{"id":112440,"date":"2025-04-08T00:33:57","date_gmt":"2025-04-08T04:33:57","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/golds-record-has-room-to-run-as-crude-oil-us-stocks-teeter\/"},"modified":"2025-04-08T10:26:25","modified_gmt":"2025-04-08T14:26:25","slug":"golds-record-has-room-to-run-as-crude-oil-us-stocks-teeter","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/golds-record-has-room-to-run-as-crude-oil-us-stocks-teeter\/","title":{"rendered":"Gold\u2019s record has room to run as crude oil, US stocks teeter"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09bdce18fc5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Gold\u2019s record has room to run as crude oil, US stocks teeter<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/gold.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Gold Casting Grain\" title=\"Gold Casting Grain\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09bdce23ba6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">April 8, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09bdce267bd'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This analysis is by Bloomberg Intelligence Senior Commodity Analyst Mike McGlone. <\/em><em>It appeared first on the Bloomberg Terminal.<\/em><\/p>\n<p class=\"p1\"><span class=\"TextRun SCXW8249841 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CopilotHighlight SCXW8249841 BCX0\">The Bloomberg Commodity Spot Index&#8217;s 2025 gain of about 8% to March 28 is attributable to the stalwart metals, and at potential risk if the US stock market keeps sliding. Can copper beat gold in a year of unprecedented US austerity and tariffs, with China increasingly relying on stimulus? Our performance bias <\/span><span class=\"NormalTextRun CopilotHighlight ContextualSpellingAndGrammarErrorV2Themed SCXW8249841 BCX0\">is with<\/span><span class=\"NormalTextRun CopilotHighlight SCXW8249841 BCX0\"> gold. But at $3,000 an ounce the stretched bull may need to be fed, and a top candidate to do so is further reversion in US equities and Treasury-bond yields. The Trump administration&#8217;s goals for lower energy prices and yields have the benefit of preexisting trends. <\/span><\/span><\/p>\n<p class=\"p1\"><span class=\"TextRun SCXW8249841 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CopilotHighlight SCXW8249841 BCX0\">CME-traded copper&#8217;s $5.37-a-pound record high on March 26 could have a similar fate as 2024&#8217;s $5.20 peak, which <\/span><span class=\"NormalTextRun CopilotHighlight SCXW8249841 BCX0\">subsequently<\/span><span class=\"NormalTextRun CopilotHighlight SCXW8249841 BCX0\"> bottomed near $4. In grains, ample South American supply suggests it may take a Corn Belt drought to avoid lower prices.<\/span><\/span><span class=\"EOP SCXW8249841 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09bdce28753'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5761214746128455579\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09bdce2de77'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"p1\">Abundance vs. high stocks<\/h2>\n<h3><span class=\"TextRun SCXW71744262 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CopilotHighlight SCXW71744262 BCX0\">Hot for a reason: Gold vs. a shift in the post-WWII world order<\/span><\/span><\/h3>\n<p><span class=\"TextRun SCXW71744262 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CopilotHighlight SCXW71744262 BCX0\">Commodities and gold are recovering from recent multidecade lows vs. the US stock market, and that trend may have lots of room to run, with worthy catalysts. Unprecedented US austerity and tariffs, along with deflation from China akin to Japan about 30 years ago, could sustain the precious metal as 2025&#8217;s top performer.<\/span><\/span><span class=\"EOP SCXW71744262 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"TextRun SCXW253018059 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CopilotHighlight SCXW253018059 BCX0\">Normalization may be at hand: Gold vs. US stocks<\/span><\/span><\/h3>\n<p><span class=\"TextRun SCXW253018059 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CopilotHighlight SCXW253018059 BCX0\">The inordinate burden on a rising US stock market to lift all boats may have reached an apex, with deflationary implications for commodities except gold. Our graphic shows the per-ounce price of the metal divided by the S&amp;P 500 breaching 0.50 &#8212; a key threshold in 1972 and 2007. The pandemic and Russia&#8217;s invasion of Ukraine were historical distortions that pumped money, <\/span><span class=\"NormalTextRun CopilotHighlight SCXW253018059 BCX0\">commodities<\/span><span class=\"NormalTextRun CopilotHighlight SCXW253018059 BCX0\"> and asset prices to unsustainable levels, as <\/span><span class=\"NormalTextRun CopilotHighlight SCXW253018059 BCX0\">evidenced<\/span><span class=\"NormalTextRun CopilotHighlight SCXW253018059 BCX0\"> by WTI crude oil at about $70 a barrel on March 28 vs. 2022&#8217;s $130 high.