Speaking with Jeremy Szafron an anchor at Kitco News, Mike McGlone highlighted the substantial influence hedge funds have had on gold prices, noting their long positions in futures as a primary driver. According to McGlone, hedge funds are about 40% net long in gold futures, approaching levels seen in 2011 when gold was near its peak.

Despite potential short-term pullbacks, McGlone predicts gold could climb to $3,000 an ounce. He attributes this forecast to a combination of geopolitical tensions, particularly the growing “Cold War 2.0” between major global powers, and a persistently inverted U.S. yield curve, which he views as a signal for economic downturn.

“Commodities could face headwinds on the back of an equity decline, if the Chinese government bond yields are a guide,” McGlone stated on Wednesday via the social media platform X. “At about 180 bps below the 10-year Treasury on Sept. 23 — the most inverted since 2006-07—the disparity between yields in the top commodity importer and US was last matched before the Great Recession.”

Discussing the broader commodities market during his interview with Szafron, McGlone pointed to China’s economic deceleration as a major factor in oil’s recent struggles. He explained that weak demand from China, coupled with rising spare capacity in the U.S. and Canada, has pushed crude oil prices down.

McGlone forecasts that crude oil could drop to $40 a barrel, despite ongoing geopolitical risks, citing historical patterns in commodity prices. He remains confident that oil prices will continue to face downward pressure, especially if the U.S. stock market undergoes a correction, which McGlone believes is increasingly likely.

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