Name: Blistering Metals Rally Sends Gold, Silver and Copper to Records
Uploaded: 2026-01-14T20:31:01+00:00
Duration: 276 s

Speakers

Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence

Summary

Mike McGlone of Bloomberg Intelligence joins Bloomberg Radio to discuss record rallies in metals, including silver, gold and copper, and to lay out his views on bitcoin, crude oil and natural gas. He says precious-metals fundamentals remain strong but prices are extremely stretched, so he has shifted to risk-manager mode. He calls bitcoin a worthy short at current levels and sees crude oil as oversupplied, with rallies to be sold. Natural gas may bottom this year but could still fall to a $2 handle in the near term.

Metals extended a record start to the year, with gold, silver, copper and tin hitting highs.
Mike McGlone says precious-metals fundamentals are strong but the rally is extremely stretched.
He has shifted from long-time metals bull to risk-manager mode.
McGlone calls bitcoin a worthy short with a stop above $100,000.
He sees crude oil in a bear-market oversupply phase and would sell rallies around $65 WTI.
Natural gas may bottom this year but faces near-term downside toward a $2 handle.
A pickup in stock-market volatility would pressure bitcoin and industrial metals.

Ideas

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 0:00

Silver extremely extended; avoid chasing.

Silver is trading around $92/oz, about three times its 60-month moving average, a condition last seen in 1979-80. McGlone says the metal's fundamentals remain strong, but after such a vertical move he has shifted from bullish to risk-manager mode because extended precious-metals rallies can inflict sharp mean-reversion pain; silver could see $100/oz this year but could just as easily fall back to $50/oz.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 1:23

Gold rally stretched; avoid chasing.

Gold has been supported by safe-haven demand and the Trump geopolitical backdrop, but McGlone says the rally is getting stretched. He has shifted to risk-manager mode; gold might reach $5,000/oz this year, but it could also easily fall back to $4,000/oz after the velocity of the move.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 1:53

Bitcoin is a worthy short here.

Bitcoin is a worthy short at current levels because it fell last year and has bounced this year, giving traders a chance to sell. A stop above $100,000 would signal the short is wrong; McGlone sees too much early-year enthusiasm for a risk asset, and a pickup in stock-market volatility would pressure bitcoin and industrial metals.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 3:21

Sell crude rallies; market oversupplied.

Crude oil is in a bear-market oversupply phase. Iran only exports about 1.5 million bpd versus roughly 8 million bpd of surplus supply in the US and Canada, and the price-setting center has shifted to the Western Hemisphere. Rallies—especially around $65 WTI—should be sold by traders, and producers should sell forward; Brent is also oversupplied after the 2022 peak.

Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 3:52

Natural gas downside to two handle.

Natural gas may bottom this year, but the near-term trend is still lower. Demand has not increased despite cold-weather pricing, and US supply quickly returns whenever prices approach $4-$5. March/April contracts around $2.70 could fall to a $2 handle within a few months, aided by pre-existing downward energy-price trends.

Blistering Metals Rally Sends Gold, Silver and Copper to Records

Summary

Ideas

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