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Mike McGlone highlights that the outlook for copper and Bitcoin toward year-end is closely linked to the volatility in the S&P 500 as the market enters a seasonally turbulent period.
According to McGlone, his annual chart compares copper and Bitcoin with the S&P 500 on the same scale, indicating a relationship between the two assets and major equity market movements.
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Earlier this year, McGlone compared gold’s first-quarter peak of $5,600 an ounce to the surge in crude oil prices during 2008, drawing attention to movements in major commodities markets here. He also discussed the potential for central bank rate hikes prompted by rising energy costs to trigger deflation in metals here. These views show his ongoing focus on connections between commodities, metals, and broader financial conditions.