Bloomberg Strategist Warns Gold’s Surge Is Getting Very Scary Heading Into Q4

A profound reversion cycle is underway, and the fourth quarter could shape markets for decades, warns Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence. In this hard-hitting conversation with Kitco News’ Jeremy Szafron, McGlone delivers a wake-up call for investors watching gold surge toward $4,000 an ounce—a move he calls “scary” and a warning sign for the broader economy.

McGlone points to a massive shift into gold ETFs after four years of outflows, underscoring a flight to safety as global uncertainty mounts. He warns that with stock market volatility at five-year lows, even a small reversion could send dominoes tumbling across risk assets.

In commodities, McGlone argues that crude oil is stuck in a low-price cure trajectory, potentially reverting to $40 a barrel. He says copper’s rally is fragile and that silver will likely lag gold, weighed down by its industrial role.

The strategist also breaks down why Bitcoin’s correlation to stocks has hit record highs, leaving it firmly in the risk-on category—and why investors should be cautious heading into Q4.

This is a must-watch market warning for those navigating gold, energy, industrial metals, crypto, and equities in an environment defined by historic reversion.

Recorded September 30, 2025

Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
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Follow Mike McGlone on X: @mikemcglone11 (https://twitter.com/mikemcglone11)

00:00 - Market Meltdown? Shutdown Looms
00:22 - Gold Rallies, Industrials Plunge
00:53 - Mike McGlone: The "Great Reversion" Signal
01:21 - Gold's "Scary" Rally Toward $4,000
01:55 - Why Low Stock Volatility Is a Major Warning
03:53 - Smart Money Pours Back into Gold ETFs
07:29 - McGlone's Dire Forecast for Oil & Copper
11:45 - Silver: "The Devil's Medal" Explained
14:59 - Are We Repeating the Crash of 1929?
17:06 - Bitcoin's Dangerous Correlation to Stocks
23:31 - McGlone's Final Warning for Investors

#Gold #Recession #StockMarket #MikeMcGlone #Commodities #CrudeOil #Investing #KitcoNews

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