If global growth is going to pick up, you’ll likely see it first in the copper to gold ratio.
Historically, it moves in lockstep with the 10 year yield — and right now, there’s a glaring gap. If that gap closes, copper’s about to get loud.
And it’s already whispering.
Copper just hit a 52 week high.
International stocks are starting to hum.
Momentum always shows up quietly before it slams the door.
Here’s the kicker: global growth isn’t being driven by the usual suspects. It’s not the U.S. or Europe. It’s the rest of the world — emerging market and developing economies are growing at 4.2%, more than double the 1.8% of advanced economies.
The world is moving at 3.2%, and the heavy lifting is coming from places most investors still ignore.
That matters. Because copper doesn’t just track growth — it sniffs it out early. And right now, it smells something big.
(TLDR) Why we think copper moves higher from here:
Copper just broke out to a new 52 week high
International equities are gaining momentum alongside it
The copper-to-gold ratio is trailing the 10-year yield — a gap that typically closes when global growth picks up
Emerging markets are growing at 4.2%, more than double the 1.8% pace of developed economies
Global growth is being driven by regions that are heavy consumers of copper
Copper is the metal of growth. And right now, the world is quietly starting to grow again.
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