Getting Physical

摘要

The spot price of West Texas Intermediate crude oil has risen 20% in a year. American Eagle gold coins have gained 30%. Brazilian coffee is up 90%, and cotton has doubled. The media are filled with stories of hedge fund billionaire John Paulson pocketing billions investing in gold and of looming global shortages of agricultural staples like rice. It comes as little surprise amid such chatter that individuals have been piling into commodities. All told, investors have plunked down $62 billion for commodities funds, futures and notes in the past year, bringing total assets invested in the world's staples to $376 billion, says Barclays Capital. Urging them on is