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Commodity Speculation and Commodity Investment

Christopher L. Gilbert ()

No 820, Department of Economics Working Papers from Department of Economics, University of Trento, Italia

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.

Keywords: Commodities; Speculation; Asset Allocation (search for similar items in EconPapers)
JEL-codes: G11 (search for similar items in EconPapers)
Date: 2008
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