Copper-to-Gold Ratio Breaks Its 200-Day MA for First Time Since 2020 — and Bitcoin Has Noticed Before!

The copper-to-gold ratio has climbed above its 200-day moving average for the first meaningful time since September 2020, a macro signal that has historically preceded major bitcoin rallies by weeks to months. The ratio currently sits at 0.00142, with copper at $6.65 per pound and gold near $4,700 per ounce — up 25% from its recent lows.

Previous surges in the ratio during 2013, 2017, and 2021 each aligned with significant bitcoin price gains. The correlation coefficient between the two assets stands at -0.11 today, but the key detail is the trajectory: it has rebounded sharply from nearly -1.00, suggesting the relationship is actively strengthening as macro risk appetite improves.

The copper-to-gold ratio is a widely-followed gauge of economic momentum. Copper outperforms during expansion; gold dominates in defensive environments. A rising ratio signals a risk-on macro shift — the…