Crude and Gold Both Face Reversion Risks in 2H WTI crude oil, at about $107 a barrel on May 19, has rebounded to levels first traded in 2008, when the US was the world's top importer. The 1Q high near $120 is roughly double the breakeven production cost in the US, which has become the top producer and a net exporter -- with price-reversion implications. The store of value, gold, leads the least price-elastic commodities, but my graphic highlights a top headwind -- it may have gone up too much. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tfbvtekgzak8 {BI COMD} #crudeoil #gold @BBGIntelligence