Gold Risks Normalization vs. Broad Commodities Gold is beta to metals and could have set an enduring high in 2026. My graphic features the precious metal's shift to a big red annual candle following its record high near $5,500 an ounce in 1Q. It's notable that the last time the metal stretched to a similar premium vs. the Bloomberg Commodity Spot Index was in 1980. The key difference is inflation: the consumer price index topped at 14.8% that year vs. the latest reading of 3.5%. Gold's rally to the 2026 high may have been the most extreme in history absent surging inflation. WTI crude's high near $120 a barrel this year and its current price at about $89 may indicate peak CPI. Something unusual could be required for gold to remain above $5,000 an ounce, with deflationary implications for broad commodities. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/thybtgr24u8j {BI COMD} #gold #crudeoil #commodities @Bloomberg(Mike McGlone)