Weekly Update 15 Dec 2017: Ethereum Blasts Off
Digital tokens rose strongly, while other asset classes were mixed. Ethereum made the largest gains, rising a whopping 49.6% to close at 17.0 grams, while Bitcoin ended in second place, up 9.3%. Copper was in third place, rising 4.9%. The largest losses were in coffee, which fell 1.8% for the week, while the EURO STOXX 50 dropped 1.5% and platinum fell 1.4% to close at 21.9 grams per ounce, a new all-time low.
The strongest currency was the Japanese Yen, which gained 0.5%. The Chinese Yuan fell furthest, dropping 0.6%. Short term bonds tracked US Dollar cash closely, each dropping 0.3%, while long term bonds rose 1.0%.
After closing the prior week at a new all-time high of 399.3 grams, Bitcoin continued to work its way higher through the week, closing on Friday at 436.4 grams, up 9.3%, and setting another record. Bitcoin continued to rise over the weekend, closing on Saturday at 479.5 grams, but since has pulled back more than 15%. Ethereum climbed strongly early in the week hitting a new high of 17.6 grams on Wednesday, then settled back on Thursday and Friday to finish the week at 17.0 grams, up a stunning 49.6%. ETH has continued to climb since then, reaching a new all-time high of 20.4 grams on Tuesday the 19th.
Gold stocks turned around this week, rising 1.3%, outperforming all the major stock indexes, the best of which was the Dow Jones Industrials, which gained 1.0%. The worst performer was the Euro STOXX, which lost 1.5%.
Copper was the strongest commodity this week, rising 4.9%. Cotton was also strong, gaining 2.7%. Coffee was weakest, dropping 1.8%, while platinum fell 1.4% to a new all-time low of 21.9 grams per ounce. Platinum has since recovered smartly, and was trading at 22.6 grams as of Wednesday the 20th.