Copper/Gold ratio just broke out again—classic reflationary signal that nobody wants to acknowledge right now. When copper outperforms gold, it typically means markets are pricing in better growth ahead, more industrial demand, less defensive positioning. This is a macro tell that often front-runs equity strength, especially in cyclicals and materials. If this holds, it's another data point against the recession crowd. Watch $FCX, industrial metals, and whether this confirms with PMI data or just becomes another head fake.