Weekly update 30 Jul 2021 Crypto Rally

Cryptocurrencies roared higher, national currencies and bonds fell, and equities and commodities were mixed. Bitcoin gained 24.0% and the CCi30 crypto index rose 15.7%. Gold stocks added 4.2%. The largest losses were in coffee, down 6.4%, and platinum, off 4.3%.

National currencies were all lower, led by the US Dollar, down 1.4%, and the Chinese Yuan, off 1.1%. The Canadian Dollar and Euro outperformed their peers, falling just 0.6% each. Short term notes fell 1.4% in line with USD cash, but long term bonds did better, dropping 0.8%.

Cryptos went on a tear, led by Bitcoin, which climbed steadily throughout the week to end at 719.5 grams, up 24.0%, and its highest price since May 17th. ETH also rose steadily, ending up 14.4%. The broad index of 30 cryptos gained 15.7%.

Major stock markets were all in the red; gold stocks were the sole exception, but they did very well, climbing 4.2%. Among the equities, the Dow Industrials and the S&P 500 had the largest losses, falling 1.8% each.

Most commodities were in the red, with crude oil (up 0.9%) and copper (up 0.2%) being the exceptions. The worst losses were in coffee, down 6.4%, and platinum, off 4.3%. Silver declined 0.2%.

Year over year, every asset is in the green except gold mining stocks (down 13.6%) and long term bonds (off 5.0%). Cryptos, especially Ethereum (up 728.5%), have risen strongly. Crude oil (up 98.3%) and coffee (up 66.9%) rose the most outside of crypto. The S&P 500 showed the most gains of any equity market (up 45.2%)

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