The David Lin Report 'Just A Matter of Time' Before Markets Implode; What Assets Survive? | Mike McGlone
Feb 10, 2026
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, warns markets may be overdue for a major flush. He argues U.S. Treasuries, especially the 30-year, could outperform while gold, silver, and crypto face retracement risk. Bitcoin as a risk indicator, metal-stock linkages, stablecoins and dollar flows, and Fed policy risks are all covered in short, pointed discussion.
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Gold Versus Stocks Is Telling A Story
- Relative measures show gold is extremely rich versus its historical averages and versus stocks.
- McGlone expects the S&P-to-gold ratio to revert materially toward parity over time.
2026 Could Be A Post-Inflation Deflation Year
- McGlone expects a shift toward 'normal deflation' from inflation by late 2026, pressured by China and other global forces.
- That disinflation/reflation dynamic makes bonds relatively more attractive if equities roll over.
Watch The Fed For Inflation Vigilance
- Don’t assume a politically driven Fed will tolerate rising inflation; expect vigilance on inflation risks.
- McGlone advises watching Fed reactions to any inflation surprise rather than assuming easy policy.
