Nov 9, 2026 · 37 min
McGlone sees a broader liquidation cascade taking shape
Liquidation Event: How Bad Will It Get? | Mike McGlone
The episode tests whether weakness across risk assets signals a market reset with consequences for monetary policy, technology investment, and household wealth.
- 1Bitcoin, copper, and high-flying technology stocks appear vulnerable as elevated valuations meet tighter financial conditions.
- 2McGlone expects falling oil and technological change to reinforce deflationary pressure, potentially forcing the Federal Reserve toward rate cuts.
- 3He identifies US Treasuries as a safer refuge than precious metals or housing during a broad market liquidation.
Don't miss
McGlone rejects gold and housing as the clearest refuge, arguing that US Treasuries currently offer better safety during liquidation.
The brief
Mike McGlone argues that weakness in stocks, Bitcoin, copper, and other risk assets is not a routine pullback but the opening phase of a broader liquidation cascade.
Bitcoin and copper serve as early warning signals in McGlone’s framework, where expensive assets, inflation, energy prices, and Federal Reserve policy amplify downside risk.
He expects oil to move toward $50 as supply growth, technology, and electric vehicles add deflationary pressure, potentially pushing the Federal Reserve from vigilance toward large rate cuts.
The first casualties, he says, are likely Bitcoin, AI-linked companies, and high-flying technology stocks, whose declines could damage data-center expansion and broader capital spending.
Against gold, silver, and housing, McGlone makes the episode’s clearest call: US Treasuries currently offer the stronger safety trade because alternatives look historically expensive.
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