In my post earlier I published a chart showing the asset class returns for the past 15 years. If you look closely, you’ll see that commodities have been the worst performing asset class for three years running. Three down years with a high probability of 2015 being the fourth. Investor sentiment is so negative it may be close to a turning point.
On the face of it, the Bloomberg Commodity Index has had meaner bear markets than this one; just look at the cliff-drop in late 2008 below.