Dr. Copper’s Four Ratios: What Gold, Silver, Oil, and the COMEX-LME Spread Are Saying

Is Dr. Copper screaming global economic expansion?

Copper touched a fresh record of $6.7045 a pound on COMEX in early August before settling around $6.60 (Aug 14 print)—a 47.6% surge over the trailing twelve months. Mainstream commentary treats this headline figure as a simple binary: Dr. Copper is screaming global economic expansion.

Yet single-point pricing hides structural distortions.

Evaluating cop…