Weekly Update 8 Apr 2022

Most assets were in the red this week, especially the cryptocurrencies, where the broad CCi30 fell 10.9% and bitcoin dropped 9.2%. The brightest spots were in commodities, as palladium rose 4.5% and coffee added 0.8%. Outside of crypto, the largest losses were in long term bonds, as TLT fell 5.9%.

The Chinese Yuan (up 0.1%) was the best performing national currency; all others moved lower. The Euro (down 2.1%) was the weakest. US Dollar cash declined 0.6%. Short term notes fell 0.7%, while long term bonds gave up all of the prior week's gains and then some, falling 5.9%.

Cryptos gave up most of their gains from the prior week. The CCi30 index dropped 10.9%, the worst performance of any asset. Bitcoin followed, falling 9.2%. Ether did slightly better, retreating 8.0%.

Equities were all lower, but gold mining stocks continued to outperformed the major equity indexes, giving up just 0.3%. The largest losses were in Europe, where the STOXX fell 4.4%, and in Japan where the Nikkei dropped 4.3%. The S&P 500 closed down 1.9%.

Commodities were mixed. In the metals, palladium rose 4.5% while platinum fell 2.9%. Cotton fell 2.2%, but coffee rose 0.8%. Crude retreated 1.6%, and silver declined 0.9%.

Year over year, the big gains are in coffee, up 63.8%, and crude oil, up 49.1%. Cotton and Ethereum have also done well, rising 47.1% and 45.0% respectively. The largest losses are in Bitcoin, down 34.4%, the CCi30, down 34.0%, and platinum, down 28.1%. The Japanese and European stock markets are also big losers, falling 27.9% and 21.1% respectively.

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