$GDX $COPX Right before the 2008 crash, I joined a mining company. They asked if I wanted to work on a copper or gold project. I flipped a coin and chose gold. A few months later, almost everyone on the copper project was laid off while my project kept going. Seeing quite a few people confused why gold is currently suffering given that copper, BTC is soaring. Simple. Former is risk off. Latter are risk on. If macro is confusing, ignore it and just follow trends.
Over past 7 months, $COPX is up 2x while $GDX is down 20%. Both are ETFs of metal miners. Except, copper is a risk-on metal while gold is risk-off. Also a lesson in momentum: strength begets strength.
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