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
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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
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29 Comments
vix?
I'm glad I got into crypto when I did because it’s been a turning point for me financially, been my best decision so far
this guy nos shit
Mike is wrong so often how does he still work in finance?
Post inflation deflation? That’s about clear as mud.
The curse of the backtest? Oh yeah, another one everyone understands. He’s tilting over too!
I do understand being worried. Lots of things to worry about, like drunk drivers.
Now we have an inflationary industrial recession whatever that is.
Brilliant interview 👏
With the amount of money printing. Ill keep buying physical metals
no way to go back to 3500 usd for gold no way
gold 5000 then 5500 then 7000 then 3500. Then bitcoin 65k to 150k. it's my random prediction déjà vu. idk id dont think india china rusia etc will let gold go up too mucho because. it give more power to liquidity gold more power to the financial elite against political and economical elite wich works with real-world resources from majorities people real needs, not promise gold.
There are no greater fools to bring into bitcoin.
Mike is a decent bloke.
Unfortunately he has BDS (Bitcoin derangement syndrome)
This petulant stubborn hate for BTC is unimaginative and very boring.
I dunno anything about this guy, but BTC to $10k in 2026 is an outrageously bad take. He's talking about a complete failure of the trend Bitcoin has maintained since it's inception.
Wow.
Being in the discord and starting trading is literally changing my life. I started with a small $3,000 account but I have got up to $19,500 in one week! Not a lot of money but that's a big growth for me.
"President Trump". Recognize the position of power, whether you agree with the policies or the personality, or not. People need to be more respectful in general.
Speaking about historical gas prices and not adjusting by inflation is just stupid.
At least he admits he has been wrong a lot sounds like a good track record to follow lol!
He wants to hold treasuries? 🤡
What about Russia/ China saying FU to LBMA/ COMEX? Is this not bullish AF?
@Mike ,BTC To 10 K ,In 26!
Was that MacClown or McGone…
Bloomberg intelligence 😂. This tool thinks NATO and Ukraine was winning.
How does this guy still get any attention?
Thanks for sharing
if it isnt Mike “Dont Get any Predictions Correct” Mcglone .
Not a fan of gold I day trade but only thing averting a depression is Ai fake stories propping up the market every shit small cap says it’s an Ai company to pump its stock it will all crash = gold 8000$ by end 2027
Mike works for Bloomburg….. and he thinks he knows everything
Saudi and Others have agreed that the Ukraine war must end. Thats the price action.
Thank you