A generally negative week, with the major exceptions of Bitcoin, which once again led the way higher, and gold mining stocks, which rose nearly twice as far this week as they fell last week. Bitcoin gained 18.1%, while the HUI gold stocks rose 11.7%. The only other asset classes in the black were coffee (up 2.7%), TLT (up 0.8%) and the Chinese Yuan (up 0.3%). The biggest losses were in crude oil, off 3.4%, and silver, which declined 3.2%
The weakest government-issued currencies were the Canadian and US dollars, falling 2.2% and 2.0% respectively. As mentioned above, the Chinese yuan was the only fiat currency to rise for the week. Long-term bonds rose 0.8%, but short-term bonds fell 1.7%.
All equity indexes (other than gold stocks) were lower, led by the Euro STOXX (down 2.4%). The Dow Industrials fell 2.3%, while Japanese stocks had the smallest losses, dropping just 1.5%.
Although coffee managed a nice 2.7% gain, all other commodities were lower, led by crude oil. Of the metals, silver and platinum were hardest hit, while copper and palladium showed smaller losses.