shanghai architecture. When people see it, ah, i recognize that. I like that. So there is a tremendous amount here that is very distinctly chinese. And and were not expecting people to come in and say wow that is very chinese. Were expecting people to leave with the sense that they experienced something that was very much disney but very much felt like theirs and very much felt like home. Some are openfully criticizing you saying disney wont be successful here longer term. What do you say about that . Pricing and the experience and the pricing of the parks that those who are criticizing us are offering reflects exactly what they are offering to their people. And right after that interview bob uygur talk me on one of the new rides here. An entirely new ride called tron. A roller coaster where you are bending over on bikes and take a spin through different lit tunnels and uygur said it was really important to bring some new technology here to the park. And the caribbean also got a new remake. With new visual technology and a new pulley system to bring the boats around. And other thing about the park is how many of the rides are based off diseases nedisney ic franchises. In china a lot of people didnt grow one more traditional characters. But they do no jack sparrow and darth vader from star wars and others. And there is a place called the aisle with Treasure Cove and an area completely dedicated to pirates. You are in front of what . Right behind youlet. Im in a place called disney town. Yeah well there is a fountain actually but im in a place called disney town and it is next to another area called mickey avenue. And this is another way in which the disney really changed the park. Because in most parks in the states in europe, you have main street usa it is a replica of a small town in the United States. Uygur told me he didnt think that was going to resonate so instead they have disney avenue. And it is a way to introduce all of the characters and their back stories to the chinese people. Such as mini or daisy. Some of these characters arent really as well known over here. But i think one other thing that was interesting was something that i think surprised the disney folks themselves. And that is the popularity of the turkey leg stand. Disney fans all and in china that