Kitco NEWS

A war didn't lift gold. The highest long yields in 19 years didn't sink it. And the US Treasury, which has spent decades promising to be predictable, surprised the market on purpose.

Gold finished the week above $4,600. US public debt passed $40 trillion for the first time. And Kevin Warsh gives his first Jackson Hole keynote as Fed chairman on August 28.

Gary Wagner, Ole Hansen and Thomas Kaplan each sat down with Jeremy Szafron this week. None of them spoke to each other. All three said a rule they had relied on for years has stopped paying.

IN THIS EPISODE

Gary Wagner of TheGoldForecast.com on why geopolitical risk stopped moving gold after forty years of doing exactly that, and the level he says decides the next leg.

Ole Hansen, head of commodity strategy at Saxo Bank, on AI borrowers competing with governments for the same lenders, and why roughly 70 percent of exchange copper is sitting in a country that consumes about 7 percent of it. The phrase that frames the whole week is his. Copper is a shortage of things. Gold is a shortage of trust.

Dr. Thomas Kaplan, chairman of the Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining, on why he calls this a 1987 moment, why he sees another tenfold in gold, and the warning he gave that had nothing to do with price.

Plus Treasury Secretary Scott Bessent on the buyback expansion, his call on oil, and the fiscal plan he says is coming.

CHAPTERS

00:00 The week nothing behaved
00:50 A war broke out and gold fell
02:40 AI borrowers versus your government
05:00 The Treasury stopped being predictable
07:20 Most of the world's copper is in one country
09:20 The level that decides it
11:20 Silver, and who got hurt
12:40 Why this is a 1987 moment
15:20 What Warsh walks into

COMING MONDAY

Barry Eichengreen on the dollar, central bank gold buying, and what the historical record actually says about reserve currencies that lose their grip. His new book is Money Beyond Borders.

#gold #silver #kitconews
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold has pulled back from its highs and silver has given up a large piece of a record run. Dr. Thomas Kaplan has seen this before, and he called it in advance.

In this exclusive interview with Jeremy Szafron, the chairman of the Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining says the drawdown is a "1987 moment" for precious metals, and that another tenfold move in gold is "not just likely, but inevitable."
He also explains why he sold his energy company in 2007 and moved into gold, why jurisdiction became his first worry instead of his tenth, what he means when he calls an asset a Rembrandt, and what he would say to somebody who bought silver during the surge and is underwater now.

Kaplan has been an investor in precious metals for more than three decades. He pointed at the Sunshine Mine in Idaho in 1993 and told his fiancée he would own it one day. His company bought it in 2010, and it began trading on the New York Stock Exchange on June 4, 2026.

Recorded August 20, 2026

Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)

00:00 He waited 33 years for one mine
01:30 The Oxford thesis that became a career
03:30 What history gives you that a spreadsheet doesn't
06:00 The sleeping well rule
08:00 Why grade and jurisdiction beat everything else
13:30 China controls the refining, not just the mining
18:00 Why he refuses the word vindication
20:00 "This is a 1987 moment"
21:30 Gold at 30, 40, 50 thousand
23:00 The chart where the 1987 crash disappears
27:00 "Silver is the thoughtful person's Bitcoin"
28:30 Selling the business that had just worked
35:00 How to tell conviction from stubbornness
40:00 "They will take it from you"
48:00 Who pays for a 9 billion dollar gold mine
51:00 Japan, Korea and the sovereign money question
56:00 "I was Moses, John Paulson was God"
1:00:00 What it means to call an asset a Rembrandt
1:03:00 For the person who bought silver too late

#gold #silver #kitconews
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold's path to $5,000 is open as a $40T debt burden hits bonds, while 70% of exchange copper risks being stranded in the U.S. Ole Hansen, Head of Commodity Strategy at Saxo Bank, joins Jeremy Szafron to break down the severe dislocations happening across physical metals and sovereign debt.

Hansen explains why gold is rallying despite 30-year Treasury yields sitting at multi-year highs, arguing that investors are demanding a premium to hold long-term government paper. In the base metals market, Hansen breaks down the massive $535 LME copper backwardation, warning that tech hyperscalers building AI data centers are now competing directly with governments for capital. He also provides an updated outlook on silver's structural deficit, mining supply constraints, and exact portfolio allocation targets for hard assets. 

