Copper makes the headlines, but GYX has been bullish the whole time

While copper went through its correction, we have been noting each week in NFTRH that the Industrial Metals index, GY, never aborted its bullish stance. Trends remained up and the index price held the SMA 50’s intermediate trend all the while copper (CPER, which I hold, in lower panel) worked through its summer correction.

The Industrial Metals are a primary indicator of cyclical inflation and by extension, economic reflation.

(Click on image to enlarge)

The implications on the macro were and still are many, including that it is not yet time to be a gold bull, at least not yet time to focus on it as anything special in the price casino. That time will come, but not in any time convenient to those cheering for the monetary metal. Value knows not about time. Value cares not about time.

Here is the same chart as adjusted by gold. Bullish, risk ‘on’ and cyclical still.

(Click on image to enlarge)