Weekly Update 10 Nov 2017
This week, commodities were mixed, but all other asset classes were unchanged or lower. Bitcoin saw the largest drop, falling 9.5% to close at 159.1 grams after hitting a new all time high of 181.3 grams on Saturday the 4th. The largest gains were in coffee, which rose 1.5% for the week.
The US Dollar was the weakest currency, falling 1.3% to 24.2 mg. The strongest currency was the Japanese Yen, which fell 0.5%. Long term bonds fell 2.5% while short term bonds dropped 1.4%. Both were outperformed by notes of zero maturity (USD cash).
Bitcoin surged higher after the prior week's close, setting a record high of 181.3 grams over the weekend, then slid on Monday, rallied on Tuesday and Wednesday to 180.7 grams, then declined sharply on Thursday and Friday to close at 159.1 grams, down 9.5%. This decline continued to a low of 141.9 grams on Sunday, but reversed and began rising on Monday. Ethereum declined early in the week, reaching a low of 7.2 grams on Tuesday, then rallied to 7.8 grams on Thursday, but pulled back to close at 7.3 grams, down 3.5%.
Stocks were mostly lower, led by the EURO STOXX, which fell 3.4%. The Japanese Nikkei was the best performer, up 0.1%. Gold stocks were the next-best, losing 0.8% for the week. The Dow Jones Industrials fell 1.8% to close at 567.2 grams.
Coffee was the strongest commodity, rising 1.5%. Crude oil and platinum also rose, 0.6% and 0.3% respectively. Copper and silver were the weakest, falling 2.6% and 1.8% respectively. Palladium also fell, giving up 0.8%, but continues to be priced higher than platinum, an unusual state of affairs that I think will unwind eventually.
The website recovery is coming along nicely, and most charts should be getting updates at this point. Please email me if you have a favorite that is stale and I will make sure it gets attention. Thanks for your patience!