Hedge Funds Bet Big on Gold Hitting $3,000 as Cold War 2.0 Intensifies – Mike McGlone

Jeremy Szafron, Anchor at Kitco News, interviews Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, about the recent volatility in commodities markets. McGlone provides insights into gold’s record-breaking rally, the challenges facing crude oil, and macroeconomic factors affecting copper prices. He discusses how hedge funds’ long positions are driving gold futures and why crude oil could face a significant decline despite geopolitical tensions. McGlone also highlights how "Cold War 2.0" could impact commodities and reveals a key volatility signal that helped him profit during the 2008 crisis.

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00:00 - Introduction
01:52 - Gold's Surge and Hedge Fund Positions
03:44 - Risks to the Gold Rally
05:36 - Crude Oil's Struggles and Geopolitical Impacts
07:28 - Hedge Fund Short Positions in Crude Oil
09:20 - Impact of Fed Rate Cuts on Commodities
11:12 - Copper's Role in Global Economic Signals
13:04 - China's Drag on Commodities
14:56 - Potential Chinese Stimulus and Commodity Rebounds
16:48 - Gold's Long-term Prospects

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