Commodity Studs: Precious Metals vs. Energy Duds The Bloomberg Energy Spot Subindex is back at the same level it first reached in 2005 at the end of August, which may emphasize commodity deflationary forces. What's notable from my graphic is that spot agriculture prices are unchanged since 2010 and industrial metals are below their 2022 highs. Precious metals are the outperformers. Are gold and silver getting stretched, akin to energy near its 2008 peak, or might they indicate some come catch-up in the other sectors? My bias leans toward the former, with autocorrelation a primary force. Crude oil has proven to be a buy-the-dips, sell-the-rallies market for about two decades, and 2026 has brought another spike. Industrial metals are typically the most economically sensitive, and record-setting copper has reached multidecade-high correlations with the S&P 500, suggesting what matters. On the Bloomberg here: https://blinks.bloomberg.com/news/stories/tkmmh7vttczq {BI COMD} #gold #crudeoil #commodities #stockmarket @BBGIntelligence(Mike McGlone)