Bitcoin Faces Its Toughest Macro Test Of 2026

Macro and precious-metals commentator Mario Innecco and Bloomberg Intelligence's Mike McGlone join Scott on Macro Monday as Fed rate hikes come back on the menu a day before the U.S. midterm elections, putting Bitcoin, gold and bonds to the test. Mike and Mario debate whether gold has put in a lasting top, whether 10-year Treasury yields near 5% make bonds the better trade, central banks buying gold at a record pace and the UK looking at tokenized gold as collateral, and whether it takes a market crisis to stop runaway deficits. They also cover midterm odds and what a Democratic sweep could mean for markets, Friday's tech earnings jitters and AI valuations, inflation lessons from the 1970s, the Chinese yuan's strongest level against the dollar since 2022, and gold versus the S&P 500 over the last century. In this episode:00:00 Rate hikes and midterms put Bitcoin to the test06:59 Has gold topped? Mike McGlone vs Mario Innecco14:08 Yields near 5%, M2 and the case for precious metals16:41 Central banks buying gold and tokenized gold collateral19:45 Stocks versus public debt and why it takes a crisis26:37 Midterm odds and what a Democratic sweep means29:23 Tech earnings jitters and the AI unknown35:36 Inflation lessons from the 1970s43:28 The Chinese yuan hits its strongest level since 202254:10 Gold versus the S&P 500 over 100 years Mario Innecco on X: https://x.com/maneco1964Mario Innecco on YouTube: https://www.youtube.com/@maneco64Mike McGlone on X: https://x.com/mikemcglone11 Watch this episode on YouTube: https://www.youtube.com/watch?v=1vMFiTNxMqw If you enjoyed this episode, follow the show and leave a rating. It helps more than you know. Follow Scott Melker:Watch on YouTube: https://www.youtube.com/@ScottMelkerFollow Scott on X: https://x.com/scottmelkerThe Wolf Den newsletter: https://thewolfden.substack.comThe Daily Wolf on Yahoo Finance: https://finance.yahoo.com/videos/series/daily-wolf/ Learn more about your ad choices. Visit megaphone.fm/adchoices