Speaking with Scott Melker, the host of Wolf of all Streets podcast, Bloomberg senior commodity strategist Mike McGlone highlighted that the markets are way overdue for a pretty significant correction, most notably in terms of equities, but this has also been felt in the crypto market as well. Notably, McGlone thinks that this is a ‘defining moment’ for the digital asset; although there are downside risks, he believes that this is a “very good buying opportunity” for long-term investors who had left funds on the side. The commodity strategist noted:
Gold to exceed $2,000 per ounce
As a result of Russia’s invasion of Ukraine, the price of gold climbed to a 13-month high on February 24. Mr. McGlone stated: Generally, gold is viewed as a safe-haven asset amid rising geopolitical tensions, and its price has climbed accordingly. With tensions between the two nations continuing to escalate, investments in gold have also increased. Almost $1 trillion was infused into gold in the last 30 days alone. US Global Investors CEO Frank Holmes believes that gold is the best asset to acquire in the high tension environment.
Crude oil to peak at $100 a barrel
Elsewhere, despite the increasing value of Energy ETFs and oil hitting $100 a barrel, the senior commodity strategist believes that crude oil has probably peaked at around $100 a barrel; he compared the peak in oil prices in 2008 when oil was $145 a barrel. The market analyst sees the beginning of a forthcoming recession and a pretty significant equity market correction in the future. At the time of publication, the S&P 500 is down 0.62% on the day, while Bitcoin is down 5.88% in the last 24 hours, currently trading at $36,233, recovering from as low as $34,472 earlier in the day. Watch the video: Mike McGlone this is a ‘defining moment’ in history to buy Bitcoin Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
