Weekly Update 22 Sep 2017
Currencies, bonds and major stock indexes were higher, commodities were mixed, and digital tokens stabilized this week. The largest losses were in coffee and silver, down 2.9% and 2.0% respectively. The biggest gains were in Ethereum, up 4.0%, and crude oil, which rose 3.7%.
The Euro was the best performing currency, rising 2.4%. The Pound Sterling, which was a star performer among the currencies last week, gained a modest 1.7% this week. The Japanese Yen was the weakest, gaining 1.0%. Bonds rose again, with the 20+ year TLT adding 1.6%, while the 1-3 year SHY gained 2.0% and notes of zero maturity (USD cash) rose 2.2%.
Ethereum rallied in the first half of the week, hitting a high of 6.7 grams on Wednesday, then pulled back to close the week at 6.3 grams, up 4.0%. Bitcoin followed a similar pattern, hitting a high of 96.4 grams on Tuesday, then drifting lower to close the week little changed at 86.6 grams, off 0.1%. Both BTC and ETH rallied over the weekend, with ETH trading at 7.0 grams and BTC trading at 94.5 grams on Monday.
Stocks were higher, with the exception of gold stocks, which dropped another 1.5%. The Japanese Nikkei gained the most, rising 3.0%. The S&P 500 rose 2.2%, the least of the major indexes.
Crude oil was the strongest of the commodities, rising 3.7%. Coffee fell the most, dropping 2.9%. Copper and palladium, industrial metals, were higher by 2.1% and 1.2% respectively. Silver was down 2.0% while platinum was off 2.1%. On Wednesday, platinum set a new all-time low of 22.4 grams, then rallied to close the week at 22.5 grams. Over the weekend, platinum continued to slide, closing on Monday at another new low of 22.3 grams.