QE1, QE2 and Investment Flows into Commodities

From Salmon at Reuters:

This chart comes from a presentation on commodity ETFs by my Reuters colleague Andy Home:
 


QE, of course, only happens when interest rates hit the zero bound, so it’s impossible to disentangle the effects of QE from the effects of G3 interest rates all coming down to 1% or lower. But the effect of all these investment flows is clear: if you look at commodities as an asset class, total commodity assets under management have risen from just over $150 billion at the end of 2008 to over $400 billion today....MORE