Commodity index funds differ from traditional speculation in commodities in significant ways. These underpin the possibility that such funds are having a material impact on prices.

Gold’s fall below $800/oz today has reinforced our long-held and non-consensus view that prices are heading for $700. Indeed, they may get there even sooner than we had expected.

Last week’s bounce has prompted us to raise our forecasts for the dollar against the euro, yen and sterling, but we had already expected the US currency to recover some ground in the second half of...

We think that the recent sharp falls in commodity prices are more than just a temporary dip in an upward trend. The focus has been on the oil price, which has fallen by more than $25 per barrel (or 18...