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Bloomberg senior commodity analyst Mike McGlone said sharp run-ups followed by pullbacks in assets including Bitcoin, gold and silver this year could spread to other commodity markets by year-end.
In a post on X, McGlone said prices had surged and then retreated this year in U.S. natural gas, BTC, gold, silver, platinum, palladium, lead, nickel and iron ore. He added corn and copper were the next commodities facing elevated downside risk, and said the trend could affect agricultural and metals markets as well as the broader global economy. McGlone also said U.S. stocks may need to remain resilient to prevent a broader chain of declines across commodity markets.