Don’t blame speculators

Speculators are easy to blame because the name implies greed. But many speculators lose money too and it is the balance between those who come out ahead and those who come out behind that help commodity prices. Normally we don’t hear about them and their function. Oil and gas are the most recent area where they have been made into villans. However, there is a futures market in all commodities except onions (and that is instructive in itself).

My article below brings all this together.

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