The breakdown of the copper-gold ratio's predictive power is because gold buying behavior has changed from speculative/inflation-hedging (responding to inflation vs deflation concerns) to permanent asset allocation driven by structural concerns: institutional worry about imploding institutions, inability of political leaders to cooperate, multiple significant wars, massive budget deficits, perceived election meddling, and fear of inflationary fiscal policy responses.

causalpending

Speaker

Unidentified Speaker — Jeffrey Gundlach Speaks at the Buffalo AKG Art Museum [6xQbscs2ZvI]

Evidence Quote

now I think people are buying gold out of almost permanent asset allocation they're worried they're worried that our our institutions are imploding they're worri that nobody can get along they're worried that we have uh we're we're in involved in two significant Wars

Source

Jeffrey Gundlach Speaks at the Buffalo AKG Art MuseumDoubleLine Capital
Created: 8/10/2026, 10:50:41 PM

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