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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.
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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.