A good deep insight on the corolation of copper and gold. Good bed time read. http://www.kitco.com/ind/RichardBaker/20120416.html and for those who prefer the spoiler:

Conclusion

Copper and gold again find themselves at the crossroads – a bullish revival for 2012 or a repeat of 2011 price volatility? Without a major geopolitical shock, the above data suggest relatively stable re-pricing is on track and a red metal price crash a more distant likelihood. Fundamentally, there are bullish signs that China copper demand will improve in the second-half aided by increased U.S. consumption, with continued global supply restriction. Gold has had a tumultuous ride in 2012 but its long-term uptrend is still intact. The gold-to-copper ratio and its stability trajectory provide prescient indications for what may lie ahead for both precious and base metals - so far, so good.