Video News/In Focus with Jeremy Szafron

Bloomberg Intelligence Senior Macro Strategist Mike McGlone says gold’s climb toward $4,000 per ounce is “getting very scary” and signals a profound warning for the broader economy. Speaking with Kitco News’ Jeremy Szafron, he said, “We’re in a profound reversion cycle,” noting that capital is flooding back into gold ETFs after four years of outflows. McGlone warned that near-record-low stock volatility could “cause the dominoes to tumble” if risk assets revert. He said industrial commodities are especially vulnerable, forecasting crude oil could fall back toward $40 a barrel and that silver may continue to lag gold “because of its industrial properties.” He also flagged Bitcoin’s “highest-ever correlation” with equities, calling it a clear risk-on asset in a market where defensive positioning is becoming paramount.