Weekly Update 6 Mar 2020
National currencies, commodities, and most stocks fell, while cryptocurrencies rose, and bonds were mixed. Gold stocks scored the largest gains, rising 6.6%, but all major stock indexes closed lower. Long bonds (TLT) and Ethereum vied for second place, gaining 2.8% and 2.7% respectively. Crude oil once again registered the largest loss, falling 11.8% to a new four year low. Natural gas (not in table) recorded a new all-time low.
The US and Canadian Dollars led the national currencies lower, falling 4.4% each. The Chinese Yuan dropped the least, giving up 1.3%. Bonds did better than cash, as the short term SHY fell 3.7% and the long term TLT rose 2.8%.
Cryptocurrencies, gold stocks and long bonds were the week's only winners. Ethereum worked its way higher, rising 2.8%. Bitcoin see-sawed back and forth, hitting a low of 165.4 grams and a high of 172.5 grams before closing at 168.5 grams, up 0.6%.
Although gold stocks scored the week's largest gain, rising 6.6%, all major stock indexes lost ground. The Euro STOXX fell the most, dropping 5.3%, to a level not seen since 2013. The next largest drops were in the Japanese Nikkei 225 and the S&P 500, which declined 3.9% and 3.8% respectively. The Dow Industrials "outperformed", falling 2.7%.
The worst performers were all commodities; crude oil collapsed 11.8% to 760 mg, while palladium fell 9.6% to 47.5 grams/oz. The best performing commodity was cotton, which gave up 2.4%. Silver was the second best performer, falling 2.7% to close at 323 mg/oz.
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