Weekly Update 6 April 2018
Currencies, cryptocurrencies and bonds were lower this week, while equities and commodities were mixed. Precious metals were hit hard, as palladium saw the largest drop of any asset class and platinum closed at a new all-time low. The best performers were cotton, copper and gold stocks, each rising 1% for the week.
The Canadian Dollar was the only rising currency, up 0.4%. The Japanese Yen was weakest, falling 1.3%. USD cash fell 0.6%, about midway between short term bonds, when gave up 0.4%, and long term bonds, which dropped 0.9%.
Bitcoin and Ethereum each rose early in the week, then sold off, with BTC closing down 4.2% at 155.1 grams and ETH off 6.7% at 8.7 grams. Despite these losses, Bitcoin remains in an exponential uptrend, more than doubling in value every 6 months and gaining in purchasing power relative to many other cryptocurrencies.
The best performing equities were the gold stocks, which rose 1.0%. The Euro STOXX also rose, but just 0.2%. All others were lower, led by the S&P 500, which fell 1.7%.
Commodity carnage was focused on oil and precious metals. Palladium saw the week's largest drop, falling 6.8% to close at 21.2 grams. Platinum declined 3.2% to 21.3 grams, a new all-time low, but higher than palladium for the first time in months. Crude oil was also hit hard, giving up 4.7%. The strongest commodities were copper and cotton, up 1.0% each. Silver sat out the worst of the damage, closing down just 0.2% at 382 mg.