Bitcoin is slipping, gold is rising, the S&P 500 looks shaky in gold terms and for Bloomberg's McGlone this is a familiar setup that is starting to smell like 2008 all over again.
Bitcoin is slipping, gold is rising, the S&P 500 looks shaky in gold terms and for Bloomberg's McGlone this is a familiar setup that is starting to smell like 2008 all over again.Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.
Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.The most important macro chart for 2026 might not have to do with interest rates, earnings or even the Fed. It is Two charts are now at the forefront of the conversation for McGlone. The first shows the S&P 500 priced in gold ounces falling below a key level set back in 1929. This level has only been breached during historic market crashes, like the one caused by Nixon's policies and the collapse of the Lehman Brothers. The second shows a big difference between a falling Bitcoin/gold ratio and a still-bloated stock market valuation that is almost 21% of GDP.Morning Crypto Report: $74.68 Million XRP Bull Makes Brutal Mistake, Bitcoin Briefly Hits $0 On Decentralized Exchange, Shiba Inu Delivers 5,407,865% Liquidation Shock: What Happened?U.Today Crypto Review: XRP's Biggest Price Bounce, Shiba Inu Still Fighting, Is Ethereum Eyeing Third $3,500 Breakout? McGlone is direct, as he says the breakdown in the S&P/gold ratio is key, being a classic"beta unwind" phase that tends to crush risk assets and reward stores of value. This same ratio broke in 2008 and 1973. Stocks, by the way, lost over 50% in both cases before recovering.ratio, which was once a good way to measure how strong people were betting, is dropping even as stock indexes hit new highs. McGlone sees it differently. He thinks it is a trap, not a bullish divergence, and it is a contradiction that will be solved by equities following crypto lower — not the other way around.A full breakdown of this ratio could imply a 2008-style liquidity drain, especially with silver and crude oil now appearing"silly." It would also flip the narrative on Either way, 2026 might be the year the market learns to fear gold — not because it rises, but because everything else falls.
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