I would say jbisback is spot on here!
Direct.
Indirect would be investing in a company that creates or processes the commodity; e.g., mining, oil refining, farming.
(Interestingly, before I got to Stalla several years ago (as Level III Curriculum Manager), they had this wrong: they classified it as indirect.)
Hmm… how relevant is ths in real world? Doesn’t matter if its direct or indirect.
Why exactly did you bring up this 2009 thread, 1BigStud? No ulterior motives, right?