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COMMODITY EXCHANGE: A financial market that trades the ownership of various commodities, such as wheat, corn, cotton, sugar, crude oil, natural gas, gold, silver, and aluminum. The two biggest commodity exchanges in good old U. S. of A. are the Chicago Board of Trade and the Chicago Mercantile Exchange. Unlike, let's say a grocery store where commodities physically trade hands, commodity exchanges trade only legal ownership. This is much like a stock market, which trades the ownership of a corporation, but leaves the factory at home. Commodity markets offer two basic sorts of trading -- spot (immediate delivery of a commodity) and futures (delivery of a commodity at a future date).
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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GATT
General Agreementon Tariffs and Trade
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