...Copper/Gold ratio has been falling, reflecting a weakening global economy on the brink of recession
...While yields are high historically relative to the Copper/Gold ratio reflecting
1. The uncertain state of disinflation-with the Fed being cautious that there are external factors that could re-ignite inflation, therefore taken a more prudent stance
2. The high level of Govt spending and prior stimulus kept inflation stronger than it would have been
3. The more extreme explanation is that we have the 1st innings of a stagflationary type economy - the true inflation is poorly measured by CPI while the true unemployment is equally not appropriately reflected in jobs data.
