Can Copper Buck Downtrends in Crude, Grains? The lowest quarter-end for S&P 500 90-day volatility in 3Q in six years might be what matters in 4Q, with deflationary implications across most commodities. That volatility is always mean-reverting and the stretched gold-to-crude oil ratio -- now in global recessionary territory last seen in 1Q20 -- may define 4Q. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t49teegq1zje {BI COMD} #copper #gold #crudeoil #commodities @BBGIntelligence(Mike McGlone)