Weekly Summary 15-Apr-2016
This was a great week for investors, as every asset class I track ended the week higher! Silver, which rose 7.7%, and Japanese Stocks, which gained 7.0%, led the rise. Currencies generally, and the EUR and CNY in particular, were the weakest asset classes.
Bitcoin made the largest gains in the currency space, rising 3.2%. Of the government-issued currencies, the Canadian Dollar was the strongest, gaining 2.8%. USD cash rose 1.0%. Short term bonds also rose 1.0%, but the longer term TLT trailed cash, gaining 0.9%.
Stocks all did very well. The Japanese Nikkei 225 led the field, rising 7.0%, while the European STOXX gained 4.9%, despite (or perhaps because of) the Euro currency's weak showing.
Metals dominated commodity gains. In addition to silver's big rise, palladium (up 6.8%), copper (up 4.2%) and platinum (up 4.1%) were also strong. The weakest commodities were cotton, which rose 0.9%, and crude oil, which gained 2.6%.
The HUI gold stocks continued their rise, ending the week up 3.1%, and closing above 5.0 grams for the first time since 2014.
Please note that I will be sailing from Panama to Jamaica and onward to the Bahamas this week and next. While I'm at sea I have very limited internet access, so chart updates and the weekly commentary may be delayed a bit.