Weekend Notes

An important reminder:

Despite copper hovering near record highs:

The copper-to-gold ratio is only now approaching a major breakout.

To be clear, I wouldn’t be betting against either metal.

Gold looks extremely oversold in the near term.

Copper, meanwhile, is behaving like it wants to lead higher — similar to the way gold traded just before breaking above the key $2,000 level.

Add the potential factor that central banks are approaching a major policy pivot.

This feels like a critical inflection point.

I’m working on another piece that should be out tomorrow — stay tuned.

In the meantime, here are a few of my latest pieces:

• USD Near Exhaustion: FULL REPORT

• All the Right Signs: FULL REPORT

• List of Macro Charts: FULL REPORT

• The Real AI Trade: FULL REPORT

• The Great Accumulation: FULL REPORT

• A Message From Copper: FULL REPORT

Have a great weekend everyone.

Best,

Tavi