Weekly Update 8 Feb 2019
Cryptocurrency prices turned sharply higher at the end of the week, leaving Ethereum up 11.2% and Bitcoin up 5.4%. Bonds were also higher, but other asset classes were mixed. Crude oil and platinum saw the largest losses, as crude fell 4.3% and platinum dropped to a new all-time low of 18.9 grams, down 2.9%.
The USD was the strongest national currency, rising 0.3%. The Canadian Dollar and the Euro were weakest, falling 1.0% and 0.9% respectively. The Yen and Yuan were unchanged (Chinese markets were closed all week for Lunar New Year, but were virtually unchanged when reopening on Monday the 11th). Bonds were higher, with the short term SHY rising 0.6% and the long term TLT gaining 1.7%.
Cryptos settled slowly through most of the week, then jetted higher on Friday, in part due to positive comments from the SEC on the eventual likelihood of a Bitcoin ETF. This left Bitcoin up 5.4% and Ethereum up 11.2%, making them the best performing assets for the week.
Japanese and European stocks fell 2.2% and 1.4% respectively. US stocks were the best performers, as the Dow gained 0.5% and the S&P added 0.3%. Gold stocks were up 0.1%.
Crude oil plunged 4.3%, the largest drop of any asset class. Platinum also had a bad week, falling 2.9% to a new all-time low of 18.9 grams. Palladium had a very strong week, rising 2.2% leaving it in third place after the cryptos. Copper also did well, rising 1.7%. Silver was down 1.1%.
Note that I am once again updating the Argentine and Chilean Pesos!
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