A friendly reminder from Dr. Copper & old man Gold

Copper/Gold ratio is still sideways

The decision by this discrete indicator (remember, it’s a group of indicators we want to see indicating similar outcomes for any given macro backdrop) has not been logged yet. The copper price is pulling back vs. the gold price but the ratio is still in its long sideways trend.

This will not last and when it finally breaks out, up (higher inflationary pressure with the economy not yet wrecked) or down (waning inflation, economy weakening and likely asset market liquidation) we’ll have our direction, again in concert with other macro indicators. Here’s the daily chart of Cu/Au futures.

The monthly chart of Cu/Au checks in once again to warn against leaning too far one way or the other unless you have a firm grasp on what will happen from the most recent yellow oval on the ratio.

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