Weekly Update 9-Apr-2021

Bonds declined; stocks, cryptocurrencies, commodities and national currencies were mixed. The crypto focus shifted to the smaller caps as Bitcoin and Ethereum pulled back. The largest losses were in crude oil, which dropped 4.3%, and ether, which fell 4.2%. The CCi30 and cotton made the largest gains, rising 5.6% and 4.8% respectively.

The Euro was the best performing national currency, rising 0.2%. The US Dollar fell the most, dropping 0.9%; CNY fell almost as much, giving up 0.8%. Long term and short term debt tracked USD cash, all falling 0.9%.

The largest cryptocurrencies, Bitcoin and Ethereum, declined 2.8% and 4.2% respectively. But the broader index of 30 cryptos, the CCi30, rose 5.6%, the week's best gain. Bitcoin continues to hold above the 1 kg level. Ether fell to a low of 35.3 grams on Wednesday, then recovered to finish the week at 37.0 grams. Binance Coin (BNB, not in table) is the third largest crypto by market cap, and it rose 32% this week. This is definitely alt season!

The only declining stock index in our table was the Japanese Nikkei, off 0.2%. The S&P 500 was the sector leader, rising 1.8%, followed by the HUI gold stock index, up 1.5%. The European STOXX index made the smallest gain, adding 0.7%.

Crude oil had the week's largest losses, both within the commodity group and overall, falling 4.3%. The largest commodity gains were in cotton, up 4.8% and coffee, up 3.7%. Precious metals were mixed, as silver rose 2.8% while palladium and platinum fell 0.7% and 0.5% respectively.

Year over year, cryptos continue to outshine other asset classes; Ether is up 1,036% and Bitcoin has risen 670%. Other notable winners are crude oil, up 151.6% and copper, up 71.7%. The largest losses are in long term treasury bonds, which have fallen 18.8%.

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