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© 2026 The Markets Unplugged · Data in. Conviction out. - Published with Ghost & Aspect

The Copper/Gold Ratio Is Slipping — And That’s the Signal Nobody’s Ready For

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    Oz Oz
    Co-founder and lead technical analyst at The Markets Unplugged. Leads technical, macro, and cycle analysis, and builds the timing and macro frameworks behind TMU's premium research. Instructor on the Cycle Intelligence course.
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  • April 22, 2025
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The Copper/Gold Ratio Is Slipping — And That’s the Signal Nobody’s Ready For
Steven Gerrard's infamous slip against Chelsea in 2014, a pivotal moment in Liverpool’s title race. Image credit: Sky Sports.
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Both copper and gold are climbing. But the Copper/Gold ratio? Quietly bleeding. That may seem like a contradiction — until you understand what this ratio actually tells us. It’s not just a commodities chart. It’s one of the cleanest macro thermometers we have for systemic tension, liquidity conditions, and the bond market’s next move.

And right now, that tension is building — not resolving.


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Oz Oz
Co-founder and lead technical analyst at The Markets Unplugged. Leads technical, macro, and cycle analysis, and builds the timing and macro frameworks behind TMU's premium research. Instructor on the Cycle Intelligence course.
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