The Macro Brief: Copper/Gold Ratio Signaling Reflation Has Stagnated Since April '21
Where Macro Meet Markets
The copper/gold ratio is a classic reflationary/disinflationary indicator as it tends to lead interest rates depending on the reflective growth and inflation regime. As it rises, market participants view growth and inflation at the margin is accelerating. Thus, if it declines, their viewpoint of growth and inflation is to the downside; and yields tend t…