In this podcast, Bloomberg Intelligence commodities strategist Mike McGlone argues that commodity markets are being driven less by old fundamentals and more by price, volatility, and market extremes, with gold and silver now looking overextended after massive rallies, oil still vulnerable to a longer-term slide once supply and demand normalize, and the stock market’s lack of volatility standing out as the key signal that could trigger broad commodity weakness. He also warns that if equities finally correct, precious metals could shift from breakout mode into a long range-trading phase, while energy and inflation pressures continue to shape geopolitics and investor behavior.