The Copper/Gold ratio has been indicating an oncoming counter-cyclical environment since breaking down in June, 2022
Copper: Cyclical, inflation sensitive and a material of positive economic progress.
Gold: Much more counter-cyclical, less inflation sensitive and a ‘liquidity haven’ material of long-term monetary value.
I have not posted the monthly chart of the Copper/Gold ratio probably since last year, as 2023 has been all about disinflationary Goldilocks recovery, rather than a deflationary liquidity crisis. However, as Goldilocks matures into old age, it is worth keeping tabs on the original thesis, which is Inflation > Disinflationary Goldilocks > Deflation scare/liquidity crisis.