Weekly Update 30-Dec-2016

The last week of 2016 left most asset classes lower, with two glaring exceptions. The week's biggest winner was gold stocks, which gained 5.4%. Bitcoin also continued to rise, adding another 2.2%, and closing at 25.8 grams. Palladium and silver also rose, but just 0.9% and 0.7% respectively. All other asset classes were lower, led by the S&P 500 and Nikkei 225 indexes, which lost 3.5% apiece.

All government-issued currencies were lower, led by the US Dollar, off 2.4%. The Euro fell the least, dropping 1.6%. Bonds were also lower, with the largest losses going to USD cash, while the 1-3 year SHY lost 2.3%, and the long term TLT fell the least, down 1.5%.

All equities except gold stocks were lower, led by the S&P 500 and Nikkei 225 indexes, off 3.5% each. Among the major indexes, the Euro STOXX were the least weak, dropping 1.6%.

Most commodities fell again this week. Only palladium, up 0.9%, and silver, up 0.7%, showed gains. Weakest were platinum, down 2.2%, and coffee, which fell 1.8%. Crude oil was down 1.1%.

Look for more posts coming this week covering the 2016 year in review, and taking a closer look at the Dow Jones Industrial Average and its path to the 1,000 level in 1972 and its subsequent rise to near 20,000 today. In the meantime, I wish you the very best for 2017!

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