Copper (cyclical metal) vs. Gold (counter-cyclical) is breaking suspect
Using the ETFs (CPER & GLD) we find a fairly nasty looking potential shaping up in the Copper/Gold ratio. Despite America’s roads & bridges (etc.) bailout the balance of the world is questioning the reflation of which Doctor Copper is a primary player.
Sure, I know. Copper’s supply/demand fundamentals are good and the trend is up and blah blah blah. But here in indicator land, the message is in the signals and this one has the potential at least, to pivot macro-negative despite all that we think we know.
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