Weekly Update 4 Sep 2020

National currencies and bonds rose, cryptocurrencies fell, while stocks and commodities were mixed. Coffee (up 7.8%) and Palladium (up 6.9%) experienced the largest gains. The worst losses were in the cryptocurrencies, as Bitcoin dropped 7.5% and the CCi30 fell 6.7%. Crude oil was close behind, falling 6.0%.

The US Dollar led the national currencies higher, rising 1.6%. The Japanese Yen underperformed, gaining just 0.6%. Treasury notes moved up in line with USD cash, but long term bonds soared 2.7%.

Bitcoin started the week by rising to a high of 188.8 grams on Tuesday, then was slammed hard on Thursday, falling to 164.2 grams before recovering to end the week at 169.7 grams, down 7.5%. Ethereum followed a similar pattern, but rose to a high of 7.52 grams before falling to close at 6.27 grams, down just 0.3%.

Japanese stocks, possibly buoyed by the cheap Yen, outperformed their peers, rising 2.1%. Gold stocks turned in the worst performance, falling 1.0%. US stocks rose to 6 week highs on Wednesday, then gave back all those gains and more. Overall, the S&P dropped 0.7% and the Dow Industrials declined 0.2%.

Commodities were a very mixed bag. Coffee and palladium turned in the week's best gains, rising 7.8% and 6.9% respectively. Crude oil collapsed 6.0%, the worst drop outside of the crypto space. Copper made nice gains, climbing 3.9%, while silver was little changed, down 0.4%.

Year over year, Ethereum (up 72.7%) remains the best performer, while crude oil (down 43.3%) remains the worst. Palladium (up 17.8%) and the HUI gold stocks (up 15.7%) trail far behind ETH. Platinum (off 25.8%) is in second place to the downside. Behind platinum are all the national currencies, led lower by the JPY and USD (down 19.8% and 19.7% respectively.)

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