What Stops Gold from Falling vs. Copper? Gold's downtrend vs. copper in 1H may continue in 2H. My graphic highlights top reasons why: central bank tightening and reversion from the precious metal's highest-ever stretch vs. the CME copper future in 1Q. The pounds of copper equal to an ounce of gold, at 659 on Aug. 7, may face gravity pull forces toward 425 -- roughly its mean and mode since 2006. Fed funds futures in one year (FF13-FF1) are priced for about 40 bps of hikes -- typically a headwind for gold/copper. The global rising interest-rate trend may need to reverse for gold to resume outperforming copper. A leading catalyst is a drop in the US stock market. AI-driven equity wealth creation is supporting inflation, and 100-day correlations of both gold and copper with the S&P 500, at roughly 0.60, have rarely been higher in a rising equity environment. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tj8n24r24u84 {BI COMD} #copper #stockmarket @Bloomberg(Mike McGlone)