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

China's severe deflationary recession and reported SPR releases helped drive recent commodity moves: WTI briefly spiked toward ~$120 then retreated to the low $70s (a reversal the speaker attributes partly to China's SPR releases), and he said he sold into that spike while outlining tactical buy thresholds near ~$55 (US banking break-even) and a deeper buy near ~$40; he also warns a large stock-market decline would likely produce a global recession very negative for commodities and notes the geographic center of energy price-making has shifted to the Western Hemisphere.

Rapidly cheaper, effective EVs from China are creating a structural headwind to oil by reducing demand growth, a dynamic that matters against the backdrop of energy spot prices having returned to 2005 levels and the added complication that futures investors face roll costs and storage which can erode total-return outcomes.

Equity valuations are historically large relative to GDP and market-cap is unusually large versus sovereign debt while major economies (Japan, China) show extreme debt-to-GDP and long-term yields remain low—conditions that increase sensitivity to yield re-pricing; accordingly the speaker's primary forward call is to be materially overweight long-duration US Treasuries if equities collapse, forecasting long-bond yields could compress from ~5% toward ~3%.

Gold's behavior has shifted toward risk-asset dynamics—its 60-day correlation with the S&P 500 is unusually high and 180-day volatility is roughly double the S&P—yet it sits at its highest level versus a basket of US Treasuries since the early 1980s; the speaker identifies ~3,500 as a key base and ~3,000 as deeper support and notes he was previously wrong on timing but ultimately correct on his longer-term gold conviction.