Kirk-I use PM with a DNG workflow. Could you paste a sample of the recommended selections for the IPTC/XMP Preference Pane? Thanks in advance.
In the "When reading IPTC/XMP:" section:
For JPEG, TIFF, PSD, DNG photos: "Read embedded XMP before IPTC"
In the "When writing IPTC/XMP:" section:
For JPEG, TIFF, PSD, DNG photos: "Add both embedded IPTC and IPTC4XMP"
That should do it.
-Kirk