Last week, we wrote about Copper futures breaking out to all-time highs, while the Copper Miners ETF $COPX is starting to play catch-up. 

The three copper miner trades we outlined for premium members last week are soaring to new highs. We think there's a tremendous amount of upside remaining.

That rally isn’t happening in a vacuum. 

It’s part of a much larger shift we’re seeing across the entire Base Metals space.

After years of choppy sideways action, Industrial Metals are beginning to trend again. 

Breakouts are happening. 

Leadership is expanding. 

And just like Copper, we’re now seeing signs of accumulation and strength in other key areas.

Let’s take a closer look at the...

Copper just made history.

The price closed June with its highest monthly close ever.

We have the data:

Copper futures are printing fresh all-time highs after resolving a prolonged accumulation pattern.

And when copper moves, it isn’t just about metals—it’s about yields, growth, and what comes next.

Next up is a chart of the Copper/Gold ratio versus the 10-year yield. 

Forget the recent noise, for decades, long-term yields have followed the Copper/Gold ratio. 

When Dr. Copper outperforms, yields rise. 

Every time.

Why? Because copper is associated with construction, production, and demand. 

It’s the heartbeat of the real global economy. 

Gold is fear. Copper is action.

When Copper leads, the market’s not bracing for collapse. Instead, it’s pricing in growth.

This is one of the biggest divergences we've ever seen:

In recent years, the Copper/Gold ratio and the 10Y yield have carved out one of the largest divergences in history.

And now we're seeing early signals that the ratio is going to reverse higher...

It has been a blockbuster year for precious metals, and the latest monthly and quarterly closes reiterated it.

The entire precious metals complex is breaking out of long-term bases. 

These patterns are the classic signature of new secular bull markets. 

Gold rang the bell first, but now its peers are joining the charge.

Let’s dive into what the data is showing us.