On the day the S&P GSCI launched, 11 April 1991, the S&P 500 closed at 380 and a barrel of crude oil was worth $21. Over the next thirty years, oil would peak near $146, the S&P 500 would cross 4,000, and the broad commodities market would respond to a rapidly changing world that saw the emergence of BRIC countries, the ebbs and flows of tensions in the Middle East, and a range of other geopolitical forces and natural events that caused sometimes-dramatic shifts in commodity supply and demand. Throughout it all, the S&P GSCI remained a steadfast measure of market changes.
Made up of the most liquid commodity futures and world-production weighted, the S&P GSCI is a straightforward yet sophisticated measure of commodity beta. Since its inception, it has reliably served as a tool to improve diversification while also offering liquidity and the potential for inflation protection.
The Next 30 Years of Commodity Index Investing
While 30 years is a lifetime in commodities investing, what more can we expect in the next three decades?
After three decades of helping investors make more informed decisions and providing index-based access to diversification, liquidity, and inflation protection—what’s next for this index icon?Watch now
Thirty years is an eternity in market terms, particularly if the market in question is the commodities market. Fiona Boal, Head of Commodities and Real Assets, talks about the 30th anniversary of the S&P GSCI, supercycles, the energy transition, and the idiosyncratic nature of commodities markets in general.
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