Gold and crude show signs of peaking against U.S. Treasury bonds, Mike McGlone notes

Gold and crude show signs of peaking against U.S. Treasury bonds, Mike McGlone notes
Commodities lag U.S. bonds in 2026 outlook

Mike McGlone suggests that gold, crude oil, and the wider commodities sector may not outperform U.S. Treasury bonds in 2026.

He highlights that while commodity volatility is rising, risk measures for Treasury bonds remain subdued, signaling a notable divergence in market dynamics.

McGlone has previously forecasted prices of $120 for crude oil and $5,500 for gold in 2026, alongside targets for other assets including corn and bitcoin, in his 2026 outlook. He has also discussed the potential need for crude oil prices to decline to $40 to address rising U.S. and Canadian supply surpluses, according to a recent analysis. These past projections provide context for his latest comments on commodities and Treasuries.

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