Copper Fades to Support Nominally & vs. Gold

Copper futures are testing the support area again after dropping below the daily SMA 50. Not too stellar there, Doc.


Copper/Gold is testing its 2019 bullish trend now. A cyclical macro inflation situation would depend on indicators like this remaining intact. Gold may not care much whether an inflation is cyclical or counter-cyclical (stag) but copper is a very different story. And if we go deflationary with a steepening yield curve, gold and especially gold stocks would not mind that either after the widespread damage shakes the inflationists out of the precious metals.

copper gold ratio

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