Bloomberg Strategist McGlone Warns Gold Will Struggle Through 2026 as US Bonds Gain Safe-Haven Appeal

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According to Kitco News reporting on Bloomberg Intelligence's mid-year commodity report, Mike McGlone, Senior Market Strategist at Bloomberg Intelligence, reiterated a bearish outlook for gold in 2026, warning that U.S. Treasury bonds could supplant the precious metal as the preferred safe-haven asset as yields remain elevated. McGlone noted that gold reached its highest valuation relative to Treasuries in nearly 40 years in the first quarter, but at current levels, if equity market momentum slows, bonds will likely attract capital away from the non-yielding metal. He also warned that silver, currently 18% undervalued according to manufacturing fundamentals, will likely be dragged lower alongside gold despite solid industrial demand.
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