Weekly Update 14 July 2023
Stocks and cryptocurrencies rose, but other asset classes were mixed. The largest gains were in silver, up 7.3%, gold stocks, up 6.3%, and platinum, up 6.0%. The worst losses were in coffee, down 2.1%, the US Dollar, down 1.6%, and the Canadian Dollar and short term treasuries, off 1.2% each. Cryptocurrencies were strong, with the broad CCi30 up 5.8%. Long term bonds outperformed cash and short term notes, rising 0.6%.
The Euro and the Yen rose 0.8% each, but other national currencies fell. The USD led the way lower, falling 1.6%, followed by the CAD, down 1.2%, and the CNY, off 1.0%. Although not in the table, the Swiss Franc rose the most, adding 1.4%. Short term notes declined 1.2%, and long term bonds closed up 0.6%.
Bitcoin rose 2.1% and Ether added 1.9%, but the broader 30 crypto index beat them both, rising 5.8%.
Stock markets were solidly in the green. Gold stocks led the way, rising 6.3%, followed by the Euro STOXX, up 4.2%. The Dow Industrials rose least, advancing 0.7%.
The metals had the largest gains in the commodity complex. Silver roared higher, gaining 7.3%, and platinum soared 6.0%. Weakest was coffee, the lone decliner, off 2.1%, followed by cotton, which closed little changed.
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