Irwin, Scott H.; Sanders, Dwight R.; Merrin, Robert P. - 2009
It is commonly asserted that speculative buying by index funds in commodity futures andover–the–counter derivatives … markets created a ‘‘bubble’’ in commodity prices, with the resultthat prices, and crude oil prices, in particular, far … situation in commoditymarkets are inconsistent with the existence of a substantial bubble in commodity prices.Third, available …