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The first thing that struck me immediately this morning, was the $COPPER / $GOLD ratio
At the time of writing the ratio is up a whopping 4,4% in a day. With the recent Gold weakness (and potential top we discussed), monthly chart is close to breaking out. MACD cross for confirmation.
You can clearly see, compared to previous cycles, the downtrend now is taking way more time to resolve.
Again, for a millionth time: there is no recession in sight and by the looks of this chart, 4y cycles are going to be debunked