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Brian Luke

Senior Director, Head of Commodities, Real & Digital Assets, S&P Dow Jones Indices

Brian Luke is Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI). With over 20 years of trading, asset management and index experience, Brian leads S&P DJI’s global commodity, real estate and digital asset indices, which include the S&P GSCI Series, S&P Case Shiller Home Price Indices, Halifax House Price Index and S&P Broad Digital Assets. These indices are leading measures of the commodity and real and digital asset markets.
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May 2, 2024

New Bitcoin Indices Doing “Yard Work” in the Spring

In Wall Street parlance, a yard refers to a billion and a buck is a million. You can overhear traders asking questions like, “how many bucks did that trade?” or, “did that company raise a yard?” The crypto space is gathering assets by the yard these days with new product launches by ETF issuers. For…


Apr 17, 2024

Commodities Deliver Double-Digit Returns in the Face of Stubborn Inflation

Commodity markets remain on top of the asset class leader board with inflation drawing the ire of the Fed and other asset classes. The upside surprise in U.S. inflation spotlights the potential benefits of commodities as a diversification tool. The S&P GSCI, the leading indicator of broad commodity performance, has produced double-digit returns in 2024,…


Apr 1, 2024

Energy Pumps up the S&P GSCI and Markets Go Cuckoo for Cocoa

“I think it’s from all those dog-gone cocoa beans. Hey, by the way, did you guys know that chocolate contains a property that triggers the release of endorphins? Gives one the feeling of being in love.” -Willy Wonka, Charlie and the Chocolate Factory (2005) Inflation presented a direct hit to consumers at the pump, with…


Mar 4, 2024

Food Inflation Bites into Income as Commodities March Higher

Inflation continues to impact consumers and policymakers in negative ways. Hedging through broad commodities has proven to buffer portfolio returns, with the S&P GSCI up 5.38% this year. Going into the year, expectations of Fed rate cuts and continued declines in the Consumer Price Index (CPI) pushed inflation concerns aside. Since then, markets have experienced…


Jan 3, 2024

Twenty-First Century Fox: DJCI Gold Tops Stocks and Bonds This Century

The equity markets roared to the finish line, easily passing commodities and bonds with a 26.3% return for the S&P 500® in 2023. Much of that rally could be attributed to declining consumer price indices and favorable Federal Reserve guidance, with increased confidence in a soft landing. Declining inflation can best be observed at the…


Dec 5, 2023

Gold Hits All-Time Highs and DJCI Silver Tops 10% in November

“Silver and gold, silver and gold, Everyone wishes for silver and gold.” -Burl Ives My all-time favorite stop-motion animation show was the 1964 TV special Rudolph the Red-Nosed Reindeer, narrated by Burl Ives. Playing the role of Sam the Snowman, Ives sang “Silver and Gold,” paying tribute to the work of Yukon Cornelius, a prospector…


Nov 2, 2023

Previewing the 2024 S&P GSCI Rebalance: Big Oil’s Mojo Is Back

Long-time investors in products linked to the S&P GSCI remain keenly aware of the outsized role oil has in broad commodity performance. Reviewing the projected weights of the 2024 S&P GSCI rebalance oil is expected to remain the largest commodity in the index. WTI and Brent crude oil are projected to swap positions and collectively…


Sep 5, 2023

D-FENCE! Investigating Commodity Performance under a Defensive Fed

I love this time of year. August vacations are over, the kids are back in school and football season kicks off in the U.S. The Fed took its August “vacation” at the Jackson Hole Symposium, where Jerome Powell’s remarks singularly focused on price stability. Inflation has come down but “remains too high” and the Fed…


Jul 5, 2023

S&P GSCI Mid-Year Recap and Lithium Added to S&P GSCI Electric Vehicle Metals Index

Surging futures activity on CME Group’s lithium contract allowed for entry into the S&P GSCI Electric Vehicle (EV) Metals Index. This milestone reflects the changing nature of indices to maintain a representative share of the global commodities market. The largest and most recognizable benchmark for commodities, the S&P GSCI, reviews contract eligibility for existing and…


Jun 1, 2023

Hedging Debt Ceiling Drama with the S&P GSCI SOFR and S&P GSCI Gold

The debt ceiling debate in Washington appears to be nearing an end. According to the U.S. Treasury, Congress has “always acted when called upon” and markets will look for them to do so for the 79th time this month. By index rule, all commodities in the S&P GSCI are traded in U.S. dollars, so the…


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