One of the big themes of the year has been the sell off in commodities.
Gold, of course, has had a rough year. But so too have industrial commodities like copper.
Whereas past commodity downturns have been closely associated with declines in risk assets, there's a sense this time of the "supercycle" coming to an end.
And indeed while U.S. equities remain within a hair of all-time highs, and inflows into stocks spike, there's been a big decrease in money going into commodity funds.
This chart from Jefferies tells the story:
Commodity funds continued to experience significant net outflow. The latest amount of net outflow stood at a net US$2.1bn. Recent 15 consecutive weekly outflows totalled a net US$23bn. YTD net withdrawals cumulated to U$24bn. Commodity funds saw net inflows of US$17bn for the full year in 2012. This is the fourth yearly inflow while the total amount of injections in 2012 topped the four-year period.
Read more: http://www.businessinsider.com/commodity-outflows-2013-5#ixzz2UPGlbWMa
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