In this episode, Michael Fox interviews Mike McGlone, Bloomberg’s chief commodity strategist, who shares his insights on recent commodity market trends. McGlone believes copper has reached its peak for the year at $4.84/lb and is likely to decline due to global economic pressures and potential tariffs. He draws parallels between current market conditions and those preceding the 2008 financial crisis, particularly in the gold-to-copper ratio.

McGlone predicts gold will continue its upward trajectory towards $3,000/oz, driven by central bank buying and potential stock market corrections. He also highlights U.S. Treasury bonds as the next significant trade related to commodities, noting the contrast between global deflationary pressures and U.S. inflation indicators.

This analysis aligns with recent market trends, as gold prices have been surging, with some Wall Street predictions expecting it to surpass $3,000 per ounce by the end of 2025. Meanwhile, copper markets face challenges, with analysts forecasting potential volatility and a rebound later in 2025.