I see, thanks for the explanation. I'm currently considering adding a broad commodities ETF to my portfolio. It would provide (a) diversification, (b) benefit if inflation rises due to the massive money printing and (c) bet on reversion to the mean since for example EXXY is completely beaten down.
In principle, I would prefer investing in commodities producing companies, but haven't found a suitable ETF for it jet. Maybe someone has any suggestions? The reason is that, commodities prices might drop, with the underlying companies still being profitable (for example, in the Inflation expectations thread the case for beef price vs price of live cattle was discussed).
Concerning gold and silver, I have them both in ETC's. However, the latest changes in the tax policy starting from 2021, make me re-think what exactly to do with them.