Gold's 66% Gain in 2025 Hints at Deflation If History's a Guide - Gold's parabolic 66% gain in 2025 to Oct. 20 is unprecedented alongside falling crude oil and low stock-market volatility. Is it inflationary or deflationary? My bias leans to the latter -- especially if the S&P 500 follows Bitcoin's reversion path toward its 200-day moving average. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t4h828gpwchi {BI COMD} #gold #crudeoil #stockmarket #macroeconomics @BBGIntelligence(Mike McGlone)