NFTRH has been bearish on Doctor Copper for years due to the pattern and the bear flags it had a habit of making.  Then last year when it broke the neckline we were able to add a target.  So far, so good for 1.50/lb.  The critical bear flag to test the breakdown failed over the last 2 months, as expected.

Implications?  Deflation.  Potentially economic deceleration and a rush to liquidity AKA Uncle Buck.  Gold?  I have noted for years that any expert talking about “the metals” (i.e. gold, silver, copper, tin, nickel, platinum, palladium, etc.) as if they are a uniform asset class, should be tuned out.  That still applies.

We are in a financialized economy* and different assets play different roles at different times within that regime.