Crisis in confidence or a downturn in commodities – which comes first: chicken or egg?

In the last few weeks I've been watching for signs that investor confidence is at risk of capitulating to dreadful global fundamentals. Once investors capitulate to the reality of horrid fundamentals, markets will finally crack. I think a crisis in confidence, or at least a real taste of one, is around the corner. That said ... let's run through my general thinking on individual commodities: 

Commodities Essential. 20 July 2012

Trade Essentials.

No new recommendations or adjustments at this time.