Weekly Update 5 Nov 2021

National currencies and bonds moved lower, but other asset classes were mixed. Gold stocks, up 2.1%, had the largest increase, while crude oil, down 4.2%, and Bitcoin, off 3.6%, had the largest declines.

The Chinese Yuan, off 0.1% was the strongest national currency, while the Euro, down 3.0%, was the weakest. The US Dollar dropped 1.8%. Short term treasury notes did slightly better, falling 1.6%. Long term bonds outperformed, closing down 0.6%.

The broad crypto market as measured by the CCi30 index advanced 1.1%, while Bitcoin consolidated between it's recent high and the 1 kg level, finishing at 1,055.2 grams, off 3.6%. Ethereum made a new all-time-high of 81.3 grams on Wednesday, then pulled back to close the week down 0.2%.

Stock markets had a good week, with only the Dow Industrials closing lower by 0.4%. Gold stocks took the lead, rising 2.1%, while the the Japanese Nikkei gained 1.1%.

Commodities were mixed, but most of the action was to the downside. Crude oil fell 4.2%, the largest drop of any asset in the table. Silver close down 2.6%, and copper closed off 2.4%. Palladium rose 0.9%, and platinum was little changed.

Year over year, the table is mostly green. Cryptos have been the best performing asset class, led by Ether, up 1,076.5%, and the CCi30, up 513.4%. Crude oil is up 126.1% and coffee has risen 107.3%. The worst declines have been in gold stocks, down 19.4%, and palladium, off 9.3%.

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