Recorded August 18th 2026

Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) 
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) 
Follow Ole S Hansen on X: @Ole_S_Hansen (https://twitter.com/Ole_S_Hansen)

TIMESTAMPS:
00:00 - Gold Defies Surging Yields
01:28 - The Copper Backwardation Shock
04:04 - Why Half the World's Copper Is Stranded in the US
07:34 - The Prompt-Date Squeeze and LME Risk
10:20 - The Aluminum Inventory Mystery
11:56 - Why Copper Supply Can't Keep Up
16:53 - AI Is Replacing Housing as Copper's Driver
21:58 - Crowded Trades and the Pullback Risk
25:29 - Copper's Shortage of Metal, Gold's Shortage of Trust
27:04 - Why Gold Rises as Real Yields Surge
31:17 - Gold's Path to $5,000 by Year-End
32:55 - Silver's Deficit and Violent Swings
36:25 - If He Could Own Just One Metal
40:34 - What Would Break the Copper Bull Case

#Gold #Copper #Commodities #Macro #Investing #SaxoBank #OleHansen #Silver #AI #LME #KitcoNews 
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold's $6,000 target is off the table and Kitco technical analyst Gary Wagner has put a new number in its place. Wagner, editor of TheGoldForecast.com, lowered his own $6,000 call on this show a month ago. He returns with $5,000 to $5,100 on the high side before the end of the year, and says the correction that took gold under $4,000 is finished. 

"We definitely hit a bottom," Wagner tells Kitco News anchor Jeremy Szafron, pointing to a six week base that broke out in the first week of August. "And it hasn't looked back since." Wagner maps the gold price levels that decide it from here. He puts major support at $4,200, short term support around $4,350, and Fibonacci resistance at $4,644, with $4,500 as the next challenge on the way up. 

On the pattern itself, Wagner says the chart set up as a descending top with a flat bottom, a formation that usually breaks lower inside a downtrend. It broke higher instead, and in his words it did so "really with fury." He also flags a signal that has stopped working after four decades of reading these markets. "The one that used to work that doesn't seem to have the same punch is wars or geopolitical uncertainty," Wagner says. "The US went to war with Iran and gold went down, silver went down." On the Fed, Wagner is anticipating a quarter point rate hike in September and possibly half a point in total by year end, and argues that is not as hawkish as the market has been treating it heading into Jackson Hole. 

Asked how he is positioned, Wagner says he has spent roughly the last ten months accumulating physical metal for storage rather than trading it, having bought at $1,500 and again at $2,000 and held both. He has traded futures since 1990. Silver's outperformance, the gold to silver ratio, summer liquidity in the gold market, moving averages, rising long yields and what a hawkish surprise would do to $4,500 gold are all covered.

Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)
Follow Gary Wagner on X: @goldforecast (https://x.com/goldforecast)

Recorded August 17th 2026

CHAPTERS 
00:00 Revisiting the $6,000 Gold Call 
00:53 Fed Hike Odds Cut in Half 
01:45 Wagner's New Gold Targets 
03:53 The Bottoming Pattern That Broke Out 
06:58 The Resistance and Support Roadmap 
09:40 Moving Averages and Rising Yields 
10:44 Volume and Summer Liquidity 
12:28 For Those Who Bought the Top 
17:45 Silver's Surge and the Gold-Silver Ratio 
21:01 Why He's Buying Physical Instead Of Trading It 
25:27 Why War Stopped Moving Gold 
28:25 Jackson Hole and the Hawkish Risk 
30:21 Final Levels and Wrap-Up

#gold #goldprice #kitconews #silver #silverprice #preciousmetals
#goldforecast #garywagner #goldprice2026 #goldsilverratio
#technicalanalysis #fed #jacksonhole #investing #kitco
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Don Durrett bought gold and silver miners the whole way down, and he says the last six months were the opportunity, not the problem. But he thinks one more dip is coming before the real move begins.

Speaking with Kitco News, the GoldStockData.com founder, who tracks roughly 870 companies and owns 168 of them, said the first leg of this bull market ran from August 2024 to January's peak of $5,600 gold and $120 silver. He believes "leg two" hasn't started yet, puts the odds of one more correction at "about 50/50," and targets a dip near $3,750 before November, meaning buyers at today's levels "could be catching a falling knife." He calls this "the trade of a lifetime," comparing his conviction to Michael Burry's Big Short bet: a near certainty, in his view, where the only real question is timing.

