Metals May Be Sock Puppets to Stocks The Bloomberg All Metals Total Return Subindex (BCOMAMT) has retreated to roughly unchanged in 2026 through July 31 after surging 22% to a record high in January. Is it a dip in a bull market or a lasting metals peak? My bias leans to the latter due to the inordinate burden on the AI-driven stock market to keep rising for metals to avoid further declines. That BCOMAMT surrendered its 1Q gains, despite the record-setting S&P 500 (SPX) and the highest 60-day BCOMAMT-to-SPX correlation in a rising stock market in the metals index's history since 1997, may signal a bull-market endgame. My graphic highlights BCOMAMT's weak performance vs. the SPX total return, particularly since 2017. For the metals sector to stop falling vs. beta, it may need an ebbing stock-market tide, with broad deflationary implications. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tixih9rkv2ul {BI COMD} #gold #copper #metals #stockmarket @Bloomberg(Mike McGlone)