Weekly Market Commentary 1-20-2026

“Metals Melt Up & Momentum”
See what we have to say about the following:

 

 

 

• Metals Melt‑Up & Momentum
  Metals surged into 2026 with gold, silver, and industrial metals all extending their powerful 2025 gains, as shown in the Metals Momentum Continued chart.

 

• Gold at a Technical Inflection Point
  The Relative Strength in Gold vs. S&P 500 chart shows gold approaching a critical long‑term resistance level that will determine whether metals maintain leadership over equities.

 

• Inflation Risk & Copper Divergence
  The Copper and Prices Paid Diverge chart highlights that rising copper prices may soon flow through to higher inflation readings.

 

• STAAC Commentary
  STAAC remains tactically neutral on equities and bonds entering 2026, favoring large‑cap growth and MBS while watching for volatility‑driven opportunities.