Fed Cuts Are Coming Next and They Mean Recession | Mike McGlone
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, tells Kitco News anchor Jeremy Szafron the Fed's next move is a series of 50 basis point cuts rather than hikes, and that it ends in a recession. He also says gold and silver have become sock puppets to the US stock market. The US struck Iran again overnight and crude fell anyway. According to McGlone, that is not a contradiction, it is the story, because pricing power in oil has shifted away from OPEC and toward the Western hemisphere. He expects crude to gravitate toward $70, says gold at $4,100 is nothing until it clears $4,500, and names the one commodity he is buying right now. Recorded July 30 2026 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) Chapters: 00:00 Markets Defy War Fears 01:18 Meet Mike McGlone 01:46 Fed Cuts Not Hikes 04:57 Stocks Drive Everything 07:56 Inflation Signal vs Noise 09:59 Oil Bear Case in War 14:04 Western Hemisphere Takes Lead 15:25 Gasoline and Distillate Clues 18:07 China Deflation Pressure 19:54 Treasuries vs Gold Safe Haven 23:21 Second Half Volatility Setup 24:13 Gold Versus Bonds 24:53 Extreme Stretch Hangover 25:51 Correlation Volatility Debate 27:00 Gold's False Rally Playbook 30:29 Natural Gas Mispricing 31:43 Soybeans Supply Reality 33:28 Gold In Other Currencies 35:29 Japan Yen And Treasuries 37:28 Normalization Versus Treasuries 39:16 Silver And Copper Watch 41:20 Metals Are Sock Puppets 41:50 Contrarian Mindset 43:48 Key Levels And Wrap Also in this interview, according to McGlone: US CPI can reach 0% and crude can fall toward $40, though he says that requires a 10% to 20% drop in the S&P 500 that stays down. Copper falls 20% to 30% if stocks drop 10%, with managed money net long 25% to 27% of open interest, roughly five times normal. January natural gas near four is mispriced and worth exploring purchases, while soybeans near twelve are probably going lower. Gold is at a four-decade high against Treasuries, not against the dollar, and he says $3,000 would be the ideal place to buy it. He calls this a trading year of a lifetime, maybe similar to 2008. #Gold #Recession #JeremySzafron __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising 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. 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.
