Has the Gold Stud vs. Energy Dud Pattern Changed? The Bloomberg Energy Spot Subindex (BCOMENSP) has been robust year to date, gaining about 45%, getting it to breakeven from 2005. Will the Iran war sustain higher prices, or follow the pattern of the past two decades -- incentivizing more supply, suppressing demand and accelerating the shift toward technology replacing fossil fuels? The answer looks apparent. My graphic shows BCOMENSP roughly matching industrial metals, with both sectors shadowed by gold's appreciation, notably since 2007. Risks of post-inflation deflation may have risen due to the energy spike, especially if 2008 is a guide, when WTI crude oil peaked at almost $147 a barrel. Knocking around $100, crude might take cues from US natural gas, which is down almost 30% in 2026 after surging roughly 100% in January. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tdfg29kiupwq {BI COMD} #crudeoil #naturalgas #energy @BBGIntelligence(Mike McGlone)