Bloomberg's Mike McGlone Says Gold, Bitcoin, and Copper Are All Sock Puppets of the Stock Market
tastytradeStock market and macro analysis: Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, says the commodity complex is screaming reversion, not inflation. Oil is the same price as 20 years ago. The US-Canada surplus is approaching 8 million barrels a day. China imports dropped from 11 million to 5 million. He expects crude to hit $40 by year end, a move it has made three times since 2008. Meanwhile gold's 60-day correlation to the S&P 500 just hit the highest in the history of markets, and Bitcoin is a complete sock puppet that has already flunked the test. His call for the trade of a lifetime: US treasuries, if the stock market drops just 10%. 📊 tastylive: https://www.tastylive.com/ 📰 Get Tom's pre-market analysis every morning: https://www.tastylive.com/newsletters 📘 FREE Options Strategy Guide: https://tinyurl.com/bp9ms763 📱 Follow tastylive on X: https://x.com/tastyliveshow Chapters 00:00 Picking up the cross-asset reversion thread 00:44 Oil at $71 is the same price as 20 years ago 01:22 US-Canada surplus approaching 8 million barrels a day 02:11 China imports dropped from 11 million to 5 million 02:53 Energy is the worst performing sector in the Bloomberg index 03:32 Gold's correlation to the S&P is the highest in history 03:57 Gold, Bitcoin, and silver were so 2025. Now what? 04:30 China: the best commodity traders in history 07:06 Oil to $40 by year end, the bell curve framework 08:08 Chris's fantasy baseball guy asking the hard question 08:46 Elasticity: the market rerouted around Hormuz 10:04 Price maker status shifted to the western hemisphere 10:53 Corn, soybeans, and grains got way too long 11:30 Gold volatility is 2.2x the S&P, highest since 2007 12:05 Bitcoin, gold, and silver were so 2025 12:41 The trade of a lifetime: US treasuries 13:14 SK Hynix IPO echoes 1929 14:23 Bitcoin is a complete sock puppet to the stock market 15:29 Tether flipping Ethereum and eventually Bitcoin 16:46 Bitcoin at 63K is back to the 2021 peak of 69K #tastylive #oil #gold #bitcoin #commodities #mcglone #bloomberg #treasuries #correlation #tradingtrends tastylive is a real financial network, producing hours of live programming every day. Follow along as our experts navigate the markets, provide actionable trading insights, and teach you how to trade. With over 120 original segments, and over 25 personalities, we'll help you take your trading to the next level, whether you are new to trading or a seasoned veteran. tastylive content is created, produced, and provided solely by tastylive, Inc. ("tastylive") and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read all applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange Traded Options Risk Disclosure Statement found at https://tastytrade.com/disclosures/. Past performance is not indicative of future results. Performance is not presented net of all commissions, fees, and expenses. Multi-leg option strategies incur higher transaction costs than single leg trades as they involve multiple commission charges. Examples provided are for illustrative, informational, and educational purposes only and are not intended to be reflective of results you can expect to achieve. Supporting documentation for any claims, including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.