Commodities Dinged but Still UP 20% YTD in November

Just as inflation panic began to spread, commodity prices solidly fell -7% in November while holding strong +20% gains year-to-date.

GSCI=S&P GSCI Commodity Excess Return Index

BCOM=Bloomberg Excess Return Commodity Index

The declines were widespread as the following table of the BCOM components shows:

The biggest gainers were energy. Note precious metals and a few agriculturals are down on the year. Note also crudes gave up substantial gains in November.

*Excess Return indexes are futures price returns without the interest on futures collateral included in Total Return indices,

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