Trend Is Down, But Energy's Getting Cheap vs. Metals - The lessons of embracing the technology but not the underlying commodity prices are playing out in 2025, with deflationary implications for 2026. From a base of 100 in 1997, the Bloomberg Energy Subindex Total Return fell to a new low of 5.5 on Dec. 15, when measured vs. the Bloomberg All Metals Total Return Subindex. Full report on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/t7d068kiupt0 {BI COMD} #energy #metals #gold #stockmarket @BBGIntelligence(Mike McGlone)