<\/span><\/span><span class=\"EOP SCXW253018059 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1214\" height=\"890\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-11.png\" class=\"bbg-single-image__image attachment-full\" alt=\"US Stocks\/GDP, Gold\/Stocks\" title=\"US Stocks\/GDP, Gold\/Stocks\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-11.png 1214w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-11.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-11.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-11.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-11.png 147w\" sizes=\"auto, (max-width: 1214px) 100vw, 1214px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW216514754 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216514754 BCX0\">Crude and the grains are on track for low-price cures, and if US stock-market-cap-to-GDP reverts toward the 2000 high near 1.5, buoyant copper and base metals will face similar deflationary forces. What stops it is a key question, and unprecedented US austerity and tariffs could add fuel to typical downward cycles. <\/span><\/span><\/p>\n<h3><span class=\"TextRun SCXW216514754 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216514754 BCX0\">Lots of reversion room, with a worthy catalyst<\/span><\/span><\/h3>\n<p><span class=\"TextRun SCXW216514754 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216514754 BCX0\">Multidecade lows in the Bloomberg Commodity Spot and Hang Seng <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW216514754 BCX0\">indexes<\/span><span class=\"NormalTextRun SCXW216514754 BCX0\"> vs. the S&amp;P 500 in 2024 may have found a spark for recovery. The unprecedented combination of the Trump administration&#8217;s austerity and tariffs at a time of accelerating deflationary technology &#8212; as <\/span><span class=\"NormalTextRun SCXW216514754 BCX0\">evidenced<\/span><span class=\"NormalTextRun SCXW216514754 BCX0\"> the latest BYD electric vehicles able to charge for about a 250-mile range in just five minutes &#8212; might suggest some normalization of elevated US equity prices. Our half-century chart shows the vast room for Chinese stocks and commodities to catch up to beta.<\/span><\/span><span class=\"EOP SCXW216514754 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1208\" height=\"874\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Multidecade Commodity, Chinese Stock Lows vs. Beta\" title=\"Multidecade Commodity, Chinese Stock Lows vs. Beta\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2.png 1208w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2.png 149w\" sizes=\"auto, (max-width: 1208px) 100vw, 1208px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW199436196 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199436196 BCX0\">But <\/span><span class=\"NormalTextRun SCXW199436196 BCX0\">it&#8217;s<\/span><span class=\"NormalTextRun SCXW199436196 BCX0\"> the potential for the S&amp;P 500 to revert some of its <\/span><span class=\"NormalTextRun SCXW199436196 BCX0\">roughly 10x<\/span><span class=\"NormalTextRun SCXW199436196 BCX0\"> gain since 2009 that may be 2025&#8217;s most powerful force for deflation reciprocal to the inflation. If US stocks stabilize, energy and grain prices still face downward paths, but if beta keeps reverting, deflation may reign. <\/span><\/span><\/p>\n<h3><span class=\"TextRun SCXW199436196 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199436196 BCX0\">Commodity consistency: Gold beating crude<\/span><\/span><\/h3>\n<p><span class=\"TextRun SCXW199436196 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199436196 BCX0\">Gold at the top of our annual-performance dashboard and crude oil at the bottom may gain momentum if the US stock market declines. One of the most enduring trends in commodity prices since 2008 has been a rise in the number of crude barrels equal to an ounce of gold, along with growing US government budget deficits and energy-output surpluses. At about 44 on March 28, gold\/crude is up from its nadir of just below seven about 17 years ago. What stops the store of value from outpacing most commodities is a top question, and a prerequisite for gold to lose some of its luster is competition from rising US rates and equities. That may be changing, as shown by gold ETFs shifting to substantial inflows.<\/span><\/span><span class=\"EOP SCXW199436196 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1208\" height=\"742\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-3.png\" class=\"bbg-single-image__image attachment-full\" alt=\"US T-Bonds\" title=\"US T-Bonds\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-3.png 1208w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-3.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-3.