Bitcoin, copper and silver warn of wider market downturn

Commodity strategist Mike McGlone wrote in a Nov. 4 analysis that Bitcoin, copper, silver and other commodities are showing a pattern of sharp rallies followed by steep declines. He expects the selling to continue through the end of 2026.

McGlone described Bitcoin as an early warning for other risky investments. The cryptocurrency has struggled to remain in positive territory this year. He linked its weakness to a possible end to a period of strong wealth creation and inflation-driven growth.

Copper and the S&P 500 have recorded similar price movements in 2026, according to McGlone. Copper is widely used in construction and manufacturing, making its price a measure that investors often track for signs of changes in economic activity. McGlone expects weakness in U.S. stocks to add selling pressure to copper, other commodities and agricultural products.

Silver has also reversed a sharp gain. The metal rose 60% in the first quarter of 2026 but had surrendered much of that increase by Nov. 3, when it was down about 30% for the year. McGlone noted that silver had returned to price levels last seen in 1980.

Similar rallies and declines have occurred in gold, platinum, palladium, natural gas, nickel, lead, iron ore and Bitcoin, according to the analysis. WTI crude oil closed October above $100 a barrel for the first time since 2008. Copper, grains and natural gas remained among the weaker commodity markets.

McGlone identified copper and corn as commodities that could face further declines. He is monitoring copper and the S&P 500 to assess whether weakness in individual markets spreads across stocks, commodities and other investments.

Reviewed and fact-checked by Alex Panasenko on November 4.