Weekly Update 13 Aug 2021

Cryptos rose, bonds fell, and other asset classes were mixed. The broad index of 30 cryptos, up 19.6%, and Ethereum, up 14.2%, were the week's best performers. Silver dropped the most, falling 6.9%. Gold stocks also underperformed, dropping 2.4%.

The Chinese Yuan was the best performing national currency (and the only one in the green, up 2.2%). The US Dollar dropped the most, falling 0.6%. Short term treasury notes also fell 0.6%, but long term bonds did better, closing off just 0.1%.

Cryptocurrencies went on a tear, with the smaller caps leading the way. The CCi30 index rose 19.6%, while Ethereum and Bitcoin worked their way higher to close up 14.2% and 10.9% respectively. These moves came in spite of a stream of news that many would call negative, including a major protocol hack and increasing calls for crypto regulation in the US.

The only equity market in the red was the HUI gold mining stock index, which closed down 2.4%, the second largest drop this week. The European STOXX50 led the gainers, rising 0.9%. The Dow Industrials added 0.2%.

Coffee was the best performing asset outside of cryptos, rising 3.2%. Cotton and platinum also were in the green, adding 2.2% each. Silver was the week's worst performer, falling 6.9%. Copper was little changed, down 0.1%.

Year over year, only gold stocks (down 15.8%) and silver (down 2.4%) are in the red. Cryptocurrencies outperform all other asset classes, as Ethereum has risen 825.3% and the 30 crypto index is up 366.5%. The second best place to be is commodities, where crude oil is showing a 77.6% gain and cotton is up 64.1%. The S&P 500 is the best performing equity index, gaining 45.2%. The US Dollar has risen 9.6%, but is eclipsed by the Canadian Dollar (up 15.8%) and the Chinese Yuan (up 12.5%).

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