The early weeks of 2026 have been defined by a mania in precious metals, with silver and gold smashing through all-time highs in a vertical, parabolic move. While the “gold bugs” are celebrating, the S&P 500 Materials Sector SPDR (XLB) tells a very different, and potentially more somber, story.
XLB tracks the companies that provide the raw building blocks for the global economy — chemicals, construction materials, and industrial metals like copper and aluminum. In a healthy bull market, you want to see these industrial materials rising alongside gold and silver.
