Crude's 2008 High May Guide Gold, Silver Post-2026 Crude oil's 2008 peak near $147 a barrel came alongside its most extreme premium to its 60-month moving average in futures history (since 1985), which may be indicative for gold and silver after 2026. Bull markets often end in euphoria. Crude is revisiting the upper end of its roughly two-decade range this year. My bias is that we should expect similar moribund price action in gold and silver, following high-speed rallies to 1Q highs, due to a key force in supply vs. demand models: price, particularly when it goes parabolic. OPEC helped elevate crude prices, which accelerated the proliferation of US shale, biofuels, electrification and technology replacing fossil fuels. The closing of the Strait of Hormuz may add to these trends and increase US energy dominance, if the rules of economics prevail. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tex2makip3lk {BI COMD} #crudeoil #gold @BBGIntelligence(Mike McGlone)