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The Bloomberg Energy Spot Subindex appears to have peaked near its 2005 high, according to Mike McGlone.
McGlone added that the top-performing sector, precious metals, now faces central bank restraint. He described 2005 as a significant year since it marked the approximate apex of the previous commodity surge.
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McGlone has recently highlighted major shifts in commodity and metals markets. He pointed out that U.S. natural gas futures surged 100% in the first quarter before dropping 20% through November 2026. In a separate note, he observed that gold's annual volatility rose to 2.1 times that of the S&P 500, marking its highest level since before the Great Financial Crisis. These data points show the breadth of fluctuations across key commodities.