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Weekly Update 13 Nov 2020

National currencies and bonds reversed course and joined cryptocurrencies and major stock markets in heading higher; commodities were mixed. The biggest gains were in crude oil, which rose 10.9%, and European stocks, which added 10.1%. Although major stock indexes were in the black, gold stocks fell 6.5%, the largest loss this week. Silver was in second place, declining 3.5%.

The Chinese Yuan and the US Dollar led the national currencies higher, rising 2.8% and 2.6% respectively. The Japanese Yen lagged behind, gaining 1.3%. Short term notes tracked USD cash, but long term bonds underperformed, adding just 1.8%.

Cryptos were strong again, but not strong enough to dominate the winners list. Bitcoin led the way higher, rising 7.6% to 268.4 grams. Ether was close behind, gaining 7.1%, and the broader index of 30 coins added 5.5%.

Gold stocks fell 6.5%, the week's largest loss, but all other stock indexes were in the black. The European STOXX rocketed higher, gaining 10.1%, and the Dow Industrials rose 6.8%.

Silver and palladium were the only commodities in the red. Silver fell 3.5%, and palladium declined 2.3%. Crude oil was the week's largest winner, rising a massive 10.9%. Coffee also outperformed, gaining 4.8%.

Year over year, the cryptocurrencies dominated all other assets, as Ether rose 95.1% and Bitcoin gained 43.3%. The largest losses, by far, were in crude oil, down 45.6%. Second place was a tie between the US Dollar and the Euro STOXX, each down 22.6%.

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