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
22 Comments
Sh.. coin will go back to zero.
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.
"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?