Then comes the upside that keeps him buying. At his conservative targets of $7,000 gold and $200 silver, Durrett says the major gold miners print roughly five times their money and the top silver names six to eight times, with the best developers offering far more. For most people, though, he argues an ETF is the smarter play, potentially a four or five-bagger without the stock-picking, because the miners' volatility, gold fell 29% and silver 55% from the January highs, is more than most investors can stomach. He also breaks down his allocation framework, why he owns no copper, and why "not a single silver developer has been acquired" even with silver above $50.

Recorded August 6, 2026.

Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
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Don Durrett's research: GoldStockData.com (https://www.goldstockdata.com/)

00:00 Gold Miners Rebound: Is the Bottom In?
00:57 Why the Bond Market Drives Gold
04:31 ETFs vs. Picking Your Own Miners
08:05 Gold's Bull Market: The Leg-Two Outlook
11:02 The Buy-the-Dip Strategy
13:12 Coeur and the Case for "Baggers"
15:38 Why Mining Is a Strange Business
18:38 Junior Leverage and the "Mormons" List
20:50 His Portfolio Allocation Framework
23:49 Timing Leg Two: Don't Be Late
27:07 Insider Ownership and Takeouts
29:26 Who's Buying Who in Gold M&A
31:47 Australia and Canada Takeover Targets
40:53 Why He Owns No Copper

#Gold #Silver #GoldStocks #DonDurrett #KitcoNews
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold ran about $300 in days, and copper set an all-time record in New York, and neither move had much to do with anyone wanting more of them. This week the Fed quietly opened a window letting Japan borrow dollars against the American debt it already owns, Congo banned copper and cobalt exports, a quarter of the world's sulfuric acid supply vanished, and global debt hit a record $353 trillion.

From Kitco News, Jeremy Szafron breaks down the week with three guests who don't agree on much: chart trader Florian Grummes, who tore up his cash position and called it "back to money printing"; economic historian Phillip Magness on why a trillion dollars of U.S. gold still sits on the books at $42 an ounce; and Don Durrett, who owns 168 mining companies and flatly refused to name his top three. 

Recorded August 6, 2026.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Florian Grummes says gold's break above 4,200 was the signal he had been waiting for, and he has moved from 50% invested to 80% invested on the back of it.

The founder of Midas Touch Consulting tells Kitco News anchor Jeremy Szafron that the trigger was not the metal itself but the Federal Reserve's new facility accepting Japanese collateral, which he calls "back to money printing" and compares in direction to the swap lines used during the Credit Suisse rescue.

He is buying juniors rather than producers, and he names two he owns. His screen is counterintuitive. He wants a stock that has already outperformed the metal, because that is the proof it will move when gold moves. He expects a wave of mining M&A over the next one to three years as producers redeploy the cash they are generating at these prices.

On price he sees 4,500 gold this summer and 70 dollar silver, and he says plainly that he does not expect a new all-time high this year. For anyone sitting on a 30 to 60 percent drawdown in juniors, his advice is to average down.

He also explains why he is watching Hong Kong and Shanghai more closely than Singapore, and what 25 years of watching the tape tells him about why the metals so often fade in the Western session and rally in Asia.

Recorded August 5th 2026

Follow Jeremy Szafron on Twitter: @JeremySzafron (https://twitter.com/JeremySzafron) 
Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)
Follow Florian Grummes on Twitter: @FlorianGrummes (https://twitter.com/floriangrummes) 

00:00 Gold Breaks Its Summer Ceiling
01:05 Gold's Signal Took Him to 80% Invested
03:27 The Fed's Japan Facility and Money Printing
07:59 Gold to $4,500 but No New Record
09:37 Silver to $70 and the Miners Setup
11:11 Why He's Stacking Platinum
14:17 Buying Juniors: His Exact Filter
18:15 Hong Kong and Shanghai Gold Hubs
23:53 The Dollar and Where Gold Fits Now
27:24 The One Trade to Avoid Now

#gold #goldprice #silver #silverprice #preciousmetals #goldstocks #juniorminers #federalreserve #kitconews
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Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  

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Learn more about Kitco News: https://www.kitco.com/news/about/ 

For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Economic historian Phillip Magness tells Kitco News anchor Jeremy Szafron that Americans who surrendered gold in 1933 at $20.67 an ounce got none of the gain when Washington repriced it at $35 less than ten months later. "It's always the private sector that gets the bad end of it." America's 261.5 million ounces are still carried on the federal books at $42.22 an ounce, about $11 billion against more than $1 trillion at market.

