Weekly Update 1 May 2020
Most assets were higher; only the commodities showed significant losses. Palladium and silver fell the most, dropping 1.8% and 1.4% respectively. Bitcoin rose 19.5%, and crude oil rebounded strongly, gaining 18.3%. Ethereum also showed strength, adding 15.2%.
The Euro was the strongest national currency, gaining 3.6%; the Chinese Yuan was the least strong, rising 1.3%. The US and Canadian Dollars rose 1.8% each. Bonds under-performed cash; long term treasuries were unchanged, and short term bonds gained 1.7%.
Cryptocurrencies had a great week. Bitcoin ended the prior week at 136.9 grams and worked its way steadily higher, ending this week at 163.5 grams, up 19.5%. Ethereum followed a similar path, ending up 15.2%. The smaller cryptos generally didn't do as well; DASH for instance (not in table) finished up 3.4%.
The Japanese Nikkei led the way higher for equities, rising 4.2%. Gold stocks under-performed, adding 1.3%. US stocks (the Dow Industrials and S&P 500) rose 1.5% each.
Crude oil started the week by falling to 227 mg on Tuesday (about 6.4% above the all-time low set the week before), then rallied sharply to close at 363 mg, up 18.3% for the week. Palladium, silver and copper were the only assets to close lower; palladium finished down 1.8% and Silver closed down 1.4%. Platinum rose 2.0%.
Over the last year, gold stocks have been the outstanding performer, adding 36.8%, and outshining even the cryptocurrencies (Bitcoin is up "just" 24.9%). Crude oil is far and away the worst performer; even after a strong recovery this week, it is still down 76.4% from one year ago.
Click for PDF version