Broad Metals: A Fading Shadow of US Stocks? Typically the best-performing commodity sector over time, the metals may have peaked in 2026 near an unchanged level vs. beta since 2018, which could suggest what's driving returns. My graphic highlights waning performance of the Bloomberg All Metals Total Return Subindex vs. the S&P 500 Total Return for almost a decade. Will broad metals start outpacing beta? My bias leans to a potential metals-index lose-lose when the stocks tide eventually ebbs. Signaling elevated risk at about 2.3x, the metals index's 180-day volatility is well above its enduring average near 1-to-1 vs. the stock index. Deflationary forces in China, as indicated by its 10-year government bond yield at about 1.72%, augur base-metals headwinds. Gold at about a four-decade high vs. a basket of US Treasuries may suggest elevated precious-metals prices. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tfouh7kiupxe {BI COMD} #gold #silver #copper #stockmarket @BBGIntelligence(Mike McGlone)