Commodities: Is the Decennial Pattern Still In Effect?

In early April I wrote a commentary titled “Commodity Boom? You Ain’t Seen Nothing Yet!” in which I hypothesized that commodities would maintain investment leadership through the end of the decade and the rally would end in spectacular fashion in early 2010. This would be consistent with a “decennial pattern” of leadership which began in the 1970s with each decade’s winner roughly doubling the stupendous gains of the prior decade’s winner.