Mike McGlone: Gold’s Record Run Is Flashing a Market Warning

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Nov 4, 2025

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, shares crucial insights about gold's recent surge to $4,000, arguing it signals a potential market correction rather than bullish momentum. He discusses the unsustainable stock market valuations and highlights the alarming divergence between rising gold and falling crude oil. McGlone also connects copper demand to China, warns of deflationary risks, and considers the implications of a substantial stock market pullback for the economy.

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INSIGHT

Gold's Rally Signals Market Stretch

Gold's surge reflects stretched markets and geopolitical pressures, not a pure bullish breakout.
Mike McGlone warns the move toward $4,000 is historically overextended and may plateau or reverse.

INSIGHT

Unprecedented Gold–Oil Divergence

The divergence of rising gold and falling crude oil is unprecedented in modern data.
McGlone sees this gap as a warning sign potentially indicating deflationary pressure ahead.

ADVICE

Trim Exposure After Parabolic Moves

Lighten up risk exposures when gold becomes multiple standard deviations above its moving averages.
McGlone recommends risk-managing positions rather than expecting continued outperformance at extreme levels.

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💡Gold’s surge may be a warning. Make sure your portfolio is ready. Get a free review with Wealthion’s endorsed financial advisors at https://bit.ly/48WDouu

Gold’s record-breaking surge to $4,000 isn’t a bullish breakout, it’s a historic warning that deflation and a sharp market correction could be next. In this new Wealthion interview, Trey Reik sits down with Bloomberg Intelligence Senior Commodity Strategist Mike McGlone to decode what gold’s parabolic rise is really signaling. McGlone explains why the U.S. stock market’s record valuation (over 2.3 times U.S. GDP, the highest in history) is unsustainable, and why gold’s outperformance across commodities could mark the start of a deflationary shift, not another inflation wave. He also discusses the unprecedented divergence between rising gold and falling crude oil, what the gold-to-copper ratio is telling us about global demand, and why Treasuries may become the next big trade as risk assets unwind.

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