'It's Over': Strategist Reveals Which Assets Are About To Crash | Mike McGlone

Watch on YouTube ↗  |  April 27, 2026 at 16:39  |  31:47  |  The David Lin Report
Speakers
Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence

Summary

Mike McGlone of Bloomberg Intelligence argues that commodities are in a deflationary phase driven by elastic supply, technology, and political pressure. He is bearish on crude oil, gold, silver, copper, and Bitcoin, while favoring long-term treasuries. He warns the stock market is overvalued and expects a significant correction.

  • McGlone expects crude oil to fall toward $50 by midterms due to US supply surplus.
  • Gold is overstretched and likely to decline if the stock market corrects.
  • Silver and copper are prudent shorts at current levels.
  • Bitcoin's glory days are over; he targets $50,000 and eventually $10,000.
  • He recommends buying 30-year Treasuries near 5% yield.
  • He is underweight all risk assets and sees a stock market correction ahead.
  • The elastic price behavior in natural gas is a template for other commodities.
  • Deflation is the overriding macro theme, not inflation.
Trade Ideas
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 4:34
Crude oil heading to $50.
Crude oil prices are set to decline due to structural surplus supply from US/Canada, technology replacing oil, and political motivation to lower energy prices ahead of midterms. The December crude future at $77 will likely fall toward $50 by midterms.
USO HIGH
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 11:19
Copper prudent short near $6.
Copper is on the prudent short list near $6. Supply-demand has shifted to surplus, and it needs a rising stock market to hold up. If stocks drop 10%, copper could fall 20% given its high beta.
CPER MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 13:02
Gold overdone, likely to decline.
Gold is extremely overstretched, with volatility at multi-decade highs versus stocks. It has become a highly volatile risk asset that will decline if the stock market falls. The best performance is over and a multi-year range is likely.
GLD MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 15:38
S&P 500 overvalued, set to decline.
The S&P 500 is extremely overvalued at 2.4 times GDP, reminiscent of 1929 US and 1989 Japan. Signals from Bitcoin, gold, and volatility point to an eventual decline. He is underweight risk assets and expects a bear market or significant correction.
S&P 500 (SPX) MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 16:25
Buy long bond near 5% yield.
The long-term Treasury bond (30-year) is attractive to buy near 5% yield. It is unlikely to stay above that level, and duration buyers will step in. Overweight treasuries for the year.
TLT MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 16:44
Silver short from $100 area.
Silver spiked above $100 and is now a prudent short. It has already dropped ~25% from that level but remains vulnerable to further declines, especially if the stock market corrects.
SLV MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 21:15
Bitcoin glory days over, heading lower.
Bitcoin's glory days are over. It is a poorly performing, high-volatility asset that only bounces when stocks rise. Key support near $64,000, next support $50,000, and ultimate low price cure toward $10,000. It is a short above $75,000.
BTC HIGH
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This The David Lin Report video, published April 27, 2026, features Mike McGlone discussing USO, CPER, GLD, S&P 500 (SPX), TLT, SLV, BTC. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike McGlone  · Tickers: USO, CPER, GLD, S&P 500 (SPX), TLT, SLV, BTC