Real Assets
2022’s Stores of Value: Gold, Oil and Grains
Gold, Oil and Grains Emerge as 2022’s Stores of Value
2022 started off with a slump for equity and cryptocurrency prices, but real assets like gold, crude oil, and agricultural commodities have more than held their dollar value.
Even before Russia’s invasion of Ukraine resulted in extreme uncertainty over energy and raw material exports from both nations, commodities had already started to outperform other assets.
This graphic looks at how five key assets have performed in 2022 thus far, comparing the prices of WTI crude oil, the Invesco DB Agriculture Fund, gold, the S&P 500, and bitcoin.
Commodities Surge to Start off 2022
Just a few months into 2022 and commodities have already surged by double digits while nearly every other asset class has struggled to hold its value. Equity indices have continued to slide downwards from their all-time highs set in January of this year, with the S&P 500 down 13.4% from its all-time high.
Although the Energy sector of the S&P 500 is up 33.4% and the Information Technology sector is down 18.9% YTD, tech makes up more than a quarter of the index at 28.1% while Energy only makes up 3.7%. Other speculative tech assets like bitcoin and other cryptocurrencies have also significantly drawn down in 2022, with bitcoin down 16.3% and the total crypto sector’s market cap down by 22.4%.
Asset | 2021 Performance | 2022 Performance YTD |
---|---|---|
WTI Crude Oil | +56.4% | +34.4% |
Invesco DB Agriculture Fund | +22.4% | +10.4% |
Gold | -3.6% | +6.7% |
S&P 500 | +26.9% | -12.4% |
Bitcoin | +59.4% | -16.3% |
Source: TradingView
Prices as of March 14, 2022
In the meantime, commodity investors have seen record-breaking rallies and volatility, especially in the energy and agricultural sectors. Crude oil is already up 34.4% in 2022 after WTI Crude reached highs of $129 a barrel, and the Invesco DB Agriculture fund which tracks wheat, corn, soybeans, and other agricultural commodities is up 10.4% YTD.
Gold Recovers 2021’s Losses as Rate Hike Looms
While 2021 saw metals and energy prices surge, precious metals like gold and silver lagged behind the pack with negative returns. However, the Fed’s suggestion of raising interest rates has seen investors move out of speculative growth assets and into gold which has historically outperformed other assets in tightening cycles.
Russia’s invasion of Ukraine has also spurred investors towards gold in a flight to safety, with the yellow metal’s price rallying by more than six percent in February, the month of the invasion.
As Russia is cut off and cuts itself off from trade with the U.S. and other Western countries, a new trade system with China that primarily uses gold-backed settlement akin to the petroyuan could push gold prices even higher.
Sanctions and Supply Shocks Fuel Crude Oil and Wheat Rallies
Not long after the U.S. announced sanctions against Russia alongside the European Union and G7 nations, Russia immediately responded with comprehensive export bans against 48 different countries including the U.S. and the EU.
Currently, Russia is one of the biggest crude oil exporters in the world and exported around 4.7 million barrels of crude oil a day for a total export value of $110 billion in 2021.
Agriculture and specifically wheat prices have also surged as the invasion began, as both Russia and Ukraine are two of the world’s biggest wheat exporters. As a result of the uncertainty around these vital agricultural exports, wheat prices have skyrocketed nearly 40% over the past two months, and Russia has added fuel to the fire with a temporary grain export ban against ex-Soviet nations.
While the start of 2022 has seen a sizable shift in value towards commodities, we’ll see if these prices stabilize while stocks and crypto recover, or if this year is the beginning of a new commodity supercycle.
Real Assets
All the Metals We Mined in One Visualization
This infographic visualizes the 2.8 billion tonnes of metals mined in 2022.

All the Metals We Mined in One Visualization
Metals are a big part of our daily lives, found in every building we enter and all devices we use.
Today, major industries that directly consume processed mineral materials contribute 14% of the United States economy.
The above infographic visualizes all 2.8 billion tonnes of metals mined in 2022 and highlights each metal’s largest end-use using data from the United States Geological Survey (USGS).
Iron Ore Dominance
Iron ore dominates the metals mining landscape, comprising 93% of the total mined. In 2022, 2.6 billion tonnes of iron ore were mined, containing about 1.6 billion tonnes of iron.
Metal/Ore | Quantity Mined in 2022 (tonnes) | % of Total |
---|---|---|
Iron ore | 2,600,000,000 | 93.3% |
Industrial metals | 185,111,835 | 6.6% |
Technology and Precious Metals | 1,500,008 | 0.05% |
Total | 2,786,611,843 | 100% |
Percentages may not add up to 100 due to rounding.
Iron ores are found in various geologic environments, such as igneous, metamorphic, or sedimentary rocks, and can contain over 70% iron, with many falling in the 50-60% range.
Combined with other materials like coke and limestone, iron ore is primarily used in steel production. Today, almost all (98%) iron ore is dedicated to steelmaking.
The ore is typically mined in about 50 countries, but Australia, Brazil, China, and India are responsible for 75% of the production.
Because of its essential role in infrastructure development, iron ore is one of the most crucial materials underpinning urbanization and economic growth.
