Just read a good article in the Wall Street Journal about how poorly commodities have been doing:
Wheels Fall Off The Supercycle
This is just another example of why fixed allocations are a bad idea. Commodities have been in a long bull market and unfortunately investors tend to believe that what has happened most recently will continue. Now, most traditional asset allocation portfolios have some exposure to commodities. I have no problem with commodities and no idea whether they will continue to decline or move up. I just have a problem with fixed allocations to asset classes regardless of how they are doing. A better idea is to own commodities once they start to trend upwards and don't own them as long as they are in a downtrend.