Economic historian Phillip Magness tells Kitco News anchor Jeremy Szafron that Americans who surrendered gold in 1933 at $20.67 an ounce got none of the gain when Washington repriced it at $35 less than ten months later. "It's always the private sector that gets the bad end of it." America's 261.5 million ounces are still carried on the federal books at $42.22 an ounce, about $11 billion against more than $1 trillion at market.

Magness traces the line from the 1933 gold surrender and the Gold Reserve Act through Bretton Woods, the 1971 Nixon shock and the Smithsonian Agreement, to the accounting price still sitting on the federal books today. Two billion dollars of the Treasury's 1934 revaluation gain went into the Exchange Stabilization Fund, which the Treasury can still use in currency markets. Magness calls the $42.22 valuation "one of the great mysteries that comes out of the Nixon era."

Also in the interview: whether anyone holding coins participates when a government reprices its gold, what would actually have to happen for a revaluation to become money the government could spend, why revaluation keeps returning whenever Washington wants financial room without raising taxes, how much public warning there was in 1933, and the single condition Magness says made it possible. Plus why Spain grew poorer despite receiving enormous quantities of New World bullion, and when America's gold was last independently audited.

Recorded August 3 2026

Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) 
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) 
Follow Phillip Magness on X: @PhilWMagness (https://twitter.com/PhilWMagness)

00:00  1933: AMERICANS ORDERED TO SURRENDER GOLD
01:46  HOW THE 1933 GOLD ORDER WORKED
03:12  WHY FDR BROKE THE GOLD LINK
05:51  PHYSICAL GOLD VS. PAPER CLAIMS
07:36  THE $2.8 BILLION GOLD REVALUATION GAIN
09:15  FROM BRETTON WOODS TO THE NIXON SHOCK
13:03  WHEN GOLD WAS MISTAKEN FOR NATIONAL WEALTH
16:54  WHY U.S. GOLD IS STILL BOOKED AT $42.22
20:21  WHO CAPTURED THE REVALUATION GAIN?
23:40  REVALUING GOLD TO HELP FUND BITCOIN?
25:59  HOW MUCH WARNING DID AMERICANS RECEIVE?
27:20  EMERGENCY POWERS THEN AND NOW
29:04  THE FORT KNOX AUDIT DEBATE
31:18  WHY CENTRAL BANKS ARE BUYING GOLD
32:20  WHAT HAPPENS WHEN MONEY LOSES TRUST?
34:15  COPPER AND THE RETURN OF MERCANTILISM
39:33  WHAT GOLD HOLDERS SHOULD LEARN FROM 1933

#Gold #GoldStandard #JeremySzafron
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

The bond market just delivered a sharp rejection to the Federal Reserve’s latest rate decision, pushing 30-year Treasury yields to 19-year highs as inflation fears persist. Meanwhile, three top macro strategists—Gareth Soloway, Willem Middelkoop, and Mike McGlone—issue three completely conflicting calls on where gold, bonds, and energy go from here.

In this episode of "This Week in Focus," Senior Anchor Jeremy Szafron breaks down the breakdown in traditional market correlations. From the World Gold Council's latest Q2 demand report showing central bank buying surging 62% year-over-year to Big Tech's massive earnings divergence and breaking developments in currency markets, we analyze what this means for your portfolio.

