GC · Metals / Cross-Asset Coherence Regime
Z2326 – GC WUI-EPU Gap Forward-Looking
REFACTORED from proxy to real data 2026-06-03.
At a glance
IN-SEASON · ACTIVE
Current reading
+0.701
GC WUI-EPU Gap Forward-Looking composite, tanh-bounded
Signal state
Extreme POS
441 trading days in current state
Phase
HEALTHY
Positive equals wui-epu gap widening (gold bullish); negative equals wui-epu gap narrowing
Sample
20 years
Live since 2006-11
As of Nov 06, 2026. Updated nightly.
SIGNAL OVERVIEW
REFACTORED from proxy to real data 2026-06-03. The composite is bounded between minus one and plus one through. Across 20 years Phase +1 wui-epu gap widening (gold bullish) state has returned on average plus 1.40 percent forward 60-day gold return. Phase -1 wui-epu gap narrowing state has returned on average plus 1.71 percent. Today the composite reads +0.701, in Extreme POS territory.
LIVE CHART
GC WUI-EPU Gap Forward-Looking: composite bounded minus one to plus one.
The dark line in the top panel is the composite bounded between minus one and plus one. The pale red band marks wui-epu gap narrowing regime. The pale green band marks wui-epu gap widening (gold bullish) regime. The bronze line in the middle panel is the trailing 252-day rolling Spearman information coefficient. The lower panel is COMEX gold continuous back-adjusted price on the right axis in dollars per ounce.
COMPOSITE
+0.701 / tanh
STATE
(nightly)
PHASE
(nightly)
FWD 60d
(nightly, baseline +2.55 percent)
SAMPLE N
5,023 days
TODAY’S PLAYBOOK READING
STATE
Extreme Pos
STATE AND HISTORY
Extreme POS. Sample N=5,023 days since 2006-11.
WHY THE SIGNAL IS HERE
REFACTORED from proxy to real data 2026-06-03.
POSTURE FOR THE WEEKS AHEAD
The signal is a regime detector on a 60-day forward horizon. Pair with price momentum signals for conviction.
WHAT THE CHART SHOWS
Today the composite reads +0.701 placing the dot inside the Extreme POS band.
TOP INPUTS FIRING
- Silver returns Primary silver price momentum.
- 10-year TIPS-implied inflation breakeven Market-implied inflation expectation.
- Rolling coherence trend 5-year first-difference of coherence at 170-day cycles.
THE REGIME MAP
The three regime phases, forward 60-day gold returns and sample share
Baseline gold forward 60 day return (unconditional): mean plus 2.55 percent, median plus 2.10 percent, across 4,963 trading days.
| State | Phase | Share | Fwd 60d | HAC t | Edge vs baseline | Last firings |
|---|---|---|---|---|---|---|
| WUI-EPU gap widening (gold bullish) TODAY | +1 | 48.9% (2457 d) | +2.63% | +0.08pp | Feb 2025, Sep 2020, Oct 2018 | |
| Normal | 0 | 16.9% (849 d) | +1.23% | -1.31pp | Dec 2024, Jun 2022, Jul 2020 | |
| WUI-EPU gap narrowing | -1 | 34.2% (1717 d) | +3.08% | +0.53pp | Sep 2022, Dec 2020, Apr 2018 |
The historical pattern
How to use the signal today
THE TRACK RECORD
Every state change in the last 2 years
5 state transitions from 11/21/2024 to 11/06/2026. Full history (64 total transitions since 03/14/1996) is downloadable.
| State | Start | End | Duration | Fwd 60d SPY |
|---|---|---|---|---|
| Neutral | 11/21/2024 | 12/20/2024 | 21d | +2.81% |
| Defensive | 12/23/2024 | 03/25/2025 | 63d | -5.16% |
| Neutral | 03/26/2025 | 04/24/2025 | 21d | +5.55% |
| Expansion | 04/25/2025 | 05/23/2025 | 21d | +15.18% |
| Defensive LIVE | 05/27/2025 | current | 366d | +7.51% |
Scroll inside the table for the full history. Forward 60-day SPY is measured from each run’s start date; a reader cannot trade off a start-date they only identify in hindsight, so this is a transparency log, not an alpha claim. Asterisked (*) returns are partial. The run is less than 60 trading days old. The full 60-day comparable fills in as more data arrives.
What this measures
REFACTORED from proxy to real data 2026-06-03. The composite is z-scored against a and bounded through.
Why it matters
REFACTORED from proxy to real data 2026-06-03.
The signal flags the current gold regime for the next 60 trading days on average. Pair with price-based signals for precise entry.
State-conditional spreads are empirical averages across 20 years. Individual regime windows can run longer or shorter than mean sample.
Signal consumers and siblings
Not investment advice · The analysis on this page is informational and educational. Signal readings, historical case figures, and empirical statistics are derived from publicly available data and are provided without warranty. Hypothetical performance results have inherent limitations, including the benefit of hindsight. Readers who intend to trade should consult a licensed investment professional and see the research brief for the full disclaimer.
Last refreshed Nov 07, 2026 03:31 PM ET