Copper/Gold ratio continues to be macro unfriendly

Cu/Au bent but not quite broken

Wallowing below the moving averages, the Copper/Gold ratio is vulnerable. It’s a vulnerability that has been in play before to no damaging effect to the cyclical inflation trades. But these things take forever (and a day) compared to our flitting brain waves firing off signals in real time.

Once again, the ‘reminder’ chart about the big picture macro. The stock market seems to have a preliminary memo of failure and so do some commodity/resource assets, while crude oil and a thinning crew of commodities keep CRB aloft. If Cu/Au rolls over I would not expect that to continue.

copper/gold ratio

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