Analyst sends blunt message as gold, silver reach multiyear highs

Gold and silver extended their strong 2026 rally, with gold up 3.4% over the past six months and silver up 12.98%, but Bloomberg Intelligence strategist Mike McGlone warned the move may be losing momentum. He argued that metals are increasingly trading like risk assets, tracking stocks rather than acting as safe havens. His chart suggests gold, silver, copper and the broader metals complex have converged with the S&P 500 and started rolling over together. The piece also flags crowded positioning in copper, where managed-money net longs are about one-third of open interest, raising the risk of a sharp unwind if sentiment turns. Market implications are bearish for precious metals near term, as a stock-market selloff could drag metals lower instead of providing diversification. The article also notes that this dynamic weakens the case for Bitcoin as an outlier, since crypto has long been criticized for behaving like a risk asset.