Correlation between Industrial Production Vs. CRB Metals Index

Thanks to Bob Garino, who commented on this article, I found out about the correlation between Industrial Production (manufacturing) and the CRB metals index.



Let's see if this correlation is correct.



I immediately see that from 1990 till 2000 the correlation doesn't fit. That period was a period where miners were in a bear market as metals prices declined and mining companies were getting worse and worse conditions for mining. Bonds were doing ok in that period.



So I'm a bit sceptical about this correlation. But I'll still add it to my list of correlations.




Chart 0: Industrial Production: Manufacturing






Chart 1: Industrial Production Index






Chart 2: CRB Metals Sub-Index




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