Gold $5,000 and Potential 2026 Multiyear Highs - Where gold goes, stock-market volatility often follows, until now. Will it be different this time? My graphic highlights gold at 1.9x vs. its 20-quarter moving average -- the greatest stretch since 1980 -- and buried S&P 500 volatility. If history is a guide, particularly since the Great Recession, gold is getting way too hot and stock-market volatility too low. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t8wk6dkgzaio {BI COMD} #gold #stockmarket @BBGIntelligence(Mike McGlone)