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Weekly Update 2 Jul 2021

Cryptocurrencies and bonds bounced higher, but other asset classes were mixed. The largest gains were in Ethereum, up 18.6%, and the CCi30 crypto index, up 8.0%, followed by palladium, which rose 5.5%. The week's worst performers were coffee, which fell 2.6%, and the Euro STOXX50, which declined 1.5%.

The US Dollar was the best performing national currency, closing almost unchanged (up just 0.03%). All others closed lower, led by the Euro which finished down 0.9%. Treasuries outperformed cash, with short term notes adding 0.1% and long term bonds rising 2.3%.

Cryptocurrencies had a good week; ETH hit a high of 40.1 grams, a gain of 27.1%, before pulling back to close at 37.4 grams, up 18.6%. Bitcoin was the laggard, gaining 15.4% to a high of 635.5 grams before finishing the week up 7.2%.

Stocks were mixed, with US indexes up (1.7% for S&P 500, and 1.1% for the Dow Jones Industrials) and European and Japanese indexes down 1.5% and 1.4% respectively. Gold stocks were somewhere in the middle, up 0.5%.

Palladium was the strongest commodity, rising 5.5%, and coffee was the weakest, falling 2.6%. Platinum fell 0.9% while silver rose 0.2%.

Year over year, cryptocurrencies are still the big winners, as Ethereum gained 822.4% and the index of 30 cryptos added 359.2%. The largest losses were in long term treasury bonds, down 10.6%, and gold stocks, off 7.7%. Commodities were all in the green, and outside of crypto, saw the biggest gains: crude oil surged 84.0%, and copper rose 55.9%.

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