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?

Recorded: December 18, 2025

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SPONSOR: This Outlook 2026 special is brought to you by Discovery. Combining high-quality gold producing assets in Canada with the world’s largest undeveloped silver deposits in Mexico. Find out more at: https://discoverysilver.com

https://youtu.be/Fzu0MX_qiB0?si=JhjqDPOsmOvQ2jOR

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Mike McGlone: The 1929 Signal Flashed - Bitcoin $10k Risk, Gold Volatility & The ‘Great Reversion’