PL · Metals / Cross-Asset Coherence Regime
Z5637 – PL Wavelet Coherence Inflation Lag
The PL Wavelet Coherence Inflation Lag signal captures a distinct platinum market regime driven by its underlying mechanism; the engine produces a tanh-bounded composite between minus one and plus one
At a glance
IN-SEASON · ACTIVE
Current reading
-0.286
PL Wavelet Coherence Inflation Lag composite, tanh-bounded
Signal state
Neutral
4 trading days in current state
Phase
NEUTRAL
Positive equals inflation lag strong; negative equals inflation lag weak
Sample
35 years
Live since 1991-03
As of Nov 04, 2026. Updated nightly.
SIGNAL OVERVIEW
The PL Wavelet Coherence Inflation Lag signal captures a distinct platinum market regime driven by its underlying mechanism; the engine produces a tanh-bounded composite between minus one and plus one. The composite is bounded between minus one and plus one through tanh. Across 35 years Phase +1 inflation lag strong state has returned on average plus 1.17 percent forward 60-day platinum return. Phase -1 inflation lag weak state has returned on average plus 1.21 percent. Today the composite reads -0.286, in Neutral territory.
LIVE CHART
PL Wavelet Coherence Inflation Lag: 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 inflation lag weak regime. The pale green band marks inflation lag strong regime. The bronze line in the middle panel is the trailing 252-day rolling Spearman information coefficient. The lower panel is NYMEX platinum continuous back-adjusted price on the right axis in cents per ounce.
COMPOSITE
-0.286 / tanh
STATE
(nightly)
PHASE
(nightly)
FWD 60d
(nightly, baseline +1.01 percent)
SAMPLE N
8,952 days
TODAY’S PLAYBOOK READING
STATE
NEUTRAL
STATE AND HISTORY
Neutral. Sample N=8,952 days since 1991-03.
WHY THE SIGNAL IS HERE
The PL Wavelet Coherence Inflation Lag signal captures a distinct platinum market regime driven by its underlying mechanism; the engine produces a tanh-bounded composite between minus one and plus one.
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 -0.286 placing the dot inside the Neutral 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 platinum returns and sample share
Baseline platinum forward 60 day return (unconditional): mean plus 1.01 percent, median plus 0.83 percent, across 8,892 trading days.
| State | Phase | Share | Fwd 60d | HAC t | Edge vs baseline | Last firings |
|---|---|---|---|---|---|---|
| Inflation lag strong | +1 | 24.9% (2226 d) | +1.17% | +0.16pp | Jul 2024, May 2024, Jul 2022 | |
| Normal TODAY | 0 | 7.1% (634 d) | -1.51% | -2.52pp | Oct 2026, Jun 2024, Apr 2024 | |
| Inflation lag weak | -1 | 68.1% (6092 d) | +1.21% | +0.20pp | Oct 2024, Jan 2023, Sep 2022 |
The historical pattern
How to use the signal today
THE TRACK RECORD
State changes
| State | Start | End | Duration | Fwd 60d SPY |
|---|---|---|---|---|
| Normal | 10/28/2024 | 11/05/2024 | 7d | +3.19% |
| Extreme Pos (silver Compressed) | 11/06/2024 | 11/06/2024 | 1d | +2.23% |
| Normal | 11/07/2024 | 11/07/2024 | 1d | +1.80% |
| Extreme Pos (silver Compressed) | 11/08/2024 | 11/11/2024 | 2d | +0.43% |
| Normal | 11/12/2024 | 11/20/2024 | 7d | +1.41% |
| Extreme Pos (silver Compressed) | 11/21/2024 | 12/02/2024 | 7d | +1.06% |
| Normal | 12/03/2024 | 12/11/2024 | 7d | -4.48% |
| Extreme Pos (silver Compressed) | 12/12/2024 | 09/24/2025 | 196d | -8.76% |
| Normal | 09/25/2025 | 10/09/2025 | 11d | +3.24% |
| Extreme Pos (silver Compressed) | 10/10/2025 | 10/10/2025 | 1d | +5.60% |
| Normal | 10/13/2025 | 10/17/2025 | 5d | +3.99% |
| Extreme Pos (silver Compressed) | 10/20/2025 | 10/27/2025 | 6d | +3.12% |
| Normal | 10/28/2025 | 11/11/2025 | 11d | +0.83% |
| Extreme Neg (silver Outperforming) | 11/12/2025 | 11/13/2025 | 2d | +1.28% |
| Normal | 11/14/2025 | 11/17/2025 | 2d | +1.39% |
| Extreme Neg (silver Outperforming) | 11/18/2025 | 11/20/2025 | 3d | +3.45% |
| Normal | 11/21/2025 | 11/25/2025 | 3d | +4.61% |
| Extreme Neg (silver Outperforming) | 11/26/2025 | 10/26/2026 | 229d | +1.98% |
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
The PL Wavelet Coherence Inflation Lag signal captures a distinct platinum market regime driven by its underlying mechanism; the engine produces a tanh-bounded composite between minus one and plus one. The composite is z-scored against a trailing baseline and bounded through tanh.
Why it matters
The PL Wavelet Coherence Inflation Lag signal captures a distinct platinum market regime driven by its underlying mechanism; the engine produces a tanh-bounded composite between minus one and plus one.
The signal flags the current platinum regime for the next 60 trading days on average. Pair with price-based signals for precise entry.
State-conditional spreads are empirical averages across 35 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 06, 2026 05:27 PM ET