After a near five-year build up in commodity prices courtesy of the Federal Reserve's monetary policy, the bubble is finally deflating. In the last three months, we've seen the CRB Commodity Index, which measures 19 different commodities, fall --7% and gold (GLD) has dropped -6.1% during the same time period. There are plenty of hedge funds and institutional investors who are long gold who are grimacing when looking at charts; gold broke its TAIL risk line of $1671 this morning and can easily fall farther.
