Commodiwannabe

Single-Country ETFs: Year-to-Date Winners

I'm working on a paper on a similar subject and could use some help... How fair would it be to say that some of these gains in deveoping countries is a direct result of a recent bubble/increase (whatever you want to call it) in Commodities since deveoping countries are typically less diversified and dependant upon mainly an agriculture base or energy/metal resources for revenues?