The term commodity typically refers to raw materials or goods in which there is little or no differentiation from one brand to the next. For instance, gold is a commodity because one ounce of gold is going to be the same as any other ounce of gold. Commodities are traded on an open market, as are futures contracts, allowing investors to buy a commodity at a specific price on a specific date in the future based on their belief that the product will go up or down in cost. Various commodities laws regulate the purchase, sale and trade of these commodities, offering protections for both buyers and sellers. To learn more about commodities law and how it works, visit the links to articles and frequently asked questions in this section.