Mike McGlone: Copper and Gold Flashing Warning Signs

On this episode, Mike McGlone, Chief Commodities Analyst at Bloomberg, discusses the current state of copper and gold prices with Michael Fox. McGlone expresses concern about the high copper prices, which he believes are due to speculation about potential US tariffs rather than increased demand. He suggests that these high prices are counterproductive and may serve as a warning against implementing tariffs. Regarding gold, McGlone notes that it has reached record highs and is outperforming the S&P 500, indicating potential economic turbulence ahead. He attributes gold's rise to increased ETF inflows and investors seeking alternatives to the stock market. McGlone predicts that a stock market correction could further fuel gold's rise while potentially causing copper prices to decline.