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Commodity Speculation and Commodity Investment

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  • Christopher L. Gilbert

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    Abstract

    I distinguish between speculation and index-based investment in commodity futures stressing the differing motivations of the two groups and the differing instruments that they use. I discuss the amounts of money deployed in these activities. I document evidence of extrapolative behaviour in metals prices, consistent with speculation affecting prices, and show that in at least one market (soybeans) index-based investment has a significant and persistent price impact.

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    Bibliographic Info

    Paper provided by Department of Economics, University of Trento, Italia in its series Department of Economics Working Papers with number 0820.

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    Date of creation: 2008
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    Handle: RePEc:trn:utwpde:0820

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    Keywords: Commodities; Speculation; Asset Allocation;

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    1. Marco Bee & Giuseppe Espa & Roberto Tamborini, 2002. "Firms’ bankruptcy and turnover in a macroeconomy," Department of Economics Working Papers 0203, Department of Economics, University of Trento, Italia.
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    3. Maurizio Pugno, 2000. "Under Tertiarisation and Unemployment," Department of Economics Working Papers 0004, Department of Economics, University of Trento, Italia.
    4. Giuseppe Espa & Roberto Benedetti & Anna De Meo & Salvatore Espa, 2003. "Mappe di probabilitĂ  di sito archeologico: un passo avanti," Department of Economics Working Papers 0302, Department of Economics, University of Trento, Italia.
    5. Hubert Gabrisch & Maria Luigia Segnana, 2002. "Why is trade between the European Union and the transition economies vertical?," Department of Economics Working Papers 0207, Department of Economics, University of Trento, Italia.
    6. Kumaraswamy Velupillai, 2003. "Economics and the complexity vision: chimerical partners or elysian adventurers," Department of Economics Working Papers 0307, Department of Economics, University of Trento, Italia.
    7. Giulia Felice, 2003. "Dinamica strutturale e occupazione nei servizi," Department of Economics Working Papers 0304, Department of Economics, University of Trento, Italia.
    8. Pugno, Maurizio, 2006. "The service paradox and endogenous economic growth," Structural Change and Economic Dynamics, Elsevier, vol. 17(1), pages 99-115, January.
    9. Roberto Tamborini, 2004. "The economic consequences of Mr. G.W. Bush's foreign policy. can the us afford it?," Department of Economics Working Papers 0402, Department of Economics, University of Trento, Italia.
    10. Roberto Tamborini & Riccardo Fiorentini, 2001. "The monetary transmission mechanism in Italy: the credit channel and a missing ring," Department of Economics Working Papers 0101, Department of Economics, University of Trento, Italia.
    11. Roberto Tamborini, 2000. "From Kuwait to Kosovo: what have we learned; reflections on globalization and peace," Department of Economics Working Papers 0002, Department of Economics, University of Trento, Italia.
    12. Matteo Ploner, 2003. "The financial markets and wealth effects on consumption - an experimental analysis," Department of Economics Working Papers 0306, Department of Economics, University of Trento, Italia.
    13. Roberto Tamborini, 2002. "One "monetary giant" with many "fiscal dwarfs": The efficiency of macroeconomic stabilization policies in the European Monetary Union," Department of Economics Working Papers 0204, Department of Economics, University of Trento, Italia.
    14. Luigi Bonatti & Carlo Borzaga & Luigi Mittone, 2005. "Profit versus Nonprofit Firms in the Service Sector: A Formal Analysis of the Employment and Welfare Implications," Rivista di Politica Economica, SIPI Spa, vol. 95(3), pages 137-164, May-June.
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    Cited by:
    1. Piesse, Jenifer & Thirtle, Colin, 2009. "Three bubbles and a panic: An explanatory review of recent food commodity price events," Food Policy, Elsevier, vol. 34(2), pages 119-129, April.
    2. Batten, Jonathan A. & Ciner, Cetin & Lucey, Brian M., 2010. "The macroeconomic determinants of volatility in precious metals markets," Resources Policy, Elsevier, vol. 35(2), pages 65-71, June.
    3. Chiou-Wei, Song-Zan & Linn, Scott C. & Zhu, Zhen, 2014. "The response of U.S. natural gas futures and spot prices to storage change surprises: Fundamental information and the effect of escalating physical gas production," Journal of International Money and Finance, Elsevier, vol. 42(C), pages 156-173.
    4. Nikolaos Sariannidis, 2011. "Stock, Energy and Currency Effects on the Asymmetric Wheat Market," International Advances in Economic Research, Springer, vol. 17(2), pages 181-192, May.

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