Weekly Update 5 Jun 2020

Another generally higher week; the only losses were in long term bonds, which fell 1.9%, and gold mining stocks, which dropped 1.8%. Euro stocks and crude oil led the rally, gaining 14.5% and 14.4% respectively. Ethereum was also a strong performer, rising 12.2%.

National currencies were all in the black, with the Canadian Dollar and Euro leading the way. The CAD closed up 5.8%, and the EUR gained 4.4%. The Chinese Yuan and Japanese Yen under-performed, adding 0.7% and 0.8% respectively. US Dollar cash rose 2.7%; its short term notes gained 2.6%, and its long term bonds fell 1.9%.

Bitcoin spiked higher on Monday, reaching 182.7 grams, then gave up all those gains on Tuesday before working gradually higher through the rest of the week to close at 178.6 grams, up 5.2%. Ethereum peaked on Thursday at 4.47 grams, then settled back to end the week at 4.46 grams, up 12.2%.

Gold stocks fell 1.8%, but all other major indexes rose. The Euro STOXX50 led by a wide margin, gaining 14.5%. The Dow Industrials, in second place, gained 9.7%. The Nikkei under-performed other major indexes, adding 5.3%.

The whole commodity complex moved higher, led by crude oil, which closed up 14.4%. Cotton was also strong, adding 10.2%. Platinum and silver were the weakest commodities, gaining 2.4% and 2.6% respectively.

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