Weekly Update 22 Nov 2019
Cryptocurrencies declined again, bonds and commodities moved higher, and national currencies and equities were mixed. The largest gains were in coffee and palladium, which rose 9.1% and 2.5% respectively. The largest losses were in Ethereum, which fell 16.6%, and Bitcoin, which dropped 13.9%.
National currencies were little changed this week. The Chinese Yuan and Canadian Dollar fell 0.3%, but the British Pound and Swiss Franc (not in table) dropped 0.4% and 0.5% respectively. The US Dollar and Japanese Yen each gained 0.2%. The Euro was unchanged. Short term bonds tracked the US Dollar, rising 0.2%, but long term bonds continued to outperform, adding 1.7%.
Cryptocurrencies were hammered again by new rumors of a Chinese crackdown on exchanges. Ethereum fell 16.6% to 3.19 grams, its lowest level since March. Bitcoin was also hurt, falling 13.9%. Some smaller coins were hit even harder; for instance, DASH (not in table) dropped 18.4% to 1.18 grams, a level not seen since March of 2017.
Major stock markets were slightly lower, but gold stocks closed up 0.5%. The Japanese Nikkei declined 0.6%, while the Dow Industrials and S&P 500 were off 0.3% and 0.2% respectively.
The largest gains were all in commodities, headlined by coffee, which soared 9.1%. Precious metals also did well, as palladium rose 2.5% and platinum gained 2.2%. Silver was a winner too, rising 2.0%.
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