'They're not investments': A CIO overseeing $15 billion warns that all commodities — not just gold and silver — are speculative bets

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• Gold prices surged 65% last year, sparking investor interest.
• But Hank Smith of Haverford Trust warns to be cautious when investing in volatile commodities.
• Commodities lack yield and haven't outperformed stocks over the long term.

Gold and silver's wild rally and sudden plunge left investors stunned last week, and the event illustrates what one investment chief says is the problem with commodities: they're just speculative bets at the end of the day.