Historic Gold Stretch vs. Crude May Signal Peak - "Unsustainably high" describes the 79 barrels of WTI crude oil equal to an ounce of gold at the end of February. Only the collapse to negative crude prices in April 2020 produced a higher gold/crude ratio. The graphic highlights how stretched gold/crude was vs. its 100-year mean and mode near 20 -- a potential gravity-pull level vs. 51 on March 13. The near-record level of the ancient store of value relative to the most significant industrial commodity may mark an apex. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tbzle8kgify1 {BI COMD} #gold #crudeoil @markets(Mike McGlone)