"Copper is rising faster than Gold," while both are still supported by an expanding global liquidity environment.

Looking at the data, whenever copper surges and enters a late-cycle euphoric phase (2016-2018, 2020-2022, 2025-2026), #gold usually doesn't immediately follow suit; instead, it enters a prolonged distribution/sideways phase.
From an intermarket perspective, this makes perfect sense.
Copper has just broken out to historical highs, and copper inventories at the #LME, #COMEX, and #SHFE are at very low levels.
Many institutions have begun talking about a new "Copper Supercycle."
Meanwhile, gold has risen nearly 200% from its 2022 low, central banks continue to buy gold aggressively, and gold #ETFs have started to return.
- However, speculative positioning on gold is now much more prevalent than in 2023.
If the global economy does not immediately fall into recession and liquidity continues to expand,
→ Copper could enter a phase of outperforming gold in the next 12-24 months.
This is also why many macro funds are currently "Long Copper / Neutral Gold" instead of "Long Gold / Short Growth Assets" as in the 2023-2025 period.