From oil to corn to copper, commodity prices have fallen out of bed in the past year. Still, the rout in raw materials has not seriously thinned the hedge fund herd, said Kate Kelly, author of ‘The Secret Club that Runs the World‘. ‘You’ve seen some more people fall away from this particular profession because it’s still volatile, it’s become more difficult,’ said Kelly. ‘At the same time though, those that are well capitalized, who have that extra knowledge, particularly if they have been in the physical market and they have the benefit of knowing when those turns might come, they are still doing pretty well.’ As for the most precious of commodities – gold – Kelly said hedge fund manager John Paulson has seen only a small gain from his post financial crisis purchases, even after making a reported $15 billion shorting toxic mortgage bonds in the so-called ‘greatest trade ever’. Even so, Paulson’s paltry profit on gold would have been more than welcome by other Wall Street punters betting on less glamorous metals.