Asks how damage to Qatar LNG facility (17% capacity offline for 3-5 years) changes McGlone's thesis on oil and natural gas.
Host (Kayleigh)
Mike McGlone
Sticking with thesis: longer energy crisis lasts and higher prices go (especially crude oil), more likely it tilts into global recession like 2008.
Notes metals and mining stocks falling sharply (gold down $300/oz, 6%), asks if there's more at work than Iran.
Host (Joe)
Mike McGlone
Metals decline (copper, silver) is just getting started. Key theme hasn't happened yet: volatility from crude oil and gold hasn't trickled up to stock market.
Asks why gold is down during war times (7th session down).
Host (Joe)
Mike McGlone
Gold already front-ran the crisis last year. Now looking forward to more secure future, potentially opening of Strait of Hormuz, maybe worst is over.