There are four main groups in commodity markets: energy, industrial metals, precious metals, and agricultural commodities. Agricultural commodities, surprisingly, have a strong correlation with gold prices. While short-term performance varies, in the longer term, these groups are correlated. Recent increases in agricultural commodity prices may lead to rising food prices.

Geopolitical tensions can also impact commodity availability and prices. Despite correlations, commodities remain relatively cheap compared to financial assets such as stocks and bonds.

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