Copper vs. Gold Ratio
Copper/gold ratio as economic indicator (daily COMEX) · Quotes delayed up to 5 minutesThe price of copper expressed as a fraction of the price of gold. The ratio is a classic risk-on/risk-off macro indicator: when the ratio rises, the global economy is signaling industrial expansion and risk appetite; when it falls, risk aversion and monetary stress are dominating. The copper:gold ratio is closely watched by macro hedge funds as a leading indicator of equity market direction and bond yield trajectory.
Analyst's Note
Statistically, the copper:gold ratio has correlated approximately 0.75 with the 10-year Treasury yield over multi-year windows — meaning the ratio is one of the cleanest commodity-derived signals for bond market direction. Falling copper:gold typically precedes falling yields; rising copper:gold typically precedes rising yields. The current ratio has compressed meaningfully from 2021 highs, consistent with the broad disinflationary impulse of 2024–2025. For the analytical investor, this ratio is most useful as a regime classifier: combined with the Dow:Gold and gold:S&P 500 ratios, it positions the current macro environment within a multi-year cycle context.
The price of copper expressed as a fraction of the price of gold. The ratio is a classic risk-on/risk-off macro indicator: when the ratio rises, the global economy is signaling industrial expansion and risk appetite; when it falls, risk aversion and monetary stress are dominating. The copper:gold ratio is closely watched by macro hedge funds as a leading indicator of equity market direction and bond yield trajectory.
Analyst's Note
Statistically, the copper:gold ratio has correlated approximately 0.75 with the 10-year Treasury yield over multi-year windows — meaning the ratio is one of the cleanest commodity-derived signals for bond market direction. Falling copper:gold typically precedes falling yields; rising copper:gold typically precedes rising yields. The current ratio has compressed meaningfully from 2021 highs, consistent with the broad disinflationary impulse of 2024–2025. For the analytical investor, this ratio is most useful as a regime classifier: combined with the Dow:Gold and gold:S&P 500 ratios, it positions the current macro environment within a multi-year cycle context.
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