Commodities as a hedge against inflation

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Abstract
This paper examines the effectiveness of commodities traded on the London commodity markets as a hedge against inflation between 1959 and 1980. An index of commodities is compared with indices for a number of real and financial assets. The relative performance of different commodities is also assessed. The basis of the comparisons is a proposed set of risk and return measures derived from an index of instability. According to these criteria commodities rank intermediately in the spectrum of assets considered. Tin is the most suitable individual commodity for inflation hedge purposes.

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