List of Figures

  Figure 1.Rice. Candlestick chart in USD/cwt 2016, Chicago Board of Trade (CBOT). Data: Bloomberg, 2019.
  Figure 2.Crude oil prices 1861–2018, in USD/barrel (real prices of 2015). Data: BP Statistical Review of Energy, 2019.
  Figure 3.Prices for soybean oil, 1960–1964, in US cents/lb, Chicago Board of Trade. Data: Bloomberg, 2019.
  Figure 4.Wheat prices, 1970–1977, in US cents/bushel, Chicago Board of Trade. Data: Bloomberg, 2019.
  Figure 5.Gold-silver ratio, 1973–2013. Data: Bloomberg, 2019.
  Figure 6.Crude oil prices, 1965–1986, in USD/barrel. Data: Datastream, 2019.
  Figure 7.Diamond prices, 2003–2016. Prices indexed over different sizes and qualities. Data: PolishedPrices.com, Bloomberg, 2019.
  Figure 8.Silver prices, 1970–1982, in USD/troy ounce. Data: Bloomberg, 2019.
  Figure 9.Crude oil prices, 1989–1991, in USD/barrel. Data: Bloomberg, 2019.
Figure 10.Crude oil future term structure in 1993/1994, in USD/barrel. Data: Bloomberg, 2019.
Figure 11.Silver prices, 1994–2008, in USD/troy ounce. Data: Bloomberg, 2019.
Figure 12.Silver, Pan American Silver, and Apex Silver, 1998–2009. Performance indexed 1998. Data: Bloomberg, 2019.
Figure 13.Copper in US cents/lb, 1995–1997. Data: Bloomberg, 2019.
Figure 14.Share price of Bre-X, 1992–1997, in Canadian dollars (CAD). Data: Bloomberg, 2019.
Figure 15.Palladium in USD/ounce, 1998–2004. Data: Bloomberg, 2019.
Figure 16.Copper prices in USD/ton, 2003–2007, London Metal Exchange (LME). Data: Bloomberg, 2019.
Figure 17.Zinc prices in USD/ton, 2003–2006, London Metal Exchange (LME). Data: Bloomberg, 2019.
Figure 18.Natural gas prices in USD/MMBtu, 2003–2007, New York Mercantile Exchange. Data: Bloomberg, 2019.
Figure 19.Price spread between natural gas March and April 2007 delivery, in USD/MMBtu, New York Mercantile Exchange. Data: Bloomberg, 2019.
Figure 20.Future term structure of natural gas in USD/MMBtu, 2010, New York Mercantile Exchange. Data: Bloomberg, 2019.
Figure 21.Frozen orange juice concentrate prices in US cents/lb, 2002–2006.Data: Bloomberg, 2019.
Figure 22.Norwegian salmon prices in NOK/kg, 2000–2011. Data: Bloomberg, 2019.
Figure 23.Steel prices in USD/ton, 2000–2010. Data: Bloomberg, 2019.
Figure 24.Wheat prices in US cents/bushel, 2005–2008, Chicago Board of Trade. Data: Bloomberg, 2019.
Figure 25.Natural gas prices in USD/MMBtu, 2003–2007, New York Mercantile Exchange. Data: Bloomberg, 2019.
Figure 26.Platinum prices in USD/troy ounce, 2004–2009. Data: Bloomberg, 2019.
Figure 27.Rice prices in US cents/cwt, 2000–2010, Chicago Board of Trade. Data: Bloomberg, 2019.
Figure 28.Wheat prices in US cents/bushel, 2007–2008, Chicago Board of Trade. Data: Bloomberg, 2019.
Figure 29.Crude oil (WTI) term structure in USD/barrel, 2008. Data: Bloomberg, 2019.
Figure 30.Price spread of crude oil January (CLF9) and December 2009 (CLZ9) in USD/barrel. Data: Bloomberg, 2019.
Figure 31.Baltic Dirty Tanker Index, 2002–2010. Data: Bloomberg, 2019.
Figure 32.Sugar prices in US cents/lb, 1970–2010. Data: Bloomberg, 2019.
Figure 33.Cocoa prices in USD/ton, 1990–2012. Data: Bloomberg, 2019.
Figure 34.Copper and share price of First Quantum Minerals, 2009–2010. Data: Bloomberg, 2019.
Figure 35.BP share price fluctuation during first half of 2010. Data: Bloomberg, 2019.
Figure 36.Cotton prices in US cents/lb, 2005–2013. Data: Bloomberg, 2019.
Figure 37.Glencore (GBP). Equity price performance since IPO on May 19, 2011. Data: Bloomberg, 2019.
Figure 38.Rare earth carbonate, neodymium, dysprosium, and lanthanum, 2010–2013. Chinese onshore prices in RMB, indexed 30.12.2009=100. Data: Bloomberg, 2019.
Figure 39.Crude oil (WTI): recovery and bear market, 2008–2016. Data: Bloomberg, 2019.
Figure 40.Commodity performance in 2016. Data: Bloomberg, 2019.
Figure 41.Cobalt prices, 2012–2018. Data: Bloomberg, 2019.
Figure 42.Benchmark Lithium Index, 2012–2018. Data: Benchmark Mineral Intelligence, 2019.
Figure 43.Price of bitcoins surpassed 1,000, 5,000, 10,000, and finally 20,000 per USD in 2017. Data: Bloomberg, 2019.
Figure 44.Historic bitcoin price corrections, 2013–2017. Data: Coindesk.com.
Figure 45.50 years of commodity markets ups and downs. Did we see the beginning of a new bullish cycle in 2016? Data: Bloomberg, 2019.
Figure 46.Relative valuation of commodities versus equities. Buy commodities! Data: Bloomberg, 2019.