The copper/gold ratio is tracking ISM manufacturing PMI almost perfectly right now. That's why I'm calling October PMI above 50—expansion is still intact despite whatever noise we're seeing in price action short-term.
Copper/gold is one of those clean macro tells. When it's rising, industrial demand is real. When it rolls over, you're usually looking at contraction ahead. Right now it's holding up, which lines up with the manufacturing data staying in expansion territory.
Market can chop around all it wants. The underlying signal says the cycle isn't breaking yet.
Copper/gold is one of those clean macro tells. When it's rising, industrial demand is real. When it rolls over, you're usually looking at contraction ahead. Right now it's holding up, which lines up with the manufacturing data staying in expansion territory.
Market can chop around all it wants. The underlying signal says the cycle isn't breaking yet.
