Earn up to a 4% yield on your physical gold or silver, paid in gold ounces: https://Monetary-Metals.com/Commodity Mike McGlone thinks the time to get out of precious metals was when they were screaming to all-time highs, and he believe those prices might not return for a decade or more. Mike breaks down his thesis on why commodities are set to underperform in 2026, along with areas of the market he thinks will provide better value up ahead. Join the First LIVE Commodity Culture Bootcamp June 27: https://join.jesseday.ca Follow Mike McGlone on X: https://x.com/mikemcglone11 Follow Mike McGlone on LinkedIn: https://www.linkedin.com/in/mike-mcglone-a8442513 Join the LIVE Commodity Culture Bootcamp June 27: https://join.jesseday.ca Subscribe to the FREE Commodity Culture Newsletter: https://readplaza.com/commodityculture Follow Jesse Day on X: https://x.com/jessebday Commodity Culture on Youtube: https://youtube.com/c/CommodityCulture

Start of 2026 Was 'Opportunity of a Lifetime' to Sell Your Gold & Silver: Mike McGlone

Commodity Culture

# Full Transcript

**Podcast:** Commodity Culture

## Participants

- **Jesse Day** (None)
- **Mike McGlone** (Bloomberg Intelligence)

## Transcript

When gold and silver hit new all-time highs earlier this year, that may have been the opportunity of a lifetime to sell, according to my guest, Mike McGlone, who believes that gold, silver, and commodities in general are not the place to be in 2026 as he sees a large decline across the commodities complex. He also believes there's massive danger in the S&P and the broad market. He expects a correction there. What will that do to commodities and what is his long-term outlook?

On the space, all of that and much more ahead. And guys, this Saturday, June 27th, the very first Commodity Culture live bootcamp at 1 p.m. Eastern Time. I'm going to be talking about what I'm buying, what I'm selling, and opening up my portfolio. Sign up at join.jessieday.ca. And now, Mike McGlone.

Mike McGlone, great to have you on Commodity Culture. I want to start things off with gold because you tweeted recently that January to February may have been an opportunity of a lifetime to sell gold. Walk us through your thought process here. As we sit here today, we're seeing the precious metals markets take quite a hit, particularly silver, which I want to get into in a moment. When it comes to the long-term trajectory for gold, let's say over the next two to five years, do you still maintain the gold?

Do you maintain that this was an opportunity of a lifetime to sell? Or do you think the long-term trajectory will ultimately be higher? Well, absolutely. The latter in gold, long-term trajectory will ultimately be higher, but it could stay in this range for 10 years if history is a guide. If it's similar to 1980, 20 years potentially. But first of all, thanks for having me on. It's a pleasure to be on. I love playing show and tell. No denial about that.

But I only put that out because there's so many people still bullish this asset that gave you the best year almost ever, best year ever in a disinflationary environment last year. And those of us who've been bullish in long gold for decades, sometimes you have to just say you're supposed to be selling when they're yelling. So let's look at facts right now. 60-day correlation between gold and S&P 500 as we speak on June 23rd is about 0.7. That's the highest ever.

Okay, my data is only since 1975. That's right off. We came off the gold standard in 1971. So it's pretty much maybe ever. Okay, so that's a bit of a problem, which means also if you look at gold versus a basket of treasuries, U.S. treasuries or U.S. treasury bond index, right now the price is actually it's just finally potentially bottoming.

And our treasuries are potentially bottoming at the lowest versus gold, a gold at the highest versus a basket of treasuries since 19, like the early 1980s, since his bonds like 1986, it's a basket of treasuries since 1983. So anybody who's advocating bullish long gold positions r...

Start of 2026 Was 'Opportunity of a Lifetime' to Sell Your Gold & Silver: Mike McGlone

Transcript

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Start of 2026 Was 'Opportunity of a Lifetime' to Sell Your Gold & Silver: Mike McGlone

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.