Weekly Update 9 June 2017
Most currencies, equities and commodities were higher this week, with crude oil, down 3.2%, being the biggest exception. The largest gains were once again in cryptocurrencies like Bitcoin, which rose 13.0% to close at 69.4 grams. The largest losses were in crude oil, but cotton, the Chinese Yuan, European stocks, and long term bonds were also lower. Gold stocks rebounded, gaining 3.2% and reversing the trend of recent weeks.
The Japanese Yen was this week's strongest currency, rising 1.5%. The Chinese Yuan was the only declining currency, falling 0.8%.
Bitcoin was once again the strongest of all currencies tracked in this table, and the strongest asset class overall, rising 13.0%. Bitcoin set a new all-time high of 70.1 grams on 6-June, but closed the week at 69.4 grams. Bitcoin continued to climb through the weekend, hitting 74.1 grams on Sunday 11-June, but has pulled back sharply since then, and is currently trading around 62 grams. Not shown in the table, Ethereum, the second largest cryptocurrency, seems to be the biggest beneficiary of Bitcoin's recent weakness, as it continued to rise while Bitcoin pulled back. ETH closed the week at 6.21 grams, up 13.8%, but is currently trading at around 9 grams. It will be interesting to see how things finish up for the week of 16-June.
Bonds were mixed, favoring short maturities this week, with the long term TLT off 0.3%, while the short term SHY rose 0.5% and USD cash gained 0.7%.
Gold stocks were the star equities this week, as the HUI rose 3.2% to close at 4.8 grams. The Dow Jones Industrials outperformed other major indexes, gaining 1.0%. The only market index to fall was the Euro STOXX FEZ, which lost 0.7%.
The weakest asset class this week was crude oil, which dropped 3.2%. Cotton was also lower, by 0.5%, but all others were higher. The biggest commodity gains were once again in palladium, which rose 7.8%. Copper also had a good week, rising 3.6%. Silver and platinum were up 1.6% and 1.4% respectively.