Here is the Thompson/Jeffries CRB index (of commodities including energy, softs, metals):
The dream is over. We are now back at 2003 levels and very likely to keep falling. In technical terms the chart exhibits an enormous bearish descending triangle on the verge of breakdown (like so many of the component parts). The index does not include bulks but they look much the same.
Moreover, the fundamentals are shot. There were three reasons for the boom:
Advertisement
