The copper-to-gold ratio has, as usual, bottomed 1.5 standard deviation below its long-term trend.

While a return to its long-term trend would imply an outperformance of roughly 100% for copper relative to gold, this outperformance would climb to 200% if the ratio where to overshoot and reach +1σ on the upside, knowing that it has already reached up +5σ in the past.