Commodities · Intermarket
What commodities are saying about the economy
Prices on their own tell you little. The relationships do: gold against silver and copper, oil against gold and gas, refining margins, and how commodities move with yields, inflation expectations, the dollar and equities. Each ratio below is scored against its own history, with a plain-language reading.
Ratios
Ratio history
How markets are moving together
Speculative positioning
Why ratios, not prices
A price mixes many forces at once. A ratio cancels out what two markets share, such as the dollar or general inflation, and isolates what differs between them: growth versus safety, supply versus demand.
How often it updates
Energy, rates, dollar and equity relationships update every business day. Metals and grains use the World Bank's monthly price series. Positioning is weekly, from the CFTC.
Licensed inputs
Ratios that use equity index data are shown as percentiles and z-scores only. We don't publish the underlying index or ratio levels.