#Gold #FederalReserve #Investing #MacroEconomy #KitcoNews

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CHAPTERS
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00:00 - Cold Open: The Old Market Rules Stopped Working
01:10 - Fed Rate Hold & The 30-Year Treasury Yield Surge
03:30 - Gareth Soloway on Bond Market Signals
06:15 - Willem Middelkoop: The Quiet Monetary Reset & China's Gold
09:45 - Gareth Soloway: The $13,000 Gold Model Target
13:20 - Mike McGlone: Is Gold's Cycle High Already In?
16:50 - WGC Q2 Report: Central Banks Buy 289 Tonnes vs. ETF Outflows
20:15 - Credit Market Stress, KOSPI & Big Tech Earnings Split
23:40 - Soloway's S&P 500 Technical Level Tested
26:15 - Physical Gold & Silver Positioning Strategy
28:10 - Market Scoreboard & What to Watch Next Week

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FEATURED GUESTS
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• Gareth Soloway — Chief Market Strategist, Verified Investing: https://youtu.be/I5KLC0vceTQ
• Willem Middelkoop — Founder, Commodity Discovery Fund & Author of "The Big Reset": https://youtu.be/7jkLVEICxg8
• Mike McGlone — Senior Macro Strategist, Bloomberg Intelligence: https://youtu.be/k4JMX9KL2nw

---------------------------------------------------------------------
KEY TAKEAWAYS IN THIS EPISODE
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1. THE FED & BONDS: The 30-year Treasury yield surged to nearly 5.24% after the Fed kept interest rates unchanged at 3.50%–3.75%, driven by three policy dissents and rising inflation concerns.
2. THE GOLD DEBATE: Soloway models a long-term $13,000 cycle peak by 2029–2031, Middelkoop argues the global monetary reset is already underway with massive undisclosed official purchases, and McGlone warns the cycle top may already be behind us.
3. WGC DEMAND DATA: Central bank gold buying hit 289 tonnes in Q2 2026 (+62% YoY), led by Poland (+51t) and China (+33t), even as ETF investors pulled metal out of funds.
4. MARKET DIVERGENCE: Tech stocks rebounded sharply following heavy mid-week selling, while crude oil pulled back despite ongoing Middle East supply disruptions.

__________________________________________________________________

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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, tells Kitco News anchor Jeremy Szafron the Fed's next move is a series of 50 basis point cuts rather than hikes, and that it ends in a recession. He also says gold and silver have become sock puppets to the US stock market.

The US struck Iran again overnight and crude fell anyway. According to McGlone, that is not a contradiction, it is the story, because pricing power in oil has shifted away from OPEC and toward the Western hemisphere. He expects crude to gravitate toward $70, says gold at $4,100 is nothing until it clears $4,500, and names the one commodity he is buying right now.

Recorded July 30 2026

Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) 
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) 
Follow Mike McGlone on X: @mikemcglone11 (https://twitter.com/mikemcglone11)

Chapters:
00:00 Markets Defy War Fears 
01:18 Meet Mike McGlone 
01:46 Fed Cuts Not Hikes 
04:57 Stocks Drive Everything 
07:56 Inflation Signal vs Noise 
09:59 Oil Bear Case in War 
14:04 Western Hemisphere Takes Lead 
15:25 Gasoline and Distillate Clues 
18:07 China Deflation Pressure 
19:54 Treasuries vs Gold Safe Haven 
23:21 Second Half Volatility Setup 
24:13 Gold Versus Bonds
24:53 Extreme Stretch Hangover 
25:51 Correlation Volatility Debate 
27:00 Gold's False Rally Playbook 
30:29 Natural Gas Mispricing 
31:43 Soybeans Supply Reality 
33:28 Gold In Other Currencies 
35:29 Japan Yen And Treasuries 
37:28 Normalization Versus Treasuries 
39:16 Silver And Copper Watch 
41:20 Metals Are Sock Puppets 
41:50 Contrarian Mindset 
43:48 Key Levels And Wrap

Also in this interview, according to McGlone: US CPI can reach 0% and crude can fall toward $40, though he says that requires a 10% to 20% drop in the S&P 500 that stays down. Copper falls 20% to 30% if stocks drop 10%, with managed money net long 25% to 27% of open interest, roughly five times normal. January natural gas near four is mispriced and worth exploring purchases, while soybeans near twelve are probably going lower. Gold is at a four-decade high against Treasuries, not against the dollar, and he says $3,000 would be the ideal place to buy it. He calls this a trading year of a lifetime, maybe similar to 2008.

#Gold #Recession #JeremySzafron
__________________________________________________________________

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For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.