Commodity Prices Are Due For A Severe Correction, Says Mike McGlone

Mike McGlone, macro strategist at Bloomberg Intelligence, joins Jack to share his outlook on how commodities, bonds, and crypto will perform during this period of economic turbulence wherein some form of global recession is predicted by most mainstream economists. 

McGlone argues that the price of oil remains too high to allow for economic growth, and that the pending economic slowdown is destroying demand and will continue to do so.

NOTE: This interview was filmed the afternoon of November 8th, 2022, a time at which the extent of crypto exchange FTX’s distress was still being discovered, and when it still looked like Binance would acquire FTX. 

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Timestamps:

(00:00) Intro

(01:15) We're Going Down"

(05:28) FTX's Implosion Causing Cascades Within And Beyond Crypto

(07:43) McGlone's Bearish Case For Crude Oil

(11:57) Have Interest Rates Peaked?

(22:00) Have We Reached Peak Oil Demand?

(26:04) Is ESG Making The Oil Supply Curve Less Elastic?

(29:42) Forward Curve In Oil

(38:29) China Is In A Severe Recession

(47:56) Why Is Liquidity So Poor In Paper Oil?

(50:12) Bitcoin and Inflation

(55:39 Does FTX's Fall Change The Regulatory Approach Towards Crypto?

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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.