The S&P 500 is pricing in a perfect soft landing, but the physical economy is screaming recession. In this Outlook 2026 special, Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, joins Jeremy Szafron to warn that the markets are facing a “Great Reversion” similar to 1929. McGlone points to the S&P 500-to-Gold ratio hitting a historic peak of 1.55—the same level seen before the Great Depression crash – as a signal that a massive rotation out of “paper” assets and into hard assets is imminent.
McGlone breaks down his “frightening” outlook for 2026, predicting extreme volatility where Gold could hit both $5,000 and $3,500 in the same year. He also doubles down on his deflationary thesis, forecasting Crude Oil to collapse to $40 and warning that Bitcoin faces a purge that could eventually send it back to $10,000. Is the “wealth effect” about to shatter? And where can investors hide if stocks and crypto roll over?
Recorded: December 18, 2025
Follow Jeremy Szafron on X: @JeremySzafron (
Follow Kitco News on X: @KitcoNewsNOW (
Follow Mike McGlone on X: @mikemcglone11 (
SPONSOR: This Outlook 2026 special is brought to you by Discovery. Combining high-quality gold producing assets in Canada with the world’s largest undeveloped silver deposits in Mexico. Find out more at:
TIMESTAMPS:
00:00 Introduction and Market Overview
00:43 Interview with Mike McGlone Begins
01:10 Market Predictions and Analysis
01:44 US Stock Market Resilience
02:03 Gold and Crude Oil Trends
02:40 Cryptocurrency Market Insights
03:51 Impact of US Economic Policies
05:02 Global Economic Indicators
07:22 Energy Market Dynamics
08:45 Industrial Metals and Commodities
19:28 Silver and Copper Market Trends
22:05 Investment Strategies for 2026
22:30 US Treasury Bonds and Dollar Outlook
24:40 Year-End Predictions
26:24 Conclusion and Final Thoughts
#KitcoNews #MikeMcGlone #GoldPrice #Bitcoin #Outlook2026 #StockMarketCrash #Recession #Silver #Economy #Investing
__________________________________________________________________
Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.
FOLLOW US:
X:
Instagram:
Facebook:
LinkedIn:
Listen to the PODCAST on
🎧 Spotify:
🎧 Apple Podcasts:
🎧 All podcast episodes available here →
Visit: for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.
Live gold price and chart:
Live silver price and chart:
Live crypto market data:
For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at:
Disclaimer:
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
source