GoldNuggets — Gold, Copper, Miners

GoldNuggets Digest: copper/gold ratio, copper vs gold catch-up, gold mining stocks technicals, global miners market cap weight, China gold buying...

Jun 09, 2025

The GoldNuggets Digest is our free publication. It contains "nuggets" of Charts & Research that come across our desk on gold and investing which we think might be interesting and useful for investors.

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ALERT: friendly reminder to go check out the latest Monthly Gold Market Chart pack in case you missed it…

Monthly Gold Market Chartbook - May 2025

Copper/Gold Ratio

The copper/gold ratio has been on a steady decline, culminating in a flush down to levels earlier this year where we last saw major bottoms and turning points (e.g. 2009 and 2020).
Interestingly the spread between Consensus Inc sentiment indicators for copper vs gold has turned up after reaching extreme relative pessimism (a classic contrarian bullish signal). So keep an eye on this one.

Copper vs Gold

Sam Gatlin of All Star Charts wonders: “who else thinks it's time for Copper to catch-up to Gold?“ (source)
Particularly poignant question in relation to the first chart (the copper/gold ratio can go up by either gold falling vs copper or copper rising; playing catch-up vs gold).

Gold Mining Stocks

Elsewhere, mining stocks are crushing it. (source)
Gold mining stocks as a group have doubled off the 2024 low, are comfortably above their 200-day moving average —with strong breadth. Clear picture of strength, but very much reliant on ongoing strength in the gold price.

Global Miners’ Market Cap Weight

On a related note, here’s an update to a chart I’ve previously featured; global gold mining stocks’ market cap weight as a % of global equities has ticked up some, but is basically just in line with long-term average. (source)

China Gold Purchases

China’s official central bank gold purchases showed continued nibbling at gold (albeit some have suggested that they may be also accumulating gold through semi-official holdings, funds/institutions —China retail buying also remains an important demand source). (source)