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Great Commodities Depression |
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This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed. (June 2008) |
The late-twentieth century commodities recession is the steep, general recession in commodity prices between 1980 and 2000, both in real and nominal terms. It is sometimes known as the Great Commodities Depression, a name due to Robert Solow.citation needed
For example, soft commodities such as corn were $3.69 per bushel ($145/metric ton) in November, 1980; wheat $5.07 per bushel ($186/metric ton) in November, 1980; while hard commodities such as copper were $3,168.96 per tonne in February, 1980; and gold $850.00 per troy ounce in January, 1980.citation needed
After nearly twenty years, corn was $1.45 in August, 2000; wheat $1.94 in August, 2000; copper $1,319 in November, 2001; and gold $255.95 in April, 2001.citation needed
A long term recession such as this is also known as a secular bear market.
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