U.S. market crash ‘endgame' has begun, warns senior commodity strategist

• McGlone identifies a 'pump then dump' pattern in 2026 affecting Bitcoin, natural gas, silver, and agricultural commodities, which he believes will eventually reach crude oil and the U.S. stock market
• Capital is flowing into equities at the expense of alternative assets like gold and commodities, with speculation already cooling in some commodity markets after earlier gains
• Despite recent precious metals pullbacks, McGlone expects gold to find support near $4,000 and remain range-bound longer term if historical trends persist

Summary: Bloomberg Strategist Warns of U.S. Market Crash "Endgame"

Bloomberg senior commodity strategist Mike McGlone has warned that the "endgame" of a potential U.S. market crash may be underway, citing a concerning "pump and dump" pattern spreading across asset classes.

Key Warning Signs

McGlone identified a speculative cycle throughout 2026 characterized by sharp rallies followed by rapid declines across multiple assets, including:

• Bitcoin
• Natural gas
• Silver
• Corn
• Agricultural commodities

The strategist warned this pattern could soon reach U.S. equities, representing the final phase of the cycle.

Market Dynamics

McGlone explained that capital is increasingly flowing into stocks at the expense of alternative investments like commodities, precious metals, and gold. He stated: "The pump-and-dump is the theme so far this year...I think it's just getting started...it's going to trickle down to everything, including crude oil and the stock market."

While strong corporate earnings and a prolonged bull market continue attracting capital into equities, McGlone believes stocks have become the primary destination for speculative money, creating elevated crash risk.

Precious Metals Outlook

Despite recent pullbacks in precious metals reflecting what McGlone characterizes as a typical market-peak pattern, he expects gold to find support near $4,000 and remain range-bound longer-term if historical trends persist. He cited silver's sharp advance and subsequent retreat as evidence of speculative excess unwinding.

Implications

The strategist did not provide a specific downside target for the stock market but suggested it could ultimately lead a broader decline across financial markets, even as speculation has already cooled in some commodities after earlier gains this year.