{"id":53063,"date":"2020-10-16T11:47:04","date_gmt":"2020-10-16T15:47:04","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=53063"},"modified":"2020-10-16T11:47:04","modified_gmt":"2020-10-16T15:47:04","slug":"the-copper-gold-ratio-would-change-the-macro","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/","title":{"rendered":"The Copper\/Gold Ratio Would Change The Macro"},"content":{"rendered":"

The Copper\/Gold ratio is saying something. That something is that a cyclical, pro-inflation and thus pro-economic reflation metal\u00a0shown earlier, remaining nominally positive<\/a>\u00a0on a down market day has, in relation to gold, taken out two important moving averages (daily SMA 50 & SMA 200) and is currently riding the short-term EMA 20 upward. RSI and MACD are positive.<\/p>\n

Copper:<\/strong>\u00a0Pro-cyclical inflation, pro-reflation, pro-economy.<\/p>\n

Gold:<\/strong>\u00a0Counter-cyclical, monetary, with inflationary utility.<\/p>\n

Given the right circumstances (like desperate monetary and fiscal policy), which are in play on the wider macro, gold will probably do quite well moving forward. But maybe \u2013 for a while \u2013 not as well as some commodities if the Copper\/Gold ratio really is up to something positive here.<\/p>\n

\"copper\/gold<\/a><\/p>\n

Side note:<\/strong>\u00a0the Palladium\/Gold ratio is on the verge of going positive as well and of course the daddy of inter-metal ratios, the Gold\/Silver ratio is still on a big picture breakdown (Silver\/Gold has broken above a key long-term resistance marker). So you might want to look at these three metallic indicators together (along with more traditional non-metallic inflation indicators) in gauging the process toward inflation.<\/p>\n

If these metals continue their short-term out-performance to gold it would be a strong indicator toward an inflationary 2021. If they break down well, move along, nothing to see here as the ginned up inflation by policy would have failed.<\/p>\n

Back to Copper\/Gold, the weekly chart shows resistance for the ratio * directly overhead at the July and September highs. Will the 3rd try be a charm in breaking the indicator out to an inflationary 2021? Stay tuned. But understand that if these ratios do start popping the macro is indicated to be going the way that politicians and central bankers want. That would be the inflationary way.<\/p>\n

\"\"<\/a><\/p>\n

A projected inflation\/reflation per the above can play out and still be seen in hindsight (or in our case, foresight) as a bounce within the Deflationary continuum against which our monetary and political policy heroes desperately battle with the only damn tool they know, inflation by (funny) munny printing and bond manipulation. So says this bigger picture monthly chart of Copper\/Gold.<\/p>\n

\"copper\/gold<\/a><\/p>\n

Whatever is ahead, make sure you interpret it through actual indicators and facts, not bias and hopes. I feel in my bones that\u00a0NFTRH<\/a>\u00a0will be shifting from managing a successful 2020 that featured a deflation scare that is morphing inflationary to a more obvious inflationary situation in 2021 that will start to gain some traction. Hence, 2020\u2019s investing successes would need to be altered, if not forgotten, in favor of new macro signals. On that note, check out a subscription to\u00a0Notes From the Rabbit Hole<\/a>\u00a0if you\u2019d like a macro guide (complete with stock selections in alignment with said macro) as the world turns.<\/p>\n

* Some don\u2019t think indicators are subject to TA concepts like support and resistance, but I do. It\u2019s just that the inputs that form ratio charts are noisier, busier and more plentiful. But they are there.<\/em><\/p>\n

