The 2020 Signal Returns

The copper-to-gold ratio currently stands at 0.00142, with copper trading at $6.65 per pound and gold near $4,700 per ounce. 

The ratio has climbed above its 200-day moving average for the first meaningful time since September 2020.

Previous surges in the ratio during 2013, 2017, and 2021 aligned with major gains in Bitcoin prices. 

The ratio has risen 25% from its lows and historically leads Bitcoin by weeks to months, reinforcing the view that the current crypto rally may still be in its early stages.

Correlation Beginning To Strengthen

The correlation coefficient between Bitcoin and the copper-to-gold ratio currently sits at -0.11, though it has rebounded sharply…

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