Unity 5 metals look black/non reflective

In a new Unity 5 project my metals look fine using the standard shader. They are reflective if I turn the smoothness all the way up. If I upgrade a project from Unity 4 to Unity 5 the standard shader materials for metals look black like the picture below. Did something break when upgrading or is this a bug? What is the problem?

So it seems you have to have continuous baking turned on as well as press play at least once to take effect. If not metals will all look black.