Metals' Up-Too-Much Risk vs. Energy, Grains' Low-Price Cures - Commodities appear highly subject to the stock market in 2026, and gold grabbing alpha in 2025 may indicate a beta backup. The store of value has never rallied at such high velocity with stock-market volatility so persistently low. If copper can sustain new highs above $6 a pound, it would indicate tailwinds for the global economy and risk assets. The economically sensitive metal can be a prudent short to prove strength vs. typical autocorrelation. Up-too-much risks, which peaked in cryptos in 2025, may afflict metals. Juxtaposed to hot metals, energy and agriculture may be approaching the end of too-cold cycles, which typically entail a period of relatively cheap prices. Running roughly parallel with global stocks the past 10 years, 2026 Bloomberg Commodity Spot Index performance may rest on the back of equities. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t7o469kgzar1 {BI COMD} #commodities #stockmarket #macroeconomics @BBGIntelligence(Mike McGlone)