Commodities Ex-Gold Could Point to Deflation - On a two-year basis to Aug. 14, the Bloomberg Commodity Index Total Return is up about 5%, but down about the same when excluding gold, with deflationary implications. The precious metal typically performs best in inflationary or deflationary environments and the current record-setting run may be leaning toward the latter. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t115ebgq7kzv {BI COMD} #gold #bonds #macroeconomics @BBGIntelligence(Mike McGlone)