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Desperately Seeking Safe Haven, But Where?

Wednesday, 19 May 2010 | 5:40 PM ET

Forget gold, in a rare interview Mark Fisher of MBF tells us to seek safe haven in another commodity.

I think investors have it backwards, says Fisher. They’re running into gold when the ultimate currency long term should be energy and oil . In the end I expect investors to realize what China wants is what they should want. And as long as China keeps buying energy assets so should investors.

Fishers’ comments were bold to say the least. And, as you can imagine, the Fast Money traders had a great deal to say on this issue during both the 5pm show and the Halftime Report. It all follows:

Fast Money Halftime Report
How to invest now, with the Fast Money crew.

Strategy Session with the Fast Money gang

To Mark’s Fisher's point, gold is a valuable commodity but it’s not the only valuable commodity, says Anthony Scaramucci of Skybridge. Although gold has a 5,000 year history of being a reserve currency, oil is more useful to society.

Also, investors are going into gold as a safe haven trade, and it’s not, adds veteran trader Gary Kaminksy. Gold is now a speculative trade.

But gold remains a valuable diversification tool, counters Fast Money trader Joe Terranova. It doesn’t surprise me to see a pullback right now but I would not get short.

As for energy, I agree that it’s a good idea to have exposure to energy in the portfolio long term, he adds. I’d consider long positions in ExxonMobil, Suncor or Occidental. But this is a longer term trade. In the short turn oil appears to be challenged.

I don’t think Mark Fisher really meant that crude was going to be a reserve currency, adds Dennis Gartman. He was just commenting on the relative cheapness of crude and how sharply its fallen in the past several weeks. When you look at crude relative to gold, grain or almost any other commodity it's preposterously inexpensive.

* You can see our entire interview with Mark Fisher of MBF in the Halftime Report video clip above.



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Trader disclosure: On May 19, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (ITNC), (MSFT), (NUE), (BTU); Kelly Owns (WYNN) Puts; Kelly Owns (EXPE) Puts; Kelly Owns (EMN) Puts; Kelly Owns (CAT) Puts; nerman's Firm Is Short (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Long S&P Puts; Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Calls’ Finerman Owns (BAC), (BAC) Preferred; Finerman Owns (GS) Calls; Finerman's Firm And Finerman Own (HPQ)’ Finerman's Firm Owns (JPM), (JPM) Calls; Finerman Owns (JPM); Finerman's Firm Owns (PTV); Finerman's Firm Owns (PM); jarian Owns (AMD) Calls; Najarian Owns (ADSK) June Calls, Is Short (ADSK) May Calls; Najarian Owns (C) Calls; Najarian Owns (HPQ), Is Short (HPQ) Calls; Najarian Owns (JPM) Put Spread; Najarian Owns (MRVL), Is Short (MRVL) Calls; Najarian Owns (MS), Is Short (MS) Calls; Najarian Owns (V) Call Spread; Najarian Owns (VRSN) Call SpreadTerranova owns (PFE), (GLD)

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (DRYS)

For Mike Khouw
Cantor Fitzgerald is a Market Maker in (ADSK)
Cantor Fitzgerald is a Market Maker in (AIG)
Cantor Fitzgerald is a Market Maker in (AMAT)
Cantor Fitzgerald is a Market Maker in (BAC)
Cantor Fitzgerald is a Market Maker in (C)
Cantor Fitzgerald is a Market Maker in (CSIQ)
Cantor Fitzgerald is a Market Maker in (FSLR)
Cantor Fitzgerald is a Market Maker in (GS)
Cantor Fitzgerald is a Market Maker in (JPM)
Cantor Fitzgerald is a Market Maker in (LVS)
Cantor Fitzgerald is a Market Maker in (MGM)
Cantor Fitzgerald is a Market Maker in (MRVL)
Cantor Fitzgerald is a Market Maker in (MS)
Cantor Fitzgerald is a Market Maker in (SPWRA)
Cantor Fitzgerald is a Market Maker in (V)
Cantor Fitzgerald is a Market Maker in (VALE)
Cantor Fitzgerald is a Market Maker in (WYNN)
Cantor Fitzgerald is a Market Maker in (QQQQ)
Cantor Fitzgerald is a Market Maker in (SPY)

For Brian Kelly
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (TLT)
Kanundrum Capital Owns (GFI)
Kanundrum Capital Owns (AUY)
Kanundrum Capital Is Short (XLK)
Kanundrum Capital Is Short (XLI)
Kanundrum Capital Is Short (XLF)
Kanundrum Capital Is Short (WYNN)
Kanundrum Capital Is Short (AA)
Kanundrum Capital Is Short (CAT)
Kanundrum Capital Is Short (EMN)
Kanundrum Capital Is Short (EXPE)
Kanundrum Capital Is Short (CME)
Kanundrum Capital Is Short (STT)
Kanundrum Capital Is Short (XLE)
Kanundrum Capital Is Short (SU)
Kanundrum Capital Is Short (IOC)
Kanundrum Capital Is Short (USO)
Kanundrum Capital Is Short Euro

For Anthony Scaramucci
Scaramucci Owns (BAC), Skybridge Owns (BAC)
Scaramucci Owns (C), Skybridge Owns (C)
Scaramucci Owns (GS), Skybridge Owns (GS)
Scaramucci Owns (HPQ), Skybridge Owns (HPQ)
Scaramucci Owns (JPM), Skybridge Owns (JPM)
Scaramucci Owns (WMT), Skybridge Owns (WMT)
Scaramucci Owns (BUD), Skybridge Owns (BUD)
Scaramucci Owns (INTC), Skybridge Owns (INTC)

For Dennis Gartman
Funds Managed By Dennis Gartman Are Short (GS)
Funds Managed By Dennis Gartman Own (MMM)
Funds Managed By Dennis Gartman Own Gold
Funds Managed By Dennis Gartman Are Short British Pound Sterling
Funds Managed By Dennis Gartman Are Short Euros
Funds Managed By Dennis Gartman Are Long Australian Dollars
Funds Managed By Dennis Gartman Are Long Canadian Dollars

For Jeff Harte
Sandler O'Neill Served As Financial Advisor To Investor Group That Agreed To Buy First Republic Bank From (BAC)
Sandler O'Neill Recvd. Inv. Bank. Comp. From (C), (JPM), (BAC) In Past 12 Mos.
(JPM), (BAC) Was An Investment Banking Client Of Sandler O'Neill In Past 12 Months
Sandler O'Neill Expects To Receive or Seek Inv. Bank. Comp. From (BAC), (BK), (JPM), (C), (NTRS) In Next 3 Mos.
(BAC), (C), (JPM), (MS), (BK), (NTRS) Are Clients Of Sandler O'Neill
Sandler O'Neill Has Received Non-Inv. Bank. Comp. From (C), (JPM), (BAC)

(GS) Is A Non-Inv. Bank. Client Of Sandler O'Neill
Sandler O'Neill Is A Market Maker In (NTRS)

Other Relevant Disclosures
Najarian Owned (VRSN) Calls On 5/18/10




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