Energy, Precious Metals Prices May Have Peaked Precious metals are the only major commodity sector to reach a new high this year, and energy is a notable dud. The 64% rise in the Bloomberg Energy Spot Subindex to its 2026 high on May 4 retested resistance first set in 2005. My graphic suggests energy prices may have peaked from this threshold, with plenty of reversion room unless the pattern of lower highs and lows since 2008 has changed. I view that as unlikely and see the closing of the Strait of Hormuz as another catalyst -- on the back of Russia's invasion of Ukraine -- that adds fuel to primary preexisting price-pressure trends: rising US energy dominance and technology replacing fossil fuels. My graphic also highlights the performance advantage of investing in precious metals vs. energy commodities, but gold and silver may have reached exorbitant plateaus. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tfsjtan3n09q {BI COMD} #crudeoil #gold #energy #metals @BBGIntelligence(Mike McGlone)