Commodities: just speculation?

Rarely has the saying "a picture is worth a thousand words" sounded so true (click to see a bigger size):

(via Marc Faber)

This chart shoes that non-exchange traded commodities have generally outperformed exchange-traded commodities, for which there is supposedly much more speculation (margin trading, futures, options, ETFs...). Thus it strongly refutes the theory that the current bull market is based mostly on speculation. Not that speculation doesn't have a part -- it always has (especially in the past few months).