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I’ll go with direct, indirect would be something like investing in an oil & gas co/miner’s equity?
I read this like a week ago, it’s already a distant memory!

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I am going to say indirect.
At t=now you do not directly own the commodity. You have a contract to purchase it.

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i’d say direct.

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If I had to call it, I would say Direct.

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^don’t talk like a politician (double hedging), which one??

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Tricky one…I will side with direct.

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