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Weekly Update 19 Feb 2020 New Crypto Highs

Most assets moved higher this week, led by the cryptocurrencies. The only ones in the red were gold stocks, down 5.7%, and long term bonds, off 1.0%. The broad index of 30 cryptocurrencies soared 23.9% and Bitcoin gained 19.6% to reach new all-time-highs just below 1 kg of gold. Copper and platinum also were very strong, rising 9.5% and 7.8% respectively.

The Canadian Dollar was the leading national currency this week, rising 2.5%. The Japanese Yen trailed its peers, adding 1.1%. US Dollar cash and short term notes both rose 1.7%, but long term bonds fell 1.0%.

Cryptocurrencies continued to outperform other asset classes. The broad index of 30 cryptos rose 23.9% and Bitcoin, the largest component of the index, climbed 19.6% to reach new all-time highs. Ethereum rose "only" 8.1%, but also closed at new all-time highs, trading above 1 ounce of gold for the last three days. The outperformance of the CCI30 indicates that many of the smaller cryptos (not in the table) are making gains much larger than BTC and ETH. For instance, DASH rose 94.6%, and Binance Coin (BNB), now the third largest crypto by market cap, skyrocketed 147% this week.

The only falling equity in the table was the HUI gold stock index, which dropped 5.7%, the week's largest decline. The Nikkei 225 outperformed other stock indexes, rising 2.8%. In the US, the Dow Industrials gained 1.8% and the broader S&P 500 added 1.0%.

Commodities were all in the black, with copper, up 9.5%, and platinum, up 7.8%, making the largest gains outside of the crypto space. Coffee was also strong, gaining 7.0%. Silver and crude oil were the weakest commodities, adding 1.2% and 1.3% respectively.

Looking back one year, the cryptos continue their dominance, with ETH up 518.8%, BTC up 421.0%, and the CCi30 up 326.5%. Copper and silver occupy the next rank of high-performers, rising 40.5% and 31.9% respectively. Palladium shows the worst losses, falling 23.7%. Also in the basement were long term bonds and the US Dollar itself, down 10.3% and 10.2%. Over the next few weeks, as we approach the first anniversary of the 12 March 2020 "Covid Crash", I expect to see some shakeup in these results.

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