Check back to see my next post!<\/p>\n

Best,
\nGary Tanashian
\nnftrh.com<\/a><\/p>\n

For \u201cbest of breed\u201d top down analysis of all major markets, subscribe to\u00a0NFTRH Pre<\/strong>mium<\/strong><\/a>, which includes an in-depth weekly\u00a0market report<\/strong>, detailed interim\u00a0market updates<\/strong>\u00a0and\u00a0NFTRH+\u00a0<\/strong>dynamic updates and chart\/trade setup ideas. You can also keep up to date with actionable public content at\u00a0NFTRH.com<\/a>\u00a0by using the\u00a0email form on the right sidebar<\/strong>. Follow via\u00a0Twitter<\/strong>\u00a0@NFTRHgt<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Copper\/Gold ratio is saying something. That something is that a cyclical, pro-inflation and thus pro-economic reflation metal\u00a0shown earlier, remaining nominally positive\u00a0on a down market day has, in relation to gold, taken out two important moving averages (daily SMA 50 & SMA 200) and is currently riding the short-term EMA 20 upward. RSI and MACD […]<\/p>\n","protected":false},"author":31,"featured_media":53064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[3438,2082,31375,4273,23,9526,102],"class_list":["post-53063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-chart-analysis","tag-copper","tag-copper-gold-ratio","tag-gary-tanashian","tag-gold","tag-notes-from-the-rabbit-hole-nftrh","tag-technical-analysis"],"yoast_head":"\nThe Copper\/Gold Ratio Would Change The Macro - INO.com Trader's Blog<\/title>\n<meta name=\"description\" content=\"Gold will probably do quite well moving forward. But not as well as some commodities if the Copper\/Gold ratio really is up to something positive here.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Copper\/Gold Ratio Would Change The Macro - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Gold will probably do quite well moving forward. But not as well as some commodities if the Copper\/Gold ratio really is up to something positive here.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/\" \/>\n<meta property=\"og:site_name\" content=\"INO.com Trader's Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/inocom\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-16T15:47:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gary Tanashian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gary Tanashian\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/\"},\"author\":{\"name\":\"Gary Tanashian\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/person\/767240b088a4ec9cf7d79fa609674991\"},\"headline\":\"The Copper\/Gold Ratio Would Change The Macro\",\"datePublished\":\"2020-10-16T15:47:04+00:00\",\"dateModified\":\"2020-10-16T15:47:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/\"},\"wordCount\":580,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png\",\"keywords\":[\"chart analysis\",\"copper\",\"Copper\/Gold Ratio\",\"Gary Tanashian\",\"Gold\",\"Notes From The Rabbit Hole (NFTRH)\",\"technical analysis\"],\"articleSection\":[\"INO.com Contributors\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/\",\"url\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/\",\"name\":\"The Copper\/Gold Ratio Would Change The Macro - INO.com Trader's Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png\",\"datePublished\":\"2020-10-16T15:47:04+00:00\",\"dateModified\":\"2020-10-16T15:47:04+00:00\",\"description\":\"Gold will probably do quite well moving forward. But not as well as some commodities if the Copper\/Gold ratio really is up to something positive here.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#primaryimage\",\"url\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png\",\"contentUrl\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png\",\"width\":1200,\"height\":628,\"caption\":\"Copper\/Gold Ratio\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ino.com\/blog\/#website\",\"url\":\"https:\/\/www.ino.com\/blog\/\",\"name\":\"INO.com Trader's Blog\",\"description\":\"Expert Charts, Trading Tips and Technical Analysis from INO.com\",\"publisher\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ino.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.ino.com\/blog\/#organization\",\"name\":\"INO.com Trader's Blog\",\"url\":\"https:\/\/www.ino.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2018\/12\/inologo-400.jpg\",\"contentUrl\":\"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2018\/12\/inologo-400.jpg\",\"width\":400,\"height\":472,\"caption\":\"INO.com Trader's Blog\"},\"image\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/inocom\/\",\"https:\/\/www.linkedin.com\/company-beta\/1056449\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/person\/767240b088a4ec9cf7d79fa609674991\",\"name\":\"Gary Tanashian\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c779c150dcd68c10e3a5ea0eb0997d91?s=96&d=identicon&r=pg\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c779c150dcd68c10e3a5ea0eb0997d91?s=96&d=identicon&r=pg\",\"caption\":\"Gary Tanashian\"},\"sameAs\":[\"https:\/\/nftrh.com\/\"],\"url\":\"https:\/\/wwwtest.ino.com\/blog\/author\/gary-tanashian\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Copper\/Gold Ratio Would Change The Macro - INO.com Trader's Blog","description":"Gold will probably do quite well moving forward. But not as well as some commodities if the Copper\/Gold ratio really is up to something positive here.