You are correct and that is why I am not in the commodities market any more. I made considerable money in it in the early 80s. One day I lost 8000 dollars in an afternoon, actually between 130 pm and market close in Chicago. I was still far ahead in the game and decided it was not a rational game. Would I invest in commodities today? Yes I would, but only in the companies that produce them, the futures market is not for the faint of heart. Would I invest in gold and oil? No.
Sorry, but I firmly disagree. Ck out this ongoing FR article about silver and how to buy pure Englehard silver bars from coin dealers/ my post #154 / as I was in the coin business for many years. (and note the day of this article and the fact that now, just today, just this morning, silver bullion is at $13.26)
"Silver shines but equities decline (Silver breaks $10/ounce! 22-year high!)"
http://www.freerepublic.com/focus/news/1588981/posts?page=165