But I think it was up $65 this morning. Now, it's down almost 20. So it's had almost probably one of the biggest one day reversals it's had in years.

But gold is an interesting. First of all, commodities are different than stocks. So stocks there's natural sellers. Because in the stock market, people are long.

And at some point, it gets rich enough where they want to sell. But in the commodity world, it doesn't actually work like that. People aren't necessarily just long gold looking for a place to exit.

So it's much more of like a commodity trade is a little different. It's more trendy. And I think that this gold trade has been. I don't consider it as much a flight to quality as I do think it's just we've been looking for places to put cash because every asset has been appreciating.

And it's really more of just, hey, spreading the wealth around. So digital assets over here, gold over here, crude oil over here. Basically, anything that you can get your hands on that's not correlated to equities is an interesting investment.

JARED BLIKRE: What about crypto?

TOM SOSNOFF: I feel the same way about crypto I think crypto is-- I can't comment on whether I think it's expensive or cheap. It's obviously not cheap.

But I think crypto is the same kind of investment. Not having crypto in a portfolio is way more dangerous than having crypto in a portfolio. Like the alpha, you get from crypto and the amount of non-correlation and that high volatility, which means it has high expected move, crypto should be in everybody's portfolio.

But just it doesn't have to be huge. It could be 1%. It could be half a percent, could be 3%. But I think some commitment to digital assets and to that technology is really important for every investor.

JOSH LIPTON: Earnings season, Tom. Let me get you out of here on this. What do you think? And what's the setup look like?

TOM SOSNOFF: Well, we've only had a couple of stocks so far. It's just been two days or something. And the last earnings cycle surprised, I think, everybody to the upside.

And every earnings cycle is very incredibly random. I mean, when you break down the numbers afterwards, you're essentially talking 50/50. But I think this one, last earnings cycle, there really wasn't. But one or two downside surprises.

And given the level that this market's at right now. Like JP Morgan's a perfect example. That wasn't that bad a number.

But they kind of crushed the stock today. And I know the market's down. But I think that if there's going to be surprises this time around, it'll be to the downside.

The numbers will come out 50/50. Like half of them will be up half will be down. But the surprises last time were all to the upside. I think the surprises this time will be the downside.