The metals market painted a bullish picture during January 5–11, 2026. Precious metals surged while base metals continued their winning streak—pretty much the definition of a risk-on week. What's interesting is how the sentiment split itself. You've got safe-haven flows pushing precious metals higher, but simultaneously there's real money chasing base metals on structural growth plays. It's that classic risk appetite story where investors want both the insurance policy and the upside exposure. The tone stayed broadly constructive throughout, suggesting conviction in the broader economic narrative rather than panic-driven moves.