In this series, I am attempting to describe the fundamental relationship between yields and inflation.

In the previous articles in this series, I said I would attempt to show that the real price of primary commodities (e.g., grains, metals, oil), but especially industrial commodities, were highly correlated with equity yields, and that this was likely the source of Gibson’s Paradox.

Reliable equity data for the U.S. goes back to at least the 1870s, and is easily accessible from Robert Shiller’s website. And although one always wants more data, there is a fair amount of historical commodity data from such sites as the St Louis Fed, the World Bank, the Global Price and Income History Group (GPIH), the International Institute of Social History (IISH), MeasuringWorth, the BLS, Long-Term Returns and other sites.

……read much more HERE