You’re right that we’re probably only at the beginning. However, commodity trading is a bad idea for most people because it has an “expected value” of zero (unlike stocks and bonds, which have positive average returns). It’s very useful if you’re using it to hedge against increases in the price of commodity you consume.
They either mean commodities long term have 0% real returns, or that the “contango” of holding commodities as an asset means long term the asset's worth becomes 0 (high expense and 0% real return)
