Have the US 10Y yields peaked? We are not so sure they have. The chart above shows the ratio between Copper and Gold and the US 10Y yield. As can be seen, they follow each other according to the latter. However, both are holding above support, which for the copper/gold ratio is at 0.002 and for the US 10Y yield is at 2.5%. As long as these supports are in place, we should expect more upside pressure in both.
For the copper/gold ratio, we could see a rally towards 0.003. For the US 10Y yields, we could see a 3.6% rise before the final peak is reached.
