Mike McGlone: Everything Is Pointing To A Worse Crash Than 2008

In this wide-ranging conversation, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone joins Darrell to break down what today’s extreme market signals are really telling investors. From gold’s historic outperformance, to collapsing crypto momentum, stretched equity valuations, and the growing risk of deflation, McGlone lays out why he believes markets are approaching a major inflection point.

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00:00 – Intro
01:15 – Inflation vs deflation: why McGlone sees a deflationary risk ahead
02:10 – Gold surging while oil collapses: a historic warning sign
03:35 – U.S. equities at extreme valuations relative to GDP
05:20 – Gold-to-oil ratio and what it signals for commodities
07:55 – Why gold behaves differently than industrial commodities
09:20 – Gold’s extreme stretch vs historical moving averages
11:00 – Cryptos as the leading indicator for risk-off markets
12:05 – Key ratios: S&P 500 vs gold and Bitcoin vs gold
14:30 – Low volatility complacency and why it matters
16:05 – Can everything fall at once? Lessons from 2008
18:45 – Debasement trade, central banks, and recency bias
21:05 – When bubbles burst before stimulus arrives
23:40 – Mag 7 concentration risk vs the rest of the market
25:45 – Is consensus bullishness itself a red flag?
28:05 – Long-term outlook for gold and volatility scenarios
31:00 – Reverse wealth effect and recession risk
36:00 – Why Treasuries may be the next rotation

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