Weekly Update 4 Dec 2020

National currencies, bonds, and major stock market indexes fell, while cryptocurrencies rose and commodities were wildly mixed. The largest gains were in platinum, up 9.0%, and Ether, up 6.2%. Coffee and long term bonds had the largest losses, falling 7.6% and 6.4% respectively.

National currencies were all in the red, led by the Japanese Yen, down 3.6%, and the US Dollar, off 3.5%. The Chinese Yuan outperformed, sliding just 0.9%. Short term notes tracked USD Cash, dropping 3.5%, but long term bonds took a major hit, falling 6.4%, the second largest loss this week.

Cryptocurrencies had a good week, as Ether rose 6.2% and Bitcoin gained 5.5%. Some smaller cryptos did even better; Monero (XMR, a privacy-focused coin) soared 10.1%. The index of 30 large cap cryptocurrencies managed a 0.9% gain.

Gold stocks rallied 0.4%, but all the major stock indexes in the table fell. Japan's Nikkei 225 dropped 3.2%, and the Dow Industrials closed down 2.5%. The S&P 500 was off 1.8%. One positive note was the UK FTSE 100 (not in table) which rose 0.3%.

Commodities saw both the week's largest losses and largest gains; platinum soared 9.0%, and coffee fell 7.6%. Cotton dropped 4.6%, and silver rose 2.2%. Crude oil and copper, both bellwethers for the economy, were relatively quiet; crude was off 0.8% and copper was up 0.7%.

Year over year, cryptos far outpaced all other asset classes, as Ethereum rose 208.4% and Bitcoin rose 106.4%. Honorable mention goes to silver, for a 14.5% gain. Crude oil and coffee fell the most, giving up 35.9% and 21.5% respectively. In third place we have the US Dollar, down 20.0% over the last year.

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