It's Gold, Copper, Metals and Miners vs. Everything: 4Q Commodities Outlook - Led by gold, the metals are bucking deflationary trends in energy and agriculture. Whether the precious metal can sustain 2025's gain -- 63% to Oct. 16 -- will be a top 4Q story. Our bias is that gold above 4,000 an ounce is stretched, potentially akin to 2,000 in 2020, which held for about four years. Metals are proving resilient as the least-elastic commodities. Yet copper's rally, driven largely by supply disruptions, can make the economically sensitive industrial metals more vulnerable if dormant stock-market volatility reemerges. Earnings are buoying miners, which are at risk of an ebbing beta tide in 4Q. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t49tedgq7lg6 {BI COMD} #gold #crudeoil #copper #commodities #Stockmarket @BBGIntelligence(Mike McGlone)