Precious metals may have bottomed already

It has been a long time since commodity prices are down. I don’t put precious metals under commodity. For the past three years, since 2011, precious metals are down and, in my view, they have bottomed out. 

Regarding oil, I do not see it going down to $20 a barrel. The people who see it going down to $20 are those who felt oil would touch $150 a barrel when it was at $100. I see oil reaching the equilibrium at current levels and see it moving in a range of $40-60 a barrel.

Some commodities have bottomed out like iron ore and copper, but industrial commodities continue to be in the bear market. 

For agricultural commodities, we may see a price rise in select commodities like coffee. Food prices may not see a huge spike as we saw them rising from 2013 till 2014.