The price of copper ('Dr. Copper', the industrial-growth bellwether) divided by gold (the haven) — a market-based growth/risk gauge.
How to read A rising ratio describes a growth-leaning regime (copper outpacing gold); a falling ratio a defensive / risk-off one. Present-state, vs its own average.
A descriptive co-movement gauge — it describes the current growth lean, it does not predict the cycle.