McGlone warns market correction could hit metals hard, copper down 20%-30%

Mining.com2026/09/18 18:15

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Bloomberg Intelligence senior commodity strategist Mike McGlone is warning that elevated stock markets, rising interest rates and 5% Treasury yields are creating an increasingly difficult backdrop for metals.

Speaking on Top of Mine, McGlone said gold, silver and copper have become increasingly tied to equity markets, describing them as “stock puppets.” He warned that a typical 10% stock-market correction could send copper down 20% to 30%, while gold could eventually retreat toward $3,000 before presenting a more attractive buying opportunity.

McGlone said the Federal Reserve’s return to rate hikes has changed the investment equation for non-yielding assets. With investors able to secure around 5% on 10-year US Treasuries, he argues current valuations in gold and other commodities warrant greater caution.

Watch the full Top of Mine interview above.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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