Most asset classes continued to fall this week, but each group had a bright spot – and the brightest of all was palladium, which gained 3.4%. Bitcoin continued its tumble, falling another 13.8% to close at 23.3 grams on concerns over a possible split into two currencies, Bitcoin Classic and Bitcoin Unlimited. The next largest drop was in coffee, which fell 4.5%.
The Japanese Yen was the only rising currency, gaining 0.3%. The weakest national currency was the Canadian Dollar, which fell 1.7%. Bonds were mixed but continued to favor the longer maturities: the long term TLT was up 0.4%, while the short term SHY lost 1.3%, and USD cash was down 1.4%.
As in the prior week, the only equities to close higher were the gold stocks: the HUI was up 0.5%. The Dow Jones Industrials and the S&P 500 led the major indexes lower, falling 2.9% apiece. The Euro STOXX and Nikkei 225 each fell 1.0%.
Commodities were all lower except for palladium, which gained 3.4%. Coffee saw the largest losses, falling 4.5%. Crude oil continued its tumble, dropping another 3.1%. Platinum fell 1.0% while silver was little changed, off 0.1%.