A long bull run

Introduction

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It seems a little incongruous to call commodities an alternative or new asset class when metals have arguably been traded and invested in for longer than any other form of security. But as funds seek to diversify their portfolios of investment, commodities are very much at the forefront of investment strategies.

And it’s not just the inexorable rise of the gold price that’s attracting attention. The growth of commodity-linked derivatives was a major theme of 2003 and the trend has continued

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