Well, that was fast.

Commodities officially entered bear market territory after the Standard & Poor's GSCI index fell again today, reaching levels 22 percent below its high set on July 3.

Oil now trades for around $113 a barrel, after reaching a high of $147.27 on July 11. The price of a gallon of gasoline fell for the 25th consecutive day, to $3.81.

Gold is down 20 percent from its high in March, and corn, soybean, wheat, and copper are also down by as much, Bloomberg reports.

But before you break out the champagne, it's important to put it in perspective. The GSCI index is still up 14 percent for 2008. Investors poured money into commodities throughout the spring and early summer during what hedge fund manager Paul Touradji called a "buying orgy."

It was an investor-driven surge, rather than a fundamental shift in supply and demand. The reason for its reversal is likely the same.

While the commodities market certainly had plenty of froth to eliminate, it's far from certain that this downturn will continue at this pace. The Russian conflict with Georgia has not yet impacted oil's decline, but investors are keeping a close eye on the action near several oil fields.

If the conflict lasts longer than just a few more days, finicky commodities investors could have yet another change of heart.