X @Nick Szabo
Nick Szabo·2026-03-02 22:33
RT Brant Hammer (Professor BTC) (@CapitalNotes)Equities say risk-on. The copper / gold ratio says something else entirely.This ratio has been in freefall since 2022 and just hit levels we haven't seen in years. Copper is the "Dr. Copper" of the global economy, tied to growth and industrial demand. Gold is the fear trade, the hedge, the "I don't trust what's happening" trade.When gold is massively outperforming copper, it's the market's way of saying: "growth expectations are deteriorating, and people are lo ...