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Opinion
Gary Shilling

Caution: More Commodity Price Weakness Ahead

Normal supply and demand forces aren't working. Production continues, driving down prices.
Plenty of red dirt, not much paydirt.

Plenty of red dirt, not much paydirt.

Photographer: Philip Gostelow/Bloomberg
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It's hard not to notice that commodity prices have been plummeting. It seems the price of everything that is grown or pulled out of the ground -- from oil and gas to sugar and copper -- has declined 46 percent since early 2011, causing bankruptcies and industry consolidation.

Prepare for further big declines.