Video News/Outlook 2026

Mike McGlone warns markets are approaching a historic “Great Reversion” as financial assets diverge sharply from the underlying economy. Speaking with Kitco News Anchor Jeremy Szafron in this Outlook 2026 interview, McGlone pointed to the S&P 500 to Gold ratio reaching 1.55, a level last seen ahead of the 1929 crash. He argued the ratio signals growing risk of a major rotation out of “paper” assets and into hard assets as recession pressures build beneath record equity prices. McGlone laid out what he described as a “frightening” setup for 2026, forecasting extreme volatility across markets. He said gold could trade as high as $5,000 and as low as $3,500 within the same year, while crude oil could collapse toward $40 under deflationary pressure. McGlone also reiterated his warning that Bitcoin faces a purge in a downturn scenario, with downside risk that could eventually reach $10,000. The discussion explores where investors may find refuge if stocks and crypto both roll over. Thanks to our sponsor, Discovery Silver, for making this coverage possible.