Commodity markets observed a historic moment yesterday with gold touching the key $1,000 level for the first time and spot oil prices hitting a new peak of $111 a barrel.

The fresh oil record hinted at a parameter shift as the whole crude oil futures curve, which extends to contracts for delivery as far as December 2016, last night settled above $100 a barrel for the first time ever. The upwards jump of the oil curve signals that investors bet that prices would remain high for the foreseeable future.