Hi Marty,

It is possible. You'd have to speak to a SMSF specialist to get it up and running. As YoungGun said, another alternative is to buy it on the ASX (well, get your super fund to, there are a few super funds who will let you buy any direct shares).

Keep in mind that commodities only have capital appreciation or depreciation and no income component, a bit like a rental property which is empty (or speculative shares), your not receiving the weekly rent which you may receive elsewhere (like a rental property with a tenant or blue chip shares, etc).

Cheers,

Dan

PS Before making a SMSF investment speak to an FPA registered financial planner who specialises in SMSFs.