Gold (GC=F) peaked at an all-time high on Tuesday, crossing above $2,560 per ounce. A single bar of gold — which is about 400 ounces — now costs over $1 million. Bloomberg Intelligence senior macro strategist Mike McGlone sits down with the Market Domination team to talk about gold's price surge in 2024.

"The bottom line for gold is it typically outperforms the S&P 500 (^GSPC) when it's at a severe discount, which it is now when unemployment rises and the yield curve, which is steeply inverted, disinverts," McGlone tells Julie Hyman and Josh Lipton. "So all the all the inklings for gold are quite strong upward, particularly if we start getting a little look back and feel in stock market, which would mean somewhat deflationary forces."

McGlone discusses the scenarios or risk indicators that will mark gold being too stretched as more investors cycle into the commodity space, and how much higher he expects gold to rally to.

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This post was written by Luke Carberry Mogan.