00:00If you're hoping for a turnaround in the housing market, you're not getting it from the pending home sales numbers
00:04down eight tenths of a percent after being down 7.4 percent in the month of December.
00:10On a year over year basis, we're down overall 1.2 percent. And that was after a 1.1 percent
00:17decline the prior prior month.
00:21So anyway, bad news on the pending home real estate side. But everybody kind of knows that's the case there.
00:27The interesting number today was the trade deficit kind of exploding, which was a bit of a surprise.
00:33But when you look at the constituents of it, it comes down to what you were just about.
00:38You were teasing your guest, gold. Imports fell by five and a half billion dollars.
00:44But gold, gold exports rather, fell by more than the export, the 5.5 billion that they went down.
00:51Gold exports down 7 billion. Basically, when people thought they were going to be tariffed, everybody moved their gold from
00:57Europe to the U.S.
00:58And now they're sending it out back again. So that's had a big impact on it. That doesn't go directly
01:03into GDP.
01:04So part of this goes away. It is the trade deficit rising as much as it did.
01:09Will make a little bit lower GDP numbers. But people aren't revising their forecast for tomorrow down too much.
01:16All right.
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