Calling the end to the decade-long commodity run was a popular thing to do in 2012. At one point in June, the average commodity had cratered – by 27% from June 2011 – prompting a chorus of comparisons to the peak and crash of 2008.
The main claim was that 2008 was the true secular peak and what we have witnessed since has been a false rally. The same pundits who proffered this opinion alleged that the 2012 price swoon was a last gasp, an aftershock of sorts, the final mark that the commodity move, which had started in 1999, was now dead.
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