Weekly Update 27 Mar 2020
Cryptocurrencies, national currencies and bonds fell, equities rose, and commodities were mixed. The largest gains and losses were all in commodities, with copper, crude oil, cotton and gasoline making new all-time lows. The largest gains were in palladium and platinum; they rose 27.3% and 11.7% respectively. Cotton took the biggest hit, falling 12.8%. Crude oil continued to collapse, dropping 12.6%.
National currencies all moved lower, led by the Chinese Yuan (down 7.9%) and the US Dollar (off 7.6%). The best performing currency was the British Pound (not in table) which fell just 2.8%. Bonds outperformed cash, as the short term SHY dropped 7.4% and the long term TLT declined 2.8%.
Bitcoin fell 3.6%, but outperformed all the national currencies in the table. On Sunday it fell to a low of 128.7 grams, then recovered to a high of 130.8 on Tuesday before sinking gradually to a close of 124.4 grams. Ethereum followed a similar pattern, dropping 6.8%.
Equities had their time in the sun this week. The Japanese Nikkei index led the charge higher, gaining 11.4%. US indexes under-performed; the S&P 500 rose 1.9% and the Dow Industrials added 4.3%. Gold stocks gained 7.9%.
Commodities were crazy again this week. Cotton and crude oil were the biggest losers, falling 12.8% and 12.6% respectively, and ending the week at new all-time lows. Copper and US retail gasoline (not in table) also hit new all-time lows this week. On the other side of the coin, palladium and platinum were the best performing of all assets in the table, rising 27.3% and 11.7% respectively. Silver (up 4.7%) was the only other commodity in the black, making a clean sweep for the precious metals.
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