Crude Oil, Gold Duds vs. Inflating US Stocks Spiking crude oil has coincided with US Treasury 30-year yields rising to the highest in about two decades, but the record-setting US stock market appears to be the primary underpinning for inflation. My graphic highlights the plunging price of Brent crude oil vs. the S&P 500, and in 2026, crude/SPX looks like a bear-market bounce. Is it sustainable? My bias leans to unlikely. It may take an extended decline in equity prices for the ratios of gold and crude to SPX to stop dropping. The crocodile-jaws pattern of declining gold and crude vs. beta -- juxtaposed with US stock-market cap-to-GDP advancing to about a 100-year high alongside rising T-Bond yields -- may suggest what's driving. Federal Reserve easing in 2025, despite the rapidly rising stock market, may be looked upon as adding fuel to an inflation fire. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tfdqm8kip3or {BI COMD} #gold #crudeoil #stockmarket @BBGIntelligence(Mike McGlone)