Weekly Update 19 Jun 2020

This week cryptocurrencies fell, stocks moved higher, and national currencies and commodities were mixed. Bonds were little changed. The largest gains were in crude oil, which rose 9.5%, recovering much of the prior week's 11% loss. Ethereum fell the most, dropping another 4.4%.

The Japanese Yen outperformed other national currencies, rising 0.3%. The weakest major currency was the British Pound (not in table) which fell 1.5%, followed by the Euro, which closed down 0.6%. The US Dollar and short term treasuries declined 0.1%. Long term bonds closed unchanged.

Ethereum prices worked slowly lower until dropping sharply on Friday to close at 4.07 grams, down 4.4%. Bitcoin rose to 172.5 grams on Tuesday, then declined slowly at first, and rapidly on Friday, to finish the week at 166.5 grams, off 2.1%.

Stocks all traded higher, led by the S&P 500 and the HUI gold stocks, which rose 1.8% each. Laggards were the Dow Industrials and the Nikkei index, which added 1.0% apiece.

Crude oil rebounded strongly, gaining 9.5%. Cotton was also higher, adding 2.8%. Precious metals fell, as palladium dropped 2.5% and silver declined 0.6%. Copper bucked the trend in metals, rising 0.4%.

Gold stocks are now the only asset class in the black from one year ago, up 14.8%. Crude oil is down 42.7% over the same period.

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