Disinflation Followed 1980 - Deflation May Be Next The last time silver peaked at a similar premium to WTI crude oil as in 1Q was 1980, which was followed by decades of moribund prices for both. My graphic highlights a top reason it might not be different this time: the surging surplus of US and Canadian crude oil and liquid fuels. What's notably different is that the consumer price index topped at about 15% roughly 46 years ago. CPI may have set a similar apex in 2026 near 4.2%. The post-1980 period was followed by an elongated period of disinflation. This time it might be deflation. Silver, gold and broad commodities have reached multidecade highs vs. US Treasuries, alongside the US stock market relative to GDP and public debt. It happened on the back of the biggest money pump in history, which may be unwinding. Silver has completed an initial reversion to about $50 from $120. Crude oil may be next. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/to0x98kgifpr {BI COMD} #silver #crudeoil @BBGIntelligence