Preliminary univariate and multivariate regressions, visual inspections, various relative entropy probes, and complementary Pearson correlation tests and Welch’s t-tests all suggest that the copper-to-gold ratio often embeds rather short-termed (up to a few days) yet credible information about the 10-year U.S. Treasury yield. This phenomenon has been more noticeable in recent years and in times where no major economic shocks have developed. False signals in this leading indicator, however, are not uncommon, and they emerge mostly around global macroeconomic tremors. As declared by different market participants, in the absence of macroeconomic turbulences, the copper-to-gold ratio tends to be tightly coordinated (up to a few day lags) with the 10-year U.S. Treasury yield, and as such, it can serve as a momentary leading indicator for the latter, although not always and not with complete precision.

初步的单变量和多变量回归、目视检查、各种相对熵探针以及互补的 Pearson 相关性检验和韦尔奇 t 检验都表明，铜金比率通常包含相当短期（最多几天）但可靠的信息关于10年期美国国债收益率。近年来，在没有发生重大经济冲击的时期，这种现象更加明显。然而，这一领先指标中的错误信号并不罕见，而且大多是在全球宏观经济动荡期间出现的。正如不同市场参与者所宣称的，在没有宏观经济动荡的情况下，铜金比率往往与 10 年期美国国债收益率紧密协调（最多有几天的滞后），因此，它可以服务于作为后者的暂时领先指标，