Why are gold prices more or less the inverse of the other commodities (including other metals)? Is it because it's used more as a portfolio hedge than a commercial good, whereas the other metals have more industrial applications?
They're not the inverse, but the price of gold had its run-up earlier than other currencies (it started rising in mid-2019 and peaked in summer 2020). This is probably because of gold's status as an inflation hedge - people started buying as soon as Powell started easing in 2019 - and because its speculative nature and easy storage makes it more responsive to future expectations. If the Fed drops rates in March 2020 and you expect this to mean major inflation will hit in Oct 2021, you can buy gold immediately to hedge this. If you try to buy corn instead, good luck storing it for the next 18 months.
It's also interesting to plot all these commodities (as well as cryptocurrencies) in terms of the S&P 500, which is rapidly becoming the true store of value. I think you'll find that their price is relatively constant in those terms, and it's the dollar that's been falling.
