Real Assets
The Top 10 Best and Worst-Performing Commodities of 2022
Top 10 Best and Worst-Performing Commodities of 2022
Hard commodities had a roller coaster year in 2022.
While prices for some commodities stabilized after skyrocketing on the heels of the pandemic, others delivered stellar returns. Behind the volatility was a plethora of factors, including the Russia-Ukraine war, the global economic slump, and a drop in China’s demand for materials.
This chart uses price data from TradingEconomics to highlight the 10 best and worst performing hard commodities of 2022. It excludes soft commodities like agricultural products and meat.
Energy Crisis Sets Coal on Fire
The global economic rebound of 2021, which set the fastest post-recession growth pace in the last 80 years, sparked coal prices as energy demand increased. Russia’s invasion of Ukraine ignited the spark, with coal prices exploding 157% in 2022.
Consequently, coal was the best performing commodity in 2022, far outperforming the other nine top commodities by returns.
Rank | Commodity | 2022 Returns |
---|---|---|
#1 | Coal | 157% |
#2 | Lithium | 87% |
#3 | Nickel | 43% |
#4 | Titanium | 27% |
#5 | Heating oil | 21% |
#6 | Uranium | 12% |
#7 | Platinum | 9% |
#8 | Molybdenum | 4% |
#9 | Iron ore | 1% |
#10 | Gold | 1% |
Lithium (carbonate) and nickel prices continue to be supercharged by the demand for EVs and batteries. Since the beginning of 2021, lithium prices have increased 11-fold, and remain elevated at more than $70,000 per tonne.
As a result of high prices for lithium, nickel, and other battery metals, the average cost of lithium-ion battery packs increased in 2022, for the first time since 2010. Battery pack prices are expected to increase in 2023 as well, before falling in 2024.
The year was also positive for uranium as countries revived their nuclear power plans to combat the energy crunch. Notably, Germany extended the lifetime of three plants that were set to shut down in 2022, and Japan announced accelerated restarts for several idle reactors.
What About Crude Oil?
Crude oil is by far the biggest commodity market, and oil prices were the talk of the town for much of 2022.
Following Russia’s invasion of Ukraine, WTI crude oil prices rose to their highest level since 2013 by May 2022. However, between June and the end of December, prices fell from around $116 per barrel to $80 per barrel (a 31% fall). Overall, in 2022, crude oil delivered a -3% return.
The erasure of oil’s initial gains can be attributed to the slowdown in economic growth globally, in addition to strict COVID-19 lockdowns in China.
The 10 Biggest Commodity Drawdowns
The negative returns for most commodities can be largely attributed to prices stabilizing at lower levels after bullish runs in 2021 and the beginning of 2022.
Rank | Commodity | 2022 Returns |
---|---|---|
#1 | Magnesium | -54% |
#2 | Tin | -37% |
#3 | Propane | -37% |
#4 | Rubber | -26% |
#5 | Cobalt | -26% |
#6 | Natural Gas TTF | -20% |
#7 | Naphtha | -19% |
#8 | Zinc | -18% |
#9 | Copper | -16% |
#10 | Aluminum | -16% |
For example, magnesium prices more than halved in 2022, declining from an all-time high in September 2021. Similarly, tin prices also normalized after rising due to unprecedented demand from the electronics sector during the economic rebound from the pandemic.
The volatility in European natural gas (TTF gas) was one of the highlights of the year. Prices rose to around €340 per megawatt-hour in August as the region looked to cut its reliance on Russia. However, they have since fallen due to milder temperatures in winter and the overall drop in energy demand. Still, on average, TTF prices were 150% higher in 2022 than in 2021.
Copper prices are known to reflect the state of the global economy. It’s safe to say that they did so in 2022, falling 16% as economic growth slowed down and China’s economic activity came to a halt at various times due to Zero-COVID policies.
How Will Commodities Perform in 2023?
According to Goldman Sachs, commodity markets have a bullish outlook for 2023, mainly due to underinvestment and the lack of supply response in 2022.
Rising interest rates worldwide increased the cost of capital in 2022, which drained money from commodity markets. Therefore, supply shortages are expected to persist. As China reopens and eases its lockdown measures, the demand for hard commodities is likely to rebound, putting upward pressure on prices.
J.P. Morgan has similar expectations. The bank expects oil prices to rise due to an increase in demand but projects a “transitional year” for base metals, with prices expected to remain relatively stable. The outlook for precious metals is more positive, with gold prices expected to hover around $1,860 per ounce towards the end of 2023.
Of course, commodity markets are volatile. With various geopolitical and macroeconomic moving parts, it’ll be interesting to see what this year has in store for fuels and metals.
Real Assets
How Much Gold is in Fort Knox?
The United States Bullion Depository holds more than half of the Treasury’s $428B in gold reserves.

How Much Gold Is in Fort Knox?
