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Weekly Update 12 Dec 2022

Stocks, bonds, and cryptocurrencies moved lower; national currencies and commodities were mixed. The largest drops were in crude oil, down 11.8%, cotton, off 4.6%, and gold stocks, off 4.5%. The best performers were palladium, up 2.0%, silver, up 1.6%, and the Chinese Yuan, which added 1.3%. The cryptocurrency space continues to see fairly low volatility: Ethereum and the broader CCi30 dropped 2.9% each, while Bitcoin fell 0.4%. The US Dollar finished the week 0.6% lower.

Year over year, the only assets in the green are the precious metals: paladium is up 4.7%, platinum 4.6%, and silver 2.7%. All others are in the red, led by Ethereum, down 71.7% and the CCi30 crypto index, off 69.9%. Outside of cryptos, the worst losses were in coffee, down 35.1%, and long term treasury bonds, down 28.3%.

Interestingly, looking back 5 years, Ethereum is the biggest winner, rising 93.0%! Palladium is also a winner, gaining 32.7%. The worst losses were in the CCi30 crypto index, down 44.8%, and the Japanese Yen, down 42.1%.

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