Was 7,000 S&P 500 a Kiss Goodbye? Silver and Gold Point That Way - Thresholds near $6 a pound copper, $100 an ounce silver, $65 a barrel WTI crude oil, $5 per million BTUs natural gas, 5% US Treasury 30-year yield and $100,000 Bitcoin appear more likely to mark ceilings in 2026 unless the S&P 500 can stay above 7,000. The highest-velocity rally ever in gold and silver -- absent rising stock-market volatility, inflation and oil -- may augur post-inflation deflation risks. To prove that wrong, markets likely need to stay above the aforementioned levels. My bias is risks are skewed downward due to the rising burden on stock-market volatility staying low. January is a month for new positions, yet silver ETFs have been selling. Most commodities are in bear markets, except for the metals, and the leader -- silver -- has never been more expensive vs. crude and copper, heightening reversion risks. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t9oc6akgctfl {BI COMD} #gold #silver #copper #stockmarket #metals @markets(Mike McGlone)