Commodities are big news nowadays. Not that that’s anything new. After all, the market breakdown of 2008 was preceded by huge run-ups in oil, precious metals and foodstuff futures. Speculation—fostered by a proliferation of exchange-traded commodity trusts—helped to send prices soaring before demand destruction and a credit market collapse teamed up to snap the rally’s back. Then, paradoxically, while commodity prices swooned in the latter half of 2008, one asset class stood out for its gains: m...
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