Sure, gold has done badly this year. And a few gold miners have done even worse.
But, for our money, corn—or maize, if you like—takes the crown as the worst investment of 2013.
The end of 2013 finds corn down 39% from where it was a year ago, hovering around $4.23 a bushel on the Chicago Board of Trade.
That’s the steepest one-year decline on records that stretch back to 1960.
Why? Excess supply.
A mammoth crop this year from the US—the world’s largest corn producer—produced just shy of 14 billion bushels, eclipsing the previous record set in 2009.
Here it is: the worst investment of 2013
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