Signs of normalization emerge between U.S. Treasury prices and assets, Mike McGlone notes

Signs of normalization emerge between U.S. Treasury prices and assets, Mike McGlone notes
Reversion signals for U.S. Treasuries and gold

A period of normalization in deeply depressed U.S. Treasury prices relative to gold, as well as elevated stock-market capitalization compared to public debt, may have sparked a reversal. Mike McGlone made this assessment, highlighting ongoing shifts tied to the Federal Reserve’s interest rate hikes and a Democratic sweep in the midterms.

McGlone has previously tracked shifts in U.S. commodities markets. He recently observed that U.S. natural gas futures remained below $4 alongside an increase in managed-money net-short positions. In another update, he pointed out that natural gas futures saw a 100% gain in the first quarter before falling 20% through early November 2026.

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