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Is the Gold Rush Back On?

The price of gold climbed for a second-straight day on Thursday and the precious metal is up nearly 9 percent since early October, leading some investors to wonder whether the gold rush is back on.

Trader Steve Cortes is not a believer in the gold trade. The Veracruz founder was short gold on Wednesday, only to get "stomped out" Thursday morning following news of an unexpected rate cut by the European Central Bank.

Gold may be the "easy money move" dominating the market now, but Cortes doesn't think gold can continue to push higher because he doesn't believe in inflation.

To Stuart Frankel's Steve Grasso, the price of gold could go higher when the Joint Select Committee on Deficit Reduction issues recommendations for cutting $1.5 trillion from the deficit. The Supercommittee has until November 23 to submit its recommendations.

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Trader disclosures for Nov. 3, 2011: JON NAJARIAN: Najarian is long; Najarian is long UTX; Najarian is long GMCR; Najarian is long AKAM; Najarian is long AAPL; Najarian is long IBM call spreads; Najarian is long CME; Najarian is long CBOE; Najarian is long CIGX. STEVE CORTES: Cortes is long Treasuries. Cortes is long K. Cortes is long DNKN. Cortes is short AAPL. Cortes is short DB. Cortes is short BAC. Cortes is short XRT. Cortes is short EURO. Patty Edwards is long XLK. Steve Grasso owns AA, AKS, ASTM, BA, BAC, D, KEG, LIT, MHY, PFE, S and XLU.

PATTY EDWARDS
Trutina Financial is long
Trutina Financial is long ED
Trutina Financial is long EPD
Trutina Financial is long JWN
Trutina Financial is long TGT
Trutina Financial is long ACI
Trutina Financial is long KMP
Trutina Financial is long GLD
Trutina Financial is long PGM
Trutina Financial is long INTC
Trutina Financial is long QCOM
Trutina Financial is long WFM
Trutina Financial is long SBUX
Trutina Financial is long COST
Trutina Financial is long GOOG
Trutina Financial is long AAPL
Trutina Financial is long DRC
Trutina Financial is long ACI
Trutina Financial is long VLO

STEVE GRASSO
Stuart Frankel & Co and it’s partners own (CSCO)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own MET
Stuart Frankel & Co and it’s partners own MU
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own UAL
Stuart Frankel & Co and it’s partners own XRX

CHUCK GROM
Deutsche Bank and/or its affiliate(s) has received non-investment banking related compensation from (Costco Wholesale Corp) this company within the past year
Deutsche Bank (and/or affiliates) owns 1% or more of any class of common equity securities of JC PENNEY COMPANY. JC PENNEY CO. company an Investment Banking client of Deutsche Bank.
Deutsche Bank (and/or affiliates) own 1% or more of any class of SAKS INC. common equity securities.

DARREN HOROWITZ
PD Enterprise Products Partners L.P.
Raymond James & Associates co-managed a follow-on offering of Enterprise Products Partners L.P. shares in December 2010.
Raymond James & Associates received non-securities-related compensation from Enterprise Products Partners L.P. within the past 12 months.
NGLS Targa Resources Partners L.P.
Raymond James & Associates co-managed a follow-on offering of Targa Resources Partners L.P. shares in January 2011.
Raymond James & Associates received non-securities-related compensation from Targa Resources Partners L.P. within the past 12 months.
PAA Plains All American Pipeline L.P.
Raymond James & Associates co-managed follow-on offerings of Plains All American Pipeline L.P. shares in November 2010, March 2011, and August 2011.
Raymond James & Associates received non-securities-related compensation from Plains All American Pipeline L.P. within the past 12 months.

CRAIG BERGER
FBR acts as a market maker or liquidity provider for the company's securities: QCOM.

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