Weekly Update 9 Jul 2021

A very rough week for the markets; every asset closed lower except copper, which rose 0.5%. The largest drops were in Japanese stocks, which fell 3.0%, coffee, which dropped 2.1%, and crude oil, which declined 1.9%.

The Japanese Yen outperformed the other national currencies by closing almost unchanged. The Canadian Dollar and the Chinese Yuan took the largest hits, falling 1.9% and 1.4% respectively. US Dollar cash closed down 1.1%. Short term notes were off 1.0% and long term bonds were down just 0.1%.

The broad index of 30 cryptos fell 1.7%. Ethereum spent most of the week in the green, reaching a high of 40.4 grams before settleing lower to close at 37.0 grams, down 1.3%. Bitcoin followed a similar path, peaking early in the week at 614.5 grams, falling to 565.7 grams on Thursday, and recovering to close the week at 582.1 grams, off 1.4%.

US stock markets were the best equity performers, as the S&P 500 declined 0.7% and the Dow Industrials gave up 0.9%. The worst losses were in the Nikkei 225, down 3.0%, and the HUI gold stocks, down 1.6%.

Copper, up 0.5%, was the weeks outstanding asset. Coffee, down 2.1%, and crude oil, down 1.9% were the weakest commodities. Silver was also weak, falling 1.7%.

Year over year the picture is much brighter: only gold stocks, down 13.8%, long term treasury bonds, off 10.9%, and the Japanese Yen, down 2.3%, are in the red. On the plus side of the ledger, cryptocurrencies continue to dominate, especially Ether, which is up 772.7%. Commodities are also very strong, especially crude oil, up 88.8%, and copper and coffee, up 53.9% each.

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