Mike McGlone: Gold Could Crash Below $3,000 as Stocks Collapse

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Mike McGlone of Bloomberg Intelligence joins Darrell to discuss why he believes the biggest risk facing metals, crypto, and commodities is still the U.S. stock market. Mike explains why 5% Treasury yields are becoming increasingly attractive, why he sees gold, silver, copper, and Bitcoin as highly sensitive to any equity-market correction, and why a normal post-inflation deflation cycle could pressure risk assets further. He also shares his outlook for crude oil, TLT, recession risk, and why he believes Treasuries may offer one of the more compelling setups in today’s market.

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0:00 Why Mike turned bearish on metals

1:37 Why 5% Treasury yields matter

2:24 Metals are becoming “stock puppets”

4:56 Why the election could pressure energy prices

7:30 Energy crisis, rate hikes and deflation risk

8:04 Where Mike sees opportunity now

9:25 Why Treasuries compete with risk assets

10:56 Is the 60/40 portfolio really dead?

12:59 Can the government tolerate higher yields?

14:21 Why Mike is scaling out of risk assets

15:15 What could finally stop the Fed from hiking?

17:30 Is TLT becoming a contrarian opportunity?

19:13 What would confirm the Treasury trade?

20:09 TLT versus simply holding cash

21:02 Why “buy the dip” could eventually fail

22:52 What performs best in a recession?

24:10 Mike’s downside targets for oil and gold

25:31 Why $4,000 gold may not hold

27:33 What Mike would buy after a major correction

28:12 Why Mike still sees Bitcoin at $10,000

29:56 Why crypto excesses still need to be flushed

31:32 The market test Bitcoin hasn’t faced yet

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