The 1929 Signal Flashed - Bitcoin $10k Risk, Gold Volatility & The ‘Great Reversion’
The 1929 Signal Flashed - Bitcoin $10k Risk, Gold Volatility & The ‘Great Reversion’
Kitco News: 12-18-2025
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?
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