The liquidity of a commodity — a raw material or agricultural product — depends both on what form you hold it in and which commodity you're talking about.
The variety of commodity matters too. Broadly speaking, agricultural and energy commodities are more liquid than metals. Among precious metals, gold futures are more liquid than platinum futures; among base metals, copper futures are more liquid than aluminum futures. Funds are required to keep a certain percentage of their holdings as cash to accommodate investors' requests to redeem shares, but mutual funds that experience significant outflows can temporarily suspend redemptions. If that happens, you won't be able to sell until they resume them again.Municipal bonds, or munis, are debt instruments issued by local governments and nonprofits to fund projects like roads, schools, and hospitals.