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But it owned commodities contracts and businesses, many in food and construction materials.
There was that thing called the slave trade, where Africans were abducted from their homelands, forced to labor against their will without pay, and treated as privately owned commodities.
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This is what the government is about to do with another scarce, publicly owned commodity: Radio spectrum.
Investors interested in owning commodities must select which ones to buy and in what form.
There is an excellent case for owning commodities for the long haul, some investment advisers say, but they also express concern about the near future.
Nor did it help to own commodities, which some investors thought would soar regardless of the health of the United States economy.
The purest way to own commodities without buying them outright is to invest in an exchange-traded fund such as iPath S.& P. GSCI Crude Oil Total Return Index, the Market Vectors Steel E.T.F. and the PowerShares Deutsche Bank Commodity Index Tracking fund.
BLOOMBERG NEWS Senate Panel Examines Banks' Involvement in Commodities | Several witnesses warned of significant risks to the nation's financial system and to taxpayers if big banks continued to own commodities units that store and ship vast quantities of metals and oil, Edward Wyatt reports in The New York Times.
The most elegant way to own commodities is via futures.
He recommends that long-term investors who want to own commodities buy an index like the iShare GSG Commodity Index, which includes holdings in metals, agriculture and energy.
It can own commodities or commodities contracts the StreetTracks Gold Shares is sitting on $16.8 billion worth of gold bars in bank vaults.
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