Happy Thanksgiving! Stuff may be cheaper next year - Crude oil is down almost 20% and about 5% for Bitcoin, dispite the S&P’s 15% YOY gain. Inordinate burden to keep going up is my take on stocks. Gold grabbing alpha in 2025 may be a warning, and it’s the most stretched vs. most moving averages in almost 1/2 a century. Inflation remains a top election issue and the Trump administration wants to ‘run it hot.’ Might be a great way to lose elections. What wins? Full report on the Bloomberg here: https://lnkd.in/eQj_V6Bi {BI COMD} #gold #bitcoin #crudeoil #stockmarket @BBGIntelligence(Mike McGlone)