Weekly Update 18 Sep 2020

Bonds were lower, but other asset classes were mixed. The biggest gains were in crude oil, up 9.9%, and Bitcoin, which rose 5.0%. Coffee saw the largest loss, falling 14.5%. The second worst drop was in the Euro STOXX, which slid 0.9%.

The Japanese Yen was the strongest national currency, rising 1.6%, while the British Pound (not in table) was next best, gaining 1.2%. The US Dollar was the weakest currency, falling 0.2%. Short term treasury notes followed USD cash, but long term bonds fell more, declining 0.7%.

Among cryptocurrencies, the largest fared the best. Bitcoin rose 5.0% and Ether gained 2.4%, but the CCi30 index of the largest 30 cryptocurrencies fell 0.1%, as many of the smaller coins declined. For example, DASH (not in table) closed down 6.3%.

Japanese stocks rallied 1.4%, and gold stocks added 0.3%, but other indexes were lower. The European STOXX index fell 0.9%, and the S&P 500 dropped 0.8%. The Dow Industrials were off 0.2%.

As is often the case, commodities had the largest gains and losses of any asset type. Coffee imploded, but other commodities rose, led by crude oil's 9.9% gain. Copper was up 2.3%, and cotton added 1.1%. Coffee's all time low was 16.8 grams on 15-July-2020, and it hit its recent high of 21.6 grams on 4-Sep-2020. This week it fell every trading day to finish at 18.1 grams, down 14.5%, a 72% retracement.

Over the last year, Ether and gold stocks continue to outperform, rising 41.9% and 26.3% respectively. The largest losses were in crude oil, down 45.5%. Tied for second worst performance are platinum and the US Dollar, off 22.9% each.

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