Looking at copper vs gold cyclical we notice that the general trend has been lower until the start of 2026 and we have since recovered. We are potentially still making a move towards the highs of the current range (depicted in red). It would imply that this remains an environment that favors Risk on. Similar magnitudes also take us into a window around end of 2027 but it could spike anywhere sooner too. Right now it remains going up which is favorable for risk on.
Sonny MulderShare
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