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|