Many indicators that worked well for decades in predicting 10-year Treasury yields have broken since 2020, including the copper-gold ratio, which now suggests the 10-year should be at 1% instead of current levels, indicating structural shifts in the relationship between commodities and rates.
factualpending
Speaker
Jeff GundlachEvidence Quote
“One of the greatest indicators was the copper-gold ratio. And it works in very very well. It's probably the best single indicator in starting out where should the 10-year Treasury be, and it is completely broken since 2020. In fact, I I I quip at our strategy meetings, maybe we should use the gold-copper ratio. Okay, because it it the the the copper-gold ratio using it that way suggests that the 10-year Treasury should be at 1% right now.”
Created: 8/12/2026, 6:25:56 PM
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