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-3.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-3.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-3.png 176w\" sizes=\"auto, (max-width: 1208px) 100vw, 1208px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW194379829 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW194379829 BCX0\">Bitcoin&#8217;s $100,000 threshold is looking increasingly like 5,000 in the Nasdaq 25 years ago, with risk-asset implications. <\/span><\/span><\/p>\n<h3><span class=\"TextRun SCXW194379829 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW194379829 BCX0\">Deflation from the inflation may be c<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW194379829 BCX0\">ommodity<\/span><span class=\"NormalTextRun SCXW194379829 BCX0\"> tilt<\/span><\/span><\/h3>\n<p><span class=\"TextRun SCXW194379829 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW194379829 BCX0\">The most supply-to-price elastic sector &#8212; the grains &#8212; at the bottom of our annual-performance dashboard and precious metals at the top are due to the distortions of 2020-22. Where and when do the trends stop? Low-price-cure paths in corn, soybeans and wheat appear similar in oil and natural gas, and absent supply shocks, gravity-pull forces could be toward 2019 levels. <\/span><span class=\"NormalTextRun SCXW194379829 BCX0\">That&#8217;s<\/span><span class=\"NormalTextRun SCXW194379829 BCX0\"> about $57 a barrel in WTI crude, which is <\/span><span class=\"NormalTextRun SCXW194379829 BCX0\">roughly the<\/span><span class=\"NormalTextRun SCXW194379829 BCX0\"> US break-even price. <\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW194379829 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW194379829 BCX0\">US-traded copper has been a 2025 stalwart, but because of tariffs that <\/span><span class=\"NormalTextRun SCXW194379829 BCX0\">haven&#8217;t<\/span><span class=\"NormalTextRun SCXW194379829 BCX0\"> yet been implemented. The record $5.37 a pound on March 26 could be at risk of <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW194379829 BCX0\">similar<\/span><span class=\"NormalTextRun SCXW194379829 BCX0\"> reversion <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW194379829 BCX0\">as<\/span><span class=\"NormalTextRun SCXW194379829 BCX0\"> 2024&#8217;s $5.20 peak. The bottom came at about $4. That gold has only three companions &#8212; silver, <\/span><span class=\"NormalTextRun SCXW194379829 BCX0\">platinum<\/span><span class=\"NormalTextRun SCXW194379829 BCX0\"> and palladium &#8211; may show its attributes vs. Bitcoin, which has millions of crypto dependents.<\/span><\/span><span class=\"EOP SCXW194379829 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1198\" height=\"530\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4.png\" class=\"bbg-single-image__image attachment-full\" alt=\"What Stops Gold From Outpacing Most Commodities?\" title=\"What Stops Gold From Outpacing Most Commodities?\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4.png 1198w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4.png 192w\" sizes=\"auto, (max-width: 1198px) 100vw, 1198px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"898\" height=\"1430\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Index performance\" title=\"Index performance\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5.png 898w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5.png 68w\" sizes=\"auto, (max-width: 898px) 100vw, 898px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>Terminal subscribers can access full version of this report via BI &lt;GO&gt;.<\/em><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a09bdce3b0a7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a09bdce3c371\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a09bdce3c371\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p><span style=\"font-size: 10px;\"><em>The data included in these materials are for illustrative purposes only. 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<\/p>\n","protected":false},"author":1935,"featured_media":112456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"540","footnotes":""},"categories":[540,453,444],"tags":[565,3794,451,454],"series":[],"class_list":["post-112440","post","type-post","status-publish","format-standard","hentry","category-commodities","category-markets","category-trading","tag-bloomberg-intelligence","tag-commodities","tag-corporations","tag-equities","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold\u2019s record has room to run as crude oil, US stocks teeter | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"The Bloomberg Commodity Spot Index&#039;s 2025 gain of about 8% until March 28 is due to strong metals performance, but may be vulnerable if the 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