Rising Crude Surpluses and Budget Deficits - Climbing US crude oil supply excesses and persistent government deficit spending are top forces underpinning gold vs. the fossil fuel. Comparing today's ratio to 2020 -- the last time 53 barrels equaled an ounce of gold -- suggests a continuation of the uptrend. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t18k28gpqqav {BI COMD} #gold #crudeoil #macroeconomics @BBGIntelligence(Mike McGlone)