Ratio
Copper/Gold Ratio
Copper per pound divided by gold per ounce, scaled by one thousand. Setting the growth-sensitive metal against the safe-haven metal compresses growth expectations into one line that has historically tracked long-term US Treasury yields.
Copper/Gold Ratio latest observations
- Observed
- 2026-10-28
- Latest
- 1.65 pt
- Change from previous
- ▲ +0.02 pt
Check the observation dates in both the summary and chart; release and refresh times can differ.
At a glance
Copper/Gold Ratio: latest value and prior change
As of 2026-10-27, Copper/Gold Ratio is 1.63 pt. It is 0.02 pt higher than 1.61 pt on 2026-10-26.
Within the default comparison window of 1,000 observations from 2022-11-03 to 2026-10-27, the latest value is at the tie-adjusted 49th percentile. Available history covers 2000-08-30 to 2026-10-27 with 6,563 observations.
- Observed on
- Default comparison window
- 2022-11-03–2026-10-27
- Observations · observed cadence
- 1,000 · Daily
- Data source
- Yahoo Finance
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
2026-08-04 → 2026-10-27 · pt
- First
- 1.59 pt
- 2026-08-04
- Latest
- 1.63 pt
- 2026-10-27
- Window low
- 1.40 pt
- 2026-08-24
- Window high
- 1.63 pt
- 2026-10-27
The horizontal axis follows observation order; calendar intervals may differ. High and low refer to observed values within this window, not intraday or all-time extremes. Ties show the first observation date.
Time-series chart
Copper/Gold Ratio
2000-08-30–2026-10-27
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Recent observations and calculated changes
The ten latest chart observations. Change subtracts the previous observation; intervals vary with holidays, release schedules and missing data. A difference in rates or ratios is not an investment return.
| Observed | Value | Previous date | Difference (current − previous) |
|---|---|---|---|
| 2026-10-27 | 1.63 pt | 2026-10-26 | 0.02 pt |
| 2026-10-26 | 1.61 pt | 2026-10-23 | -0.00 pt |
| 2026-10-23 | 1.62 pt | 2026-10-22 | 0.05 pt |
| 2026-10-22 | 1.57 pt | 2026-10-21 | -0.01 pt |
| 2026-10-21 | 1.58 pt | 2026-10-20 | -0.01 pt |
| 2026-10-20 | 1.59 pt | 2026-10-19 | 0.01 pt |
| 2026-10-19 | 1.57 pt | 2026-10-16 | 0.01 pt |
| 2026-10-16 | 1.56 pt | 2026-10-15 | 0.00 pt |
| 2026-10-15 | 1.56 pt | 2026-10-14 | -0.05 pt |
| 2026-10-14 | 1.61 pt | 2026-10-13 | 0.01 pt |
Source: Yahoo Finance
Interpretation guide
The copper-gold ratio: growth versus fear in a single line
The copper-gold ratio divides the copper futures price (USD/lb) by the gold futures price (GC=F, USD/oz) and multiplies by 1,000. With the most cycle-sensitive industrial metal in the numerator and the most fear-sensitive safe haven in the denominator, its direction compresses one question into one line: is the market leaning toward growth or toward defense?
Interrogate the numerator and denominator separately
A rising ratio reads as strengthening growth expectations and a falling one as defensive preference — but the same move means different things depending on which leg drove it. A rise built on surging copper and a rise built on collapsing gold are entirely different stories at the same value.
- A copper-led rise is the highest-conviction version of a real-demand recovery signal.
- A gold-led fall may reflect geopolitical or monetary anxiety rather than slowing growth, so split the cause first.
- A ratio jump caused by copper supply disruptions — strikes, mine accidents — should be excluded from growth readings.
The long companionship with the US 10-year
This ratio has historically tracked the US 10-year Treasury yield closely enough that bond investors have long cited it as a reference for where yields ought to sit. Divergences between the two are themselves information: one market is trading on something the other has not accepted.
- A falling ratio against rising 10-year yields is a cue to check whether Treasury supply or fiscal factors are driving rates.
- A rising ratio without rising yields means the bond market does not yet believe the growth recovery.
- In periods of heavy central-bank gold buying, the denominator distorts and the historical co-movement can weaken.
How it differs from the gold-silver ratio, and its use in Korea
Silver blends industrial demand with precious-metal character, so the gold-silver ratio carries two overlapping signals. Copper's demand is almost entirely industrial, which makes the copper-gold ratio a far purer contrast of growth against defense. For an export-manufacturing economy like Korea, its trend works as a background indicator for the export cycle itself.
- A confirmed uptrend in the ratio is a supportive backdrop for Korean materials and industrials exporters.
- A decline stretching over months is a prompt to review risk-asset weight and cyclical exposure.
- Opening TapeFlow's gold-silver ratio, copper futures, and gold futures together decomposes the source of any move instantly.