Metals & Mining SPDR vs. Gold Mining XME includes base and precious metals miners and also service centers and other related businesses. It’s a broad
The daily chart shows the industrial metals still in pro-cyclical bounce mode vs. gold, while the Pd/Au ratio has long since collapsed. The weekly chart
Pancake… err, Yellowcake is not distinguishing itself as the Uranium sector’s ignominy continues after not even participating in the recent global macro bounce-a-thon. Copper miners
 The degree to which gold has been bent out of shape by the drone strike and subsequent war drums informs Thing 2. But every
This post actually furthers a response to a colleague who wondered why I look at silver so closely instead of just industrial metals vs. gold.
While saving the Silver/Gold ratio charts of the previous post into a chart list called Key Macro Indicators, I saw this old chart sitting there
Here is a weekly chart from NFTRH’s Market Internals segment showing Copper and Industrial Metals vs. Gold. In other words, showing cyclical metals vs. the
 Also see this post on inflation/deflation excerpted from NFTRH 525, hot off the presses. Crude Oil and Industrial Metals continue downward. This is significant
It sure is not positive economic – or for that matter inflationary – signaling as Industrial Metals lose the short-term consolidation and break down on
As is usually the case if these riders are going to change the macro the damage starts at ground zero, the precious metals sector. Here
So the Trade War Food Fight (TWFF) has hammered Doctor Copper and his Industrial Metals pals of late, along with the strong dollar (now taking
Hey, it’s just a beneath the surface indicator of a cyclical item breaking down vs. a counter-cyclical one. Nothing that hasn’t already happened in 2018.
People look at the Doc, with his Ph.d. in Economics as a key cyclical indicator. The Wall Street Journal gave investors handy reasons why Copper
It’s the metallic indicators again, doggedly refusing to negate their bearish turn. Thanks to subscriber Joe for giving me the heads up on this. The