Fungibility Fungibility In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable. For example, since one kilogram of pure gold is equivalent to any other kilogram of pure gold, whether in the form of coins, ingots, or in other states, gold is fungible. Other fungible commodities include sweet crude oil, company shares, bonds, other precious metals, and currencies. Fungibility refers only to the equivalence of each unit of a commodity with other units of the same commodity and not to the exchange of one commodity for another, which is barter. The word "fungibility"
Commodity price index the index. The first such index was the CRB ("Commodity Research Bureau") Index, which began in 1958. Due to its construction it was not useful as an investment index. The first practically investable commodity futures index was the Goldman Sachs Commodity Index, created in 1991 and known as the "GSCI". The next was the Dow Jones AIG Commodity Index. It differed from the GSCI primarily in the weights allocated to each commodity. The DJ AIG had mechanisms to periodically limit the weight of any one commodity and to remove commodities whose weights became too small. After AIG's financial problems in