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Mike McGlone highlights that gold could be facing a lose-lose scenario compared to stocks and bonds. Most central banks are raising interest rates, and global government-bond yields are surging. The U.S. Treasury five-year yield recently climbed above 5 percent, marking its highest year-end level since 1999.
According to McGlone, these trends create headwinds for non-income-producing assets, especially gold, making the current environment more favorable for income-generating investments like stocks and bonds.
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McGlone recently discussed how central bank rate hikes in response to energy price spikes could spur deflation in metals markets, according to a past analysis (link). He has also highlighted risks for broader assets, warning that Bitcoin could face a second consecutive down year in 2026 (link). These observations follow his ongoing focus on the impact of higher rates and volatility across asset classes.