Gold and silver have had a strong run in 2026, climbing alongside copper and the broader metals complex.

As of press time, the per-ounce gold price had climbed 3.4% in the past six months while silver prices rose by 12.98%.

But Bloomberg Intelligence Senior Commodity Strategist Mike McGlone says the rally may be running out of road, and the warning sign is hiding in plain sight.

Related: Trump calls for physical audit of Fort Knox after $40M gold arrest

The chart says metals are tracking stocks

In a recent post, McGlone said the metals sector could be forming a multiyear high, with silver's "2026 pump-then-dump" possibly front-running gold.

"Broad metals performance is waning despite surging volatility that risks spilling over into the stock market," McGlone said.

A Bloomberg Intelligence chart he shared makes the case. Early in 2026, gold, silver, copper, and the broader metals subindex did their own thing while the S&P 500 stayed flat, a classic safe-haven behavior.

By late spring, those lines converge with the S&P and start rolling over together. Copper is up around 12% on the year and the all-metals subindex about 7%, both well off their highs.

McGlone also flagged positioning as a red flag. CME Group copper managed-money net longs sit at about one-third of open interest, the kind of one-sided crowd that often unwinds violently once sentiment turns.

He added that there is a risk of "selling when they're yelling," the moment crowded bullish bets reverse and force longs to exit.

The catch is the correlation. Metals are increasingly trading like risk assets, moving with stocks rather than hedging against them. If equities keep sliding, metals likely follow.

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What it means for Bitcoin

Bitcoin (BTC) has long faced one big criticism that it trades less like "digital gold" and more like a risk asset, rising and falling with stocks instead of holding steady when markets get rocky.

For instance, during the ongoing U.S.-Iran conflict, every escalation has resulted in Bitcoin and the broader crypto market showing sharp pullbacks along with the stock market.

If gold and silver are now also slipping into that same pattern, moving with the S&P 500 rather than doing their own thing, the case for safe haven investing gets muddier across the board.

Related: Elon Musk sends brutal words on silver price surge

This story was originally published by TheStreet on Jun 10, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

Source: Yahoo Finance