Well, when the aim in #China is to fundamentally shift away from property as a key economic growth engine demand for all sorts of raw commodities will be hit hard. 

This is one reason also why I believe the copper-to-gold ratio is now flawed as an economic predictor.  On the one hand the market is having to take out the China trade and that is big.  Additionally, demand for gold is surging off new drivers both at the nation-state level and among households.  

The dynamics which were in play over the past +30 years have changed.