Copper Gold Points to Higher Rates or Recession

First, the copper-gold ratio at current levels is associated with a 10-year yield at 2.0 to 3.0 percent. Copper looks like its in a blow-off phase of the current rally though, and that should ease pressure in the bond market. If not, conditions are starting to get crashy. Second, the current level of the copper-gold ratio was associated with recessions before 2008. There is a lot of talk about thinks changing and inflation coming back. If yes, this ratio should climb and bond yields will follow. If no, it's about ready for another repeat of 2011, 2015,2018 and 2020.