Weekly Update 2 Jun 2023

Cryptocurrencies rallied, but other asset classes were mixed. The largest gains were in the CCi30 crypto index, up 2.5%, silver and cotton, up 2.4% each, and the Nikkei 225 stock index, up 1.8%. The worst losses were in commodities, as platinum fell 2.5%, palladium dropped 2.4%, and crude oil declined 2.1%.

National currencies were mostly lower; only the Canadian Dollar managed a gain, rising 0.7%. The Chinese Yuan fell the most, dropping 1.6%. US Dollar cash underperformed its bonds, declining 0.8% while short term notes fell 0.6% and long term bonds gained 0.1%.

Cryptocurrencies had a good week, led by the broad CCi30 index, up 2.5%. Ethereum gained 1.7%, and Bitcoin added 1.2%.

Stocks also did well; only the Euro STOXX declined, falling 1.3%. The Japanese Nikkei saw the largest gains, rising 1.8%, followed by gold stocks, up 1.7%. The Dow Industrials added 1.2%.

Commodities were very mixed, with some of the week's largest gains and losses. Among the metals, silver rose 2.4%, while platinum fell 2.5%, and palladium dropped 2.4%. Coffee declined 1.5% while cotton rose 2.4%. Crude oil fell 2.1%.

Year over year, most assets are in the red. The only bright spots are the Euro STOXX, up 5.4%, silver, up 3.9%, and the Nikkei 225, up 0.5%. The worst loses are in crude oil, down 42.3%, cotton, off 41.9%, and coffee, down 28.9%.

Over the last 5 years most assets are also underwater, but the bright spots are different: Bitcoin is up 135.1%, Ethereum is up 110.5%, and the S&P 500 is showing a gain of 3.3%. The largest losses are in national currencies: the Japanese Yen, down 48.3%, the Chinese Yuan, down 40.5%, and the Euro, down 39.4%. The US Dollar has declined 34.1%.