Nevertheless, Hall, a well-known oil bull, anticipates greater demand for oil.
“As we move into June, 3Q and beyond, there will be a very substantial pick up in global oil demand,” Hall added.
Additionally, the Hall is leaning toward platinum, palladium, corn and gas. [Gold ETFs See Outflows Despite Higher Prices]
“‘The commodity super-cycle is over’, is the current mantra,” Hall wrote in his May letter. “We think this received wisdom is flawed.”
The PowerShares DBC ETF provides exposure to a basket of commodities, including aluminum, brent crude, copper, corn, gold, heating oil, light crude, natural gas, RBOB gasoline, silver, soybeans, sugar, wheat and zinc.
Some of the best performing commodity-related ETFs so far this year include those that track oil and cotton, including USO (NYSEArca: USO) up 12.9% year-to-date and iPath Dow Jones-UBS Cotton ETN (NYSEARca: BAL) up 10.7%. The worst performers include metals related funds like the PowerShares DB Silver Fund (NYSEArca: DBS) down 36% year-to-date and United States Metals Index Fund (NYSEArca: USMI) down 33.3%. [Gold/Oil Ratio: Which Commodity Will Win?]
For more information on commodities, visit our commodity ETFs category.
Max Chen contributed to this article.