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jim-wiederhold

Jim Wiederhold

Associate Director, Commodities and Real Assets, S&P Dow Jones Indices

Jim Wiederhold is Associate Director of Commodities and Real Assets at S&P Dow Jones Indices (S&P DJI). He is responsible for the product management of the commodities and real assets indices, including the S&P GSCI, Dow Jones Commodity Index (DJCI), and S&P Real Assets Indices. These indices are designed to be leading measures of the commodities market and composite real assets.
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Sep 1, 2020

Cyclones and Cyclicals

Most constituents of the S&P GSCI posted positive performance in August. The headline S&P GSCI rose 4.59% on the back of increased inflation expectations and bullish market sentiment brought on by the S&P 500® reaching new highs. The performance attribution across sectors was evenly distributed. Inflation hedging may have been one of the key drivers…

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Aug 11, 2020

Gold Breaks Out to a New All-Time High as the U.S. Dollar Drops

Despite the drop in volatility in many asset classes over the summer, some broke through key support and resistance levels. The S&P GSCI Gold (TR) was one of them, reaching a new all-time high of USD 1,056.83 on Aug. 6, 2020, eclipsing the previous high from the summer of 2011. The underlying gold futures had…

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Jul 20, 2020

The Less Precious Metal

Silver has soared since mid-March 2020, fueled by renewed industrial demand and investor appetite for alternatives to gold and government bonds. From its low in mid-March, the S&P GSCI Silver was up 65% as of July 17, 2020. The less precious metal, silver, has lagged gold’s recent multi-year increase. The more volatile precious metal has…

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Jul 1, 2020

June Heatwave for Metal and Petroleum Commodities

The S&P GSCI rose 5.09% in June and 10.47% for the second quarter of 2020. The recovery in the second quarter did not fully retrace the dramatic downside from the first quarter, as can be seen in the index’s -36.50% YTD return. Continued recovery in petroleum commodities contributed, but bullish sentiment in industrial metals such…

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Jun 15, 2020

IRONclad ORE Is Full of Steam

Just like the ironclad battleships of the 19th century, the S&P GSCI Iron Ore has steamed through 2020 in the explosive sea battle atmosphere of this year’s highly volatile markets. It stayed afloat when most commodities sunk to negative YTD returns (see Exhibit 1). The S&P GSCI Iron Ore was up 22.1% YTD as of…

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Jun 8, 2020

Gold’s Time to Shine

The first half of 2020 has been gold’s time to shine. The double-digit YTD gains outpaced equities and other safe-haven assets during these uncertain recessionary times. As of May 29, 2020, the S&P GSCI Gold was up 13.94% YTD. Unprecedented global fiscal and monetary stimulus measures have significantly increased sovereign debt levels, leading to concerns…

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Jun 1, 2020

Commodities Were Energetic in May

Bullish sentiment propelled the S&P GSCI higher by 16.4% in May, its best monthly performance in 11 years. The broad commodity index’s more than 50% exposure to energy was a key contributor to its performance. Energy led the way, with the WTI-based S&P GSCI Crude Oil up 55.0%, bouncing impressively off the lows in April….

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May 1, 2020

Will April Pain Lead to May Gain for Commodities?

COVID-19 continued to wreak havoc across commodities markets in April. The S&P GSCI fell 9.67% in April and 47.92% YTD. Economic data continued to weaken into uncharted territory. Supply chains crucial to the flow of commodities from extraction to consumption experienced a sudden shut off and demand collapsed. Energy and agriculture underperformed, while metals offered…

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Mar 26, 2020

Rapid Reset

Over the past decade, we witnessed the longest economic expansion in history. During that time, risk appetite spiked, elevated largely by deflated interest rates around the globe in the wake of the Global Financial Crisis, as accommodative monetary policy lifted many investors up the risk curve. As in previous crisis periods, elevated risk asset valuations…

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Mar 13, 2020

No Gas Left in the Tank for Energy Equities

In our blog post from December 2019,[1] we highlighted the disparity seen last year between different sectors of the commodity futures and commodity equities markets. The second thing to watch highlighted the substantial 25% performance difference in 2019 between the S&P GSCI Energy and the S&P GSCI Equity Commodity Energy Index. However, so far in…

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