Volatility across precious metals and energy is defining the 2026 commodity ETF landscape, with silver swinging from record highs above $120 to a sudden 25% collapse driven by profit taking, a stronger dollar, and liquidity stress. Gold has followed suit, sliding below $4,830 after its sharpest drop in over a decade as shifting Fed expectations and easing geopolitical tension unwind last year’s rally. Oil faces the opposite pressure, with early-2026 forecasts pointing to a deepening global surplus that’s pushing Brent toward six-year lows near $60 despite occasional geopolitical price spikes. The discussion will break down the macro forces behind these moves and the resulting impact on commodity ETF pricing and flows.