The endgame of a potential U.S. market crash may have already begun, according to Bloomberg senior commodity strategist Mike McGlone.
McGlone argued that a speculative “pump then dump” pattern seen across multiple asset classes is increasingly spreading toward equities, raising the risk of a broader market correction, he said in an interview with David Lin published on June 12.
According to McGlone, 2026 has been defined by sharp rallies followed by rapid declines in assets such as Bitcoin (BTC), silver, natural gas, and agricultural commodities.
He warned that the same dynamic could eventually reach the U.S. stock market, potentially marking the next phase of the cycle.
The warning comes as strong corporate earnings and a prolonged bull market continue to attract capital into equities.
To this end, McGlone said stocks have become the primary destination for speculative money, drawing investment away from commodities, precious metals, and cryptocurrencies.
Trickle-down effects
In his view, capital is increasingly flowing into stocks at the expense of alternative assets such as gold and commodities.
“The pump-and-dump is the theme so far this year. The significance for my outlook is I think it’s just getting started.<….> To me, the endgame is this pump-then-dump pattern, which started in Bitcoin and natural gas and silver and corn is going to trickle down to everything, including crude oil and the stock market,” he said.
While he did not provide a specific downside target for the S&P 500, he warned that the pump-and-dump pattern already seen could eventually spread, making the U.S. stock market the final stage of the cycle.
The strategist suggested the stock market could ultimately lead a broader decline across financial markets. While speculation has already cooled in some commodities after strong gains earlier this year, he believes the underlying risks remain unresolved.
McGlone said the recent pullback in precious metals reflects a typical market-peak pattern, where strong rallies are followed by profit-taking.
He pointed to silver’s sharp advance and subsequent retreat as an example of speculative excess unwinding.
Despite the correction, he expects gold to find support near $4,000 and remain largely range-bound over the longer term if historical trends persist.