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
U.S. President Donald Trump has promised to visit Fort Knox “to make sure the gold is there.”
Officially, the United States Bullion Depository (commonly known as Fort Knox) holds over half of the Treasury’s $428 billion gold reserves.
In this graphic, we put that amount into perspective by comparing Fort Knox’s reserves with central bank gold reserves worldwide. The data comes from the U.S. Mint and the World Gold Council. For illustrative purposes, we considered a pallet of 1,190 gold bars (400 troy ounces each) weighing approximately 14.8 tonnes.
What Is Fort Knox?
Located in Kentucky, Fort Knox is a U.S. Army installation that serves as the primary storage site for America’s gold reserves. The facility was established in the 1930s to protect gold from potential foreign attacks.
The first gold shipment arrived in 1937 via U.S. Mail from the Philadelphia Mint and the New York Assay Office. During World War II, Fort Knox safeguarded important U.S. documents, including the Declaration of Independence, the Constitution, and the Bill of Rights. It has also housed international treasures, such as the Magna Carta and the crown, sword, scepter, orb, and cape of St. Stephen, King of Hungary, before they were returned in 1978.
Currently, it holds 4,175 tonnes of gold, equivalent to nearly half of China’s gold reserves and four times the Swiss central bank’s reserves.
Reserves | Gold (Tonnes) |
---|---|
🇺🇸 U.S. Reserves | 8,133 |
🏛️ Fort Knox | 4,175 |
🇨🇳 China | 2,280 |
🇯🇵 Japan | 846 |
🇨🇭 Switzerland | 1,040 |
🇮🇳 India | 876 |
🇰🇷 South Korea | 104 |
🇸🇬 Singapore | 220 |
🇧🇷 Brazil | 130 |
🇲🇽 Mexico | 120 |
🇹🇭 Thailand | 235 |
Only small samples have been removed for purity testing during audits; no major transfers have occurred for years.
Gold Bar Specifications
- Size: 7 inches × 3 5/8 inches × 1 3/4 inches
- Weight: 400 ounces (27.5 pounds)
Extreme Security
Only a select few know the full security procedures, and no single person knows how to fully open the vault.
In 1974, a group of journalists and a Congressional delegation were allowed inside—marking the first official visit since Fort Knox’s creation. Previously, President Franklin D. Roosevelt was the only person other than authorized personnel to access the vaults.
In 2017, Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and several Congressional representatives became the second group to visit the vault.
Learn More on the Voronoi App 
If gold was shared equally, how much would you get? Check out this graphic to find out.
Real Assets
Charted: Top Suppliers of Aluminum and Steel to the U.S.
President Trump has imposed a 25% tariff on all steel and aluminum imports.

Charted: Top U.S. Suppliers of Aluminum and Steel
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
U.S. President Donald Trump has imposed a 25% tariff on all steel and aluminum imports, marking one of the most discussed measures of his first month back in the White House.
But which countries are most affected by these tariffs?
This map illustrates the top suppliers of aluminum and steel to the United States in 2024. The data comes from the U.S. Census Bureau. Aluminum includes unwrought aluminum, plates, sheets, and strips; bars, rods, and profiles; foil; wire; pipes and tubes; castings and forgings; and tube or pipe fittings.
Canada: The Largest Partner
Canada is by far the top supplier of both steel and aluminum to the United States. The neighboring country exported $9.4 billion worth of aluminum to the U.S. in 2024, significantly ahead of the second-largest exporter, the European Union, which exported $1.5 billion.
Canada also exported $7.1 billion worth of steel last year, compared to $7 billion from the European Union.
Country | Steel Imports (USD) | Aluminum Imports (USD) |
---|---|---|
🇨🇦 Canada | $7.1B | $9.4B |
🇲🇽 Mexico | $3.5B | $397M |
🇧🇷 Brazil | $3.0B | - |
🇨🇳 China | $799M | $809M |
🇹🇼 Taiwan | $1.3B | - |
🇰🇷 South Korea | $2.9B | $781M |
🇩🇪 Germany | $1.9B | $318M |
🇯🇵 Japan | $1.7B | - |
🇮🇳 India | $489M | $445M |
🇪🇺 European Union | $7B | $1.5B |
🇦🇪 UAE | - | $917M |
🇧🇭 Bahrain | - | $535M |
🇦🇷 Argentina | - | $468M |
🇹🇭 Thailand | - | $271M |
🇬🇧 UK | $440M | - |
Mexico, South Korea, and Brazil are also among the top suppliers of steel to the United States. Meanwhile, the country imports aluminum from other key partners, including China, the United Arab Emirates, South Korea, Bahrain, and Argentina.
A recent report by the Center for Strategic and International Studies (CSIS) noted that the U.S. produces less than 2% of the world’s primary aluminum.
Learn More on the Voronoi App 
If you enjoyed this graphic, be sure to check out this chart illustrating the GDP impact of Trump’s tariffs on China.
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