duller commodities like sugar, cocoa, coffee, orange juice, oil, and natural gas. The return on these investments

derives from the saver’s hope of buying low, selling high, and receiving a capital gain. Investing in, say, gold or

coffee offers relatively little in the way of nonfinancial benefits to the user (unless the investor likes to caress

gold or gaze upon a warehouse full of coffee). Typically, investors in these commodities never even see the

physical good. Instead, they sign a contract that takes ownership of a certain quantity of these commodities,

which are stored in a warehouse, and later they sell the ownership to someone else. As one example, from 1981

to 2005, the gold prices generally fluctuated between about $300 and $500 per ounce, but then rose sharply to

over $1,100 per ounce by early 2010. In January 2017, prices were hovering around $1,191 per ounce, and

they have since increased, reaching over $1,900 by early 2022.
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