Some flunky from the Vampire Squid was jibber jabbering on Bloomberg just now, but he had an interesting point.
The volatility of a commodity is related to the ability to store it.
Viz. Wholesale electricity can't be stored, so when supply and demand break, the price changes radically
After electricity is natural gas and oil.
Last of all is precious metals, which have very flexible storage options.
It means supply and demand equilibrium will be resolved in oil & gas relatively quickly and it will take years to sort out precious metals.
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