Historic Copper-to-Gold Signal Points to Possible New Bitcoin Rally

The copper-to-gold ratio compares the price of industrial metal copper with that of safe-haven gold to gauge economic momentum and market risk appetite. A rising ratio typically signals that capital is shifting toward risk assets. CoinDesk said the signal coincided with major Bitcoin rallies in 2013, 2017 and 2021, making it a potential early bull-market indicator, though it does not establish causation.

CoinDesk reported on May 13, 2026, that the copper-to-gold ratio had climbed to 0.00142, rebounding 25% from its low and breaking clearly above its 200-day moving average for the first time since September 2020. Copper was trading at $6.65 a pound and gold at about $4,700 an ounce. The ratio's correlation coefficient with Bitcoin also recovered to -0.11 from -1.00. Historically, the ratio has often led Bitcoin prices by several weeks to several months.