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Mike McGlone stated that U.S. Treasury bond prices may be bottoming versus gold after reaching what he described as a roughly four-decade nadir. He indicated that if the current ratio of about 2.4x between these assets holds into year-end, it could result in historically significant implications due to mean reversion.
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McGlone has recently highlighted other commodity price developments. He noted that U.S. natural gas futures have stayed below $4 as managed-money net-short positions increased. In a separate update, he identified $2,000 as a key resistance level for platinum following its decline from near $3,000 an ounce.