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What recent action in the Copper/Gold Ratio might mean for stocks, bonds, and commodities

Jay Kaeppel
2026-08-12
The Coper/Gold Ratio recently dropped below a meaningful level. Previous results for stocks, bonds, and commodities make a compelling argument that traders start looking for specific trading opportunities in a variety of markets. Details herein.

Key points:

  • In a recent note, SentimentEdge pointed out that the Copper/Gold Ratio recently dropped below 0.16
  • While it is often a mistake to pick arbitrary cutoffs, and while no individual indicator signal should be relied upon as an automatic trading signal, there are some interesting results following a drop by the Copper/Golod Ratio from above to below 0.16
  • Below we examine the subsequent performance of a variety of markets following previous signals

The Copper/Gold Ratio

The Copper / Gold Ratio has been popularized by Jeffrey Gundlach, CEO of DoubleLine Capital LP. Note: Our calculation uses Copper and Gold Continuous Futures contracts. The significance of this ratio is that it measures the relative performance of arguably the most important industrial metal to that of arguably the most important precious metal.

In a note dated August 6th titled Paying Close Attention to Copper, SentimentEdge noted that the Copper/Gold Ratio recently dropped back below 0.16. This note will consider the performance of copper and a variety of other markets following previous occurrences. For our test, we will consider those instances when the Copper/Gold Ratio dropped below 0.16 for the first time in six months.

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Risk Disclosure: The information and tools provided are for research and analytical purposes only and are not intended as investment advice. Market analysis involves uncertainty, and outcomes may differ from expectations. Users should conduct their own due diligence and consider their individual circumstances before making any financial decisions. Past performance is not necessarily indicative of future results.

Hypothetical Performance Disclosure: Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

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