Weekly Update 4 Aug 2023

Stocks and cryptocurrencies fell, while other asset