Chart of the Day - Monday, December 9th, 2019

Today’s Chart of the Day was shared on Twitter by Oliver Renick of TD Ameritrade Network (@OJRenick). It's a line chart of Copper futures over the past two years along with the Copper/Gold ratio in the bottom pane of the chart. Oliver points out that Copper has recently been gaining strength on both an absolute basis and relative to Gold. The Copper/Gold ratio has historically been highly correlated to the 10-year US Treasury yield. Therefore, if Copper continues to outperform Gold, then we'll likely be in an environment where Interest Rates are also moving higher.