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/","og_locale":"en_US","og_type":"article","og_title":"The Copper\/Gold Ratio Would Change The Macro - INO.com Trader's Blog","og_description":"Gold will probably do quite well moving forward. But not as well as some commodities if the Copper\/Gold ratio really is up to something positive here.","og_url":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/","og_site_name":"INO.com Trader's Blog","article_publisher":"https:\/\/www.facebook.com\/inocom\/","article_published_time":"2020-10-16T15:47:04+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png","type":"image\/png"}],"author":"Gary Tanashian","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Gary Tanashian","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#article","isPartOf":{"@id":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/"},"author":{"name":"Gary Tanashian","@id":"https:\/\/www.ino.com\/blog\/#\/schema\/person\/767240b088a4ec9cf7d79fa609674991"},"headline":"The Copper\/Gold Ratio Would Change The Macro","datePublished":"2020-10-16T15:47:04+00:00","dateModified":"2020-10-16T15:47:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/"},"wordCount":580,"commentCount":2,"publisher":{"@id":"https:\/\/www.ino.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#primaryimage"},"thumbnailUrl":"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png","keywords":["chart analysis","copper","Copper\/Gold Ratio","Gary Tanashian","Gold","Notes From The Rabbit Hole (NFTRH)","technical analysis"],"articleSection":["INO.com Contributors"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/","url":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/","name":"The Copper\/Gold Ratio Would Change The Macro - INO.com Trader's Blog","isPartOf":{"@id":"https:\/\/www.ino.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#primaryimage"},"image":{"@id":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#primaryimage"},"thumbnailUrl":"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png","datePublished":"2020-10-16T15:47:04+00:00","dateModified":"2020-10-16T15:47:04+00:00","description":"Gold will probably do quite well moving forward. But not as well as some commodities if the Copper\/Gold ratio really is up to something positive here.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ino.com\/blog\/2020\/10\/the-copper-gold-ratio-would-change-the-macro\/#primaryimage","url":"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png","contentUrl":"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/10\/coppergold.png","width":1200,"height":628,"caption":"Copper\/Gold Ratio"},{"@type":"WebSite","@id":"https:\/\/www.ino.com\/blog\/#website","url":"https:\/\/www.ino.com\/blog\/","name":"INO.com Trader's Blog","description":"Expert Charts, Trading Tips and Technical Analysis from INO.com","publisher":{"@id":"https:\/\/www.ino.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ino.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.ino.com\/blog\/#organization","name":"INO.com Trader's Blog","url":"https:\/\/www.ino.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ino.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2018\/12\/inologo-400.jpg","contentUrl":"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2018\/12\/inologo-400.jpg","width":400,"height":472,"caption":"INO.com Trader's Blog"},"image":{"@id":"https:\/\/www.ino.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/inocom\/","https:\/\/www.linkedin.com\/company-beta\/1056449\/"]},{"@type":"Person","@id":"https:\/\/www.ino.com\/blog\/#\/schema\/person\/767240b088a4ec9cf7d79fa609674991","name":"Gary Tanashian","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ino.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c779c150dcd68c10e3a5ea0eb0997d91?s=96&d=identicon&r=pg","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c779c150dcd68c10e3a5ea0eb0997d91?s=96&d=identicon&r=pg","caption":"Gary Tanashian"},"sameAs":["https:\/\/nftrh.com\/"],"url":"https:\/\/wwwtest.ino.com\/blog\/author\/gary-tanashian\/"}]}},"_links":{"self":[{"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/posts\/53063"}],"collection":[{"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/comments?post=53063"}],"version-history":[{"count":0,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/posts\/53063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/media\/53064"}],"wp:attachment":[{"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/media?parent=53063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/categories?post=53063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/tags?post=53063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}