Industrial Metals
Industrial metals occupy the second position on our list, constituting 6.6% of all metals mined in 2022. These metals, including copper, aluminum, lead, and zinc, are employed in construction and industrial applications.
Aluminum constituted nearly 40% of industrial metal production in 2022. China was responsible for 56% of all aluminum produced.
Industrial Metals | 2022 Mine Production (tonnes) | % of Total |
---|---|---|
Aluminum | 69,000,000 | 37.3% |
Chromium | 41,000,000 | 22.1% |
Copper | 22,000,000 | 11.9% |
Manganese | 20,000,000 | 10.8% |
Zinc | 13,000,000 | 7.0% |
Titanium (mineral concentrates) | 9,500,000 | 5.1% |
Lead | 4,500,000 | 2.4% |
Nickel | 3,300,000 | 1.8% |
Zirconium Minerals (Zircon) | 1,400,000 | 0.8% |
Magnesium | 1,000,000 | 0.5% |
Strontium | 340,000 | 0.2% |
Uranium | 49,355 | 0.03% |
Bismuth | 20,000 | 0.01% |
Mercury | 2,200 | 0.00% |
Beryllium | 280 | 0.00% |
Total | 185,111,835 | 100% |
In the second position is chromium, which plays a primary role in rendering stainless steel corrosion-resistant. South Africa led chromium production, accounting for 44% of the total mined last year.
Technology and Precious Metals
Despite representing less than 1% of all the metals mined, technology metals have been on the news over the last few years as countries and companies seek these materials to reduce carbon emissions and improve productivity.
Technology and Precious Metals | 2022 Mine Production (tonnes) | % of Total |
---|---|---|
Tin | 310,000 | 20.7% |
Rare Earth Oxides | 300,000 | 20.0% |
Molybdenum | 250,000 | 16.7% |
Cobalt | 190,000 | 12.7% |
Lithium | 130,000 | 8.7% |
Vanadium | 100,000 | 6.7% |
Tungsten | 84,000 | 5.6% |
Niobium | 79,000 | 5.3% |
Silver | 26,000 | 1.7% |
Cadmium | 24,000 | 1.6% |
Gold | 3,100 | 0.2% |
Tantalum | 2,000 | 0.1% |
Indium | 900 | 0.1% |
Gallium | 550 | 0.04% |
Platinum Group Metals | 400 | 0.03% |
Rhenium | 58 | 0.004% |
Total | 1,500,008 | 100% |
They include lithium and cobalt, used in electric vehicles and battery storage, and rare earths, used in magnets, metal alloys, and electronics. Many of them are considered critical for countries’ security due to their role in clean energy technologies and dependency on other nations to supply domestic demand.
However, despite increasing interest in these metals, they are still behind precious metals such as gold and silver regarding market size.
The gold market, for example, reached $196 billion in 2022, compared to $10.6 billion for the rare earths market.
Real Assets
Visualizing Mining’s Footprint in British Columbia
Mining represents 7% of British Columbia’s GDP despite only accounting for 0.04% of the land use.

Visualizing Mining’s Footprint in British Columbia
British Columbia is considered a global leader in the development of socially and environmentally responsible resources.
An estimated 54% of the province’s total land is protected, making it one of the world’s greenest mining hubs.
This graphic by the B.C. Regional Mining Alliance (BCRMA) details mining’s footprint in the province.
A Tier 1 Jurisdiction for Mining
British Columbia covers almost 95 million hectares (234 million acres), more than any European country except Russia, and more than any U.S. state except Alaska.
As the largest mining province in Canada, BC registered $18 billion in revenue from the industry in 2022.
British Columbia stands as Canada’s sole producer of molybdenum, which finds applications in metallurgy and chemistry. Additionally, B.C. is the country’s leader producer of copper and steelmaking coal, besides gold and silver.
At the heart of British Columbia’s mining industry lies the Golden Triangle, one of the hottest mineral exploration districts in the world.
More than 150 mines have operated in the area since prospectors first arrived at the end of the 19th century. The region alone is endowed with minerals worth more than $800 billion.
How Green is B.C. Mining
Mining represents 7% of the province’s Gross Domestic Product (GDP), despite only accounting for 0.04% of the land use. In comparison, farmland demands 3% of the land, bringing $2.1 billion (0.8%) per year.
Land Use in B.C. | Revenue (2022, CAD $) | |
---|---|---|
Mining | 0.04% | $18.0 billion |
Oil & Gas | 0.4% | $9.5 billion |
Infrastructure | 1% | $25.0 billion |
Farmland | 3% | $2.1 billion |
Forest | 62% | $13.3 billion |
Mining operations are also supported by a stable, transparent, and effective policy environment. The province ranked as the world’s least risky for mining in 2017 and 2018.
In addition, mineral exploration has received ample support from local Indigenous communities. Today, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.
According to the International Energy Agency, up to six times more minerals and metals will be needed by 2040 to accelerate the energy transition.
In this scenario, British Columbia is well positioned to support the transition to a low-carbon future and make a significant contribution to climate action.
The BCRMA is a strategic partnership between indigenous groups, industry, and government representatives that aims to promote B.C.’s mining opportunities internationally.
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