Dr Copper - just when many saw it stall it came back roaring...

...but even more important is the new push higher in the copper/gold ratio. Copper, the industrial metal vs gold, the precious metal, one of Gundlach's favorite indicators, is pushing levels we last saw in May 2019. The ratio really started taking off in mid November, and yields have "slowly" caught up. Let's see how this plays out, but the copper/gold ratio continues to believe in the rotation/reflation narrative firmly.