CommodiWisor
BRENT CRUDE$82.45+1.2%WTI CRUDE$78.14+1.5%GOLD SPOT$2,342.10+0.4%SILVER$28.15-0.1%COPPER HG$4.52-0.2%URANIUM U3O8$92.00+2.8%LITHIUM CARB$13,400-4.1%WHEAT ZW$562.25+0.1%NATURAL GAS$2.85+3.2%ALUMINUM$2,340+0.6%NICKEL$17,200-1.8%COCOA$7,850+5.4%BRENT CRUDE$82.45+1.2%WTI CRUDE$78.14+1.5%GOLD SPOT$2,342.10+0.4%SILVER$28.15-0.1%COPPER HG$4.52-0.2%URANIUM U3O8$92.00+2.8%LITHIUM CARB$13,400-4.1%WHEAT ZW$562.25+0.1%NATURAL GAS$2.85+3.2%ALUMINUM$2,340+0.6%NICKEL$17,200-1.8%COCOA$7,850+5.4%
Education Hub

Learn Commodities Investing

Master the fundamentals of commodities investing — from futures mechanics and curve shapes to supercycle theory and portfolio construction.

Commodities 101

  • What are Commodities?

    Hard assets vs soft assets. The difference between extractive and agricultural commodities.

  • Spot vs Futures Markets

    How physical delivery contracts work and why futures prices can diverge from spot.

  • Commodity Exchanges

    CME, LME, ICE, and the global infrastructure of commodity trading.

Futures & Derivatives

  • Futures Contracts Explained

    Standardized agreements to buy or sell at a future date. Margin, leverage, and settlement.

  • Contango & Backwardation

    When forward prices trade above or below spot. Implications for ETF investors and roll yield.

  • Options on Commodities

    Hedging and speculative strategies using calls, puts, and spreads on commodity underlyings.

ETFs & Investment Vehicles

  • Physical vs Futures-Based ETFs

    The tracking difference, roll costs, and tax implications of each structure.

  • Commodity ETNs & ETCs

    Credit risk, tax treatment, and structural differences from ETFs.

  • Mining Equity ETFs

    Why sometimes miners outperform the underlying metal — and sometimes they don't.

Macro & Cycles

  • Commodity Supercycles

    The 30-year cycle theory and historical evidence from the last 150 years.

  • Inflation Hedging

    Why commodities tend to outperform during inflationary regimes and how to measure hedge effectiveness.

  • Dollar Correlation

    The inverse relationship between USD strength and commodity prices.

Key Terms

Backwardation

When futures prices are lower than the spot price, indicating tight supply or high immediate demand.

Contango

When futures prices are higher than the spot price, typically reflecting storage costs and financing.

Roll Yield

The gain or loss from rolling a futures contract forward as it approaches expiration.

Stock-to-Use Ratio

Ending inventories divided by total use. A key metric for agricultural commodity tightness.

Real Interest Rate

Nominal interest rate minus inflation. Negative real rates are historically bullish for gold.

Backwardation

When the futures price is below the expected spot price at delivery, often signaling supply shortages.

New to Commodities?

Start with our Commodities 101 module to understand the landscape before diving into cycle analysis and strategy frameworks.