Global economic reset coming: Bitcoin price could drop below $10k, gold to rally — Mike McGlone
Kitco News: 8-25-2023
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, who says that a number of key macroeconomic indicators are pointing to “a global economic reset” and a period resembling “a Great Depression.”
He discusses the critical trigger – China and what a global reset could mean for assets like Bitcoin, gold, U.S. equities, crude oil, and copper.
He also highlights a number of red flags within the U.S. data.
00:00 – Intro
01:18 – Signs of a Great Depression
07:23 – China as the trigger
14:41 – What’s happening with the U.S. dollar
16:04 – BRICS and de-dollarization
19:13 – How does the worst recession of our lifetime look like?
25:00 – Jackson Hole
27:47 – Oil, gold, copper
35:20 – Bitcoin
52:13 – This could derail McGlone’s thesis
