Crude 50-100, Gold 3,000-3,500; Commodity Cages That Matter - Bouncing crude oil has usurped gold at the top of the commodity radar nearing the end of 1H, but may accelerate price-elasticity forces. Downward estimate revisions for global crude demand and upward for supply could gain fuel from the price spike. Enduring production disruptions appear as unlikely as 100 a barrel WTI crude vs. gravitation toward US break-even costs closer to 50. For crude and economically sensitive copper to remain buoyant, US stock market capitalization might need to persist above 2x GDP. Record-setting gold appears to be detecting the limits of elevated equities and 100,000 Bitcoin. If risk assets stay lofty, the metal may fall toward 3,000 an ounce. However, it's the potential to rise above 3,500 that we find disconcerting -- a slight beta pullback may be all it takes. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/syb02cdwx2ps {BI COMD} #commodities #crudoil #gold #stockmarket @BBGIntelligence