July 19, 2021
Commodities rallied 21% in the first half of 2021, making them the top performing asset group ahead of U.S., European, emerging market and non-Japan Asian stocks. The broad-based index of energy, agriculture, industrial metals and precious metals rose the same amount as high-flying Bitcoin, which pulled back after hitting its all-time high of more than $63,000 on April 13.
Commodities tied with Bitcoin as the top performer
JPMorgan, FactSet, USGI
Among the commodities we track, West Texas Intermediate (WTI) crude oil was the number one performer, up nearly 52% on higher-than-expected demand and tight supply, while precious metals lagged, with silver down 1% and gold down more than 6%.
Precious Metals lagged in the first six months
This represents a nearly complete reversal from the price action we saw in 2020. According to our Periodic Table of Commodity Returns, precious metals were last year’s winners—silver surged close to 48%, gold 25%—and oil was the big loser, slipping as...read more...