Commodities show signs of bottoming against stocks, Mike McGlone notes

Commodities show signs of bottoming against stocks, Mike McGlone notes
Commodities may start to beat stocks

Commodities appear to be bottoming against stocks, with the broad stock-market ratio to U.S. public debt reaching its highest year-end level since 2000. Mike McGlone shared this view, referencing his annual chart and discussing conditions affecting the Bloomberg Commodity Spot Index.

McGlone has previously tracked shifts in key commodity markets. He observed that U.S. natural gas futures stayed below $4 as net-short positions increased. In another note, he identified $2,000 as an important resistance point for platinum after its reversal from higher levels in 2026, according to recent price trends.

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