Metals May Be Nearing an Endgame vs. Stocks, China As long as the stock market keeps rising, so may the metals sector. That's my takeaway from the graphic featuring the same-chart syndrome between the Bloomberg All Metals Total Return Subindex (BCOMAMT) and the S&P 500 (SPX), especially in the past decade. What's notable is the dichotomy between inflating stocks and metals vs. deflation in China, as indicated by its plunging 10-year government bond yields. Endgame risks appear elevated for metals approaching volatility season and US elections. The only down years for the S&P 500 total return since 2008 were 2018 and 2022, both midterm-election years. The 100-day correlation between BCOMAMT and SPX at about 0.55 has never been higher with beta rising. Bitcoin, gold, silver, platinum, palladium and iron ore have pumped then dumped in 2026. Copper may carry Atlas' burden. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tkf7tmkgifpk{BI COMD} #gold #copper #metals #stockmarket @BBGIntelligence(Mike McGlone)