Bloomberg Strategist: Gold is "Getting Very Scary" at These Levels, It's a Warning for Q4

A "profound reversion cycle" is here, and the fourth quarter could set the tone for the next few decades, warns Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence. McGlone tells Kitco News' Jeremy Szafron that gold's "scary" rally toward $4,000 is a major warning sign for the broader economy, pointing to a massive shift into gold ETFs this year after four years of outflows.

McGlone cautions that with stock market volatility near five-year lows, even a minor reversion could cause the "dominoes to tumble" for risk assets. He explains why he believes industrial commodities are vulnerable, forecasting that crude oil is in a "low price cure trajectory" that could see it revert toward $40 a barrel. He also explains why copper's rally is at risk and why silver may continue to lag gold due to its industrial properties. Finally, McGlone breaks down why Bitcoin's correlation to the stock market is at its highest ever, making it a clear risk-on asset in this environment.

Recorded September 30, 2025

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

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.