Commodities Drawdown Tracker
6 tracked commodities•0 at ATH•Average drawdown: -32.0%
Track current peak-to-trough drawdowns and historical declines across precious metals, industrial metals, and uranium.
Commodity Drawdown Levels
Commodity cycles reflect macro supply, industrial demand, and monetary shifts with distinct volatility ranges.
Minor Dip
0% to -5%Mild spot price fluctuation within normal trading ranges.
Gain to ATHUp to +5.3%
Pullback
-5% to -15%Seasonal or inventory-driven decline within a broader macro cycle.
Gain to ATH+5.3% to +17.6%
Correction
-15% to -30%Significant macro repricing driven by interest rate or dollar shifts.
Gain to ATH+17.6% to +42.9%
Bear Market
< -30%Prolonged cyclical downturn and deep historical valuation trough.
Gain to ATH> +42.9%
Frequently Asked Questions about Commodities
Click to expandHow do precious metals (Gold, Silver, Platinum) decouple during broader market sell-offs?
Precious metals respond to different economic drivers based on their monetary versus industrial utilization:
• Gold: Serves primarily as a monetary reserve and counterparty-free store of value. During equity bear markets, Gold typically experiences very shallow drawdowns (-10% to -20%) and frequently reaches new ATHs while equities decline.
• Silver, Platinum, Palladium: Possess heavy industrial, electronics, and automotive catalytic converter demand. When global industrial output slows, these metals often suffer deep cyclical drawdowns of -40% to -65% even if Gold remains resilient.
What drives multi-year drawdowns in Copper and Uranium (SRUUF)?
Industrial and energy commodities follow distinct supply-demand and investment cycles:
• Copper ("Dr. Copper"): Deeply tied to global manufacturing, construction, electrification, and grid infrastructure. Its drawdowns mirror global economic slowdowns and industrial inventory cycles.
• Uranium (SRUUF): Dictated by multi-year nuclear utility fuel contracting cycles, geopolitical trade policies, and long lead times for mine permitting. Uranium drawdowns often decouple entirely from stock market fluctuations.
What were the largest commodity drawdowns in the last 10 years?
Over the last 10 completed years:
• Gold maintained the lowest maximum drawdown among commodities (rarely dropping deeper than -15% to -22%).
• Silver experienced cyclical pullbacks exceeding -40% to -48%.
• Palladium endured a severe bear market exceeding -70% from its 2022 peak due to automotive demand shifts and substitution.
• Uranium (SRUUF) experienced prolonged multi-year consolidation before embarking on a structural nuclear revival.
How does marginal production cost create a structural floor during deep commodity drawdowns?
Unlike digital assets or equity multiples, physical commodities are constrained by physical extraction economics. When prices fall below the marginal All-In Sustaining Cost (AISC) of production:
1. Mining operators curtail unprofitable production and shut down marginal shafts.
2. Capital expenditure for new exploration dries up, shrinking global supply.
3. Structural supply deficits eventually force prices back above production cost floors.
Tracking commodity drawdowns illustrates where current spot prices stand relative to historical peak valuations and industry-wide production cost estimates.