Deflation Is Coming — And Gold, Bitcoin & Copper Could All Get Hit

McGlone argues gold, copper and Bitcoin are now so correlated to stocks that a 10% equity drop could crush all three together.

• "Stock puppets" thesis: McGlone says gold, copper and Bitcoin now show record correlation to the S&P 500 (gold's 100-day correlation hit 0.65 in August) while carrying 2-5x its volatility, meaning a 10% equity drop could hit them all simultaneously.
• Gold and silver peaks: Gold hit $5,000 before pulling back to ~$4,100; McGlone says its volatility (2.2x the S&P) and 4-decade-high valuation versus Treasuries signal a multi-year, possibly multi-decade peak, not a new bull trend.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.