Weekly Update 21 Jul 2017
Digital tokens rebounded this week, as Bitcoin rose 18.9%. Stocks and currencies were mostly lower, while bonds and commodities were mixed. Outside of digital tokens, the biggest gains were in silver, which rose 4.0%; the largest losses were in crude oil, which fell 3.1%, reversing much of the prior week's gains.
The Euro was the only national currency in the black this week, rising 0.4%. The Chinese Yuan was the weakest currency, falling 1.8%. Bonds again favored the longer maturities, as the 20+ year TLT rose 0.4%, while the 1-3 year SHY dropped 1.4% and USD cash (notes of zero maturity) fell 1.5%.
Bitcoin started the week by dropping sharply over the weekend, but on Monday stabilized and began rising. By Thursday it reached a high of 72.3 grams before settling to close at 67.1 grams on Friday, up 18.9%. Ethereum followed a similar pattern, ending the week up 9.0%.
Gold stocks rose 1.7% this week, but all the major market indexes were lower. The Nikkei was the strongest major index, falling just 0.3%. The Euro STOXX and the DJIA fell the most, down 1.9% and 1.7% respectively.
Commodities were mixed, as crude oil fell 3.1%, while silver gained 3.1%. Palladium was 2.4% lower, while platinum was 0.6% higher.