Regulators are grasping the nettle of regulating commodity trading. This should allow an overdue debate on the impact of institutional investment in commodity futures.
The story so far: academics showed that commodities were not strongly correlated with stocks and bonds. Investing in them could thus reduce risk without reducing returns.
Then investment banks found a way to sell commodity futures to retail investors by creating exchange-traded funds to hold them. Then money poured into commodity futures, and their prices shot up.
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