Metals Pump-Then-Dump Contagion May Trickle Down The metals sector may have reached an up-too-much plateau. Silver surged almost 70% in 2026 to its Jan. 28 peak but is roughly unchanged as of April 28. Similar pump-then-dump patterns in platinum and palladium -- from gains of about 30% to declines near 10% year to date -- may augur gold's trajectory. Gold's parabolic rally has underpinned the sector, but the precious metal is on the cusp of turning a record-setting year into a downer. Up almost 30% to its 1Q high, gold has only about 5% left to reverse 2026 into the red. The US stock market may be a top driver. Gold shifted to a high-volatility speculative asset in 1Q. Industrial metals face a global energy shock and potential recession, but aluminum and nickel supply constraints provide support. Copper appears dependent on a rising stock market for buoyancy. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/te92qakgzalq {BI COMD} #gold #silver #copper #metals @BBGIntelligence(Mike McGlone)