Weekly Update 16 Aug 2019
National currencies, cryptocurrencies and equities fell, led by Bitcoin which dropped 13.6%, giving back most of its gains for the last month. Bonds and commodities were mixed, with the largest gains in TLT, the long term bond fund, which rose 3.1%. Outside of the cryptos, the largest losses were in coffee, down 5.7%, and platinum, off 4.6% to a new all-time low of 17.1 grams.
The Euro fell more than any other national currency, dropping 2.0%. The Chinese Yuan took a break after last week's collapse, giving up just 0.6%. The USD fell 1.2%. Bonds were mixed, as the short term SHY declined 0.8% while the long term TLT rose 3.1%, the largest gain of any asset.
Bitcoin dropped early in the week, falling from 246.4 grams to a low of 206.6 grams on Wednesday, then recovered to close at 213.0 grams, down 13.6%, the largest loss of any asset. Ethereum held fairly steady until Wednesday; then the price plunged and continued to decline, ending the week at 3.81 grams, off 12.9%.
Stock indexes were all lower, but gold stocks outpaced the major markets, falling 3.8%. The Nikkei fell least, closing off 1.3%. The Dow Jones Industrials were down 2.7%.
Commodities were mostly lower, but there were gains in palladium (up 0.6%) and cotton (up 0.9%). The biggest losses were in coffee, which fell 5.7% and platinum, which closed down 4.6% at 17.10 grams, a new all-time low. Silver was little changed, off 0.2%.
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