Weekly Update 10 Jan 2020
This week saw a massive updraft for cryptocurrencies and a mix of gains and losses in commodities, while stocks, bonds and national currencies moved lower. Bitcoin and Ethereum closed up 9.3% and 7.0% respectively to become the week's largest winners. Crude oil plunged 8.0% and coffee dropped 7.5%, the largest losses for the week. Palladium rose 4.9% to a new 18 year high.
National currencies were all lower, led by the Japanese Yen, which slumped 1.7%. The Chinese Yuan fell least, giving up just 0.1%. The US Dollar closed off 0.3%. Bonds fared much worse than cash, as the short term SHY declined 1.8% and the long term TLT fell 2.2%.
Cryptocurrencies held onto their gains from the end of last week and continued to build on them. Bitcoin and Ethereum both worked their way higher, closing up 9.3% and 7.0% respectively. Some smaller cryptos did even better; for instance, DASH (not in table) rose 26.4%.
Equities were all lower, but gold stocks fell the most, dropping 4.7%. The Dow Industrials fell the least, giving up 1.1%. The S&P 500 declined 2.6%.
Commodities were a wild mix. Crude oil and coffee had the largest declines of any assets this week, falling 8.0% and 7.5% respectively. But on the plus side, palladium rose 4.9% and cotton gained 1.3%. Palladium's price is now higher that it has been since 23-Jan-2002. Silver, "the other monetary metal", declined 3.3%, and copper retreated 0.8%.
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