In my recent post, I made fun of the macro community, as the old correlation of gold/copper and US ten year treasury yields had broken down. {chart} However, I would be remiss to not point out that the copper/gold ratio still works quite well when we replace US 10 year with China 10 year bond yield. {chart} And Chinese yields are so low as the domestic property market has been going through a huge slowdown. {chart} If you think China is getting close to cyclical turn, then industrial commodities potentially offer huge upside. I personally have no idea, but it is amazing to see how well commodity prices have held up ... (full story)