The David Lin Report This Signal 'Front-Running' Global Depression: Repeat of 1929? | Mike McGlone
Apr 29, 2025
In this engaging chat, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, dives deep into the signals of a looming global recession. He discusses how gold's performance against silver foreshadows economic contraction and the impact of tariffs on inflation. Mike highlights the conflicting trends of affluent consumer spending amid recession fears and unpacks the Phillips Curve's current disruptions. Finally, he explores the ramifications of a declining U.S. dollar on commodities, including gold, Bitcoin, and crude oil.
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US Stocks Overvaluation Risks
- U.S. stock market is excessively valued relative to global markets and GDP.
- This overvaluation likely triggers a painful bear market and deflationary pressure.
Phillips Curve Breakdown Possible
- The Phillips Curve may break down short term due to tariffs affecting prices.
- Rising unemployment might coincide with rising goods prices, diverging from historical inflation-unemployment trends.
Gold-Silver Ratio Predicts Recession
- A gold-silver ratio above 100 historically signals recessionary risks.
- This ratio is advancing now, driven by tariffs and global economic pressures, suggesting continued recession likelihood.
