The Financial Post reports in its Friday edition that record-high metal prices, strong fourth quarter earnings and an expected uptick in demand for chemicals had propelled the materials sector earlier in 2026. A Bloomberg dispatch to the Post reports that Global X's Scott Helfstein says, "Investors are questioning whether or not demand for materials will be strong given higher oil prices that potentially dampen consumer demand, and investment and corporate investment." Metals stocks have pulled back too, after a record run last year. After soaring 168 per cent in 2025, gold miner Newmont shares are down 25 per cent since the start of the war. Canadian miner Agnico Eagle Mines recorded a gain of 117 per cent in 2025, but has fallen about 25 per cent since the Iran war. Metals and mining stocks have typically outperformed during geopolitical conflicts, but the recent run-up has led to a pullback this time around because of inflation fears and a stronger U.S. dollar, which has also weighed on the price of bullion. Jonestrading's Michael O'Rourke says precious metals "went through a speculative phase to start the year and that nullified any type of haven quality. They were just trading like risk assets at that point."