Alternative markets

Markets where the asset is a physical thing in a bonded warehouse, the price discovery is thin, and almost every number you read is quoted gross of the costs that eat it. Fine wine first, because it is the oldest and the strangest of them.

One rule holds across this whole section: every figure carries the source it came from and the date it was true, and every index level is marked either published or derived. Derived means we did arithmetic on two published numbers and showed our working. Nothing here is interpolated to make a line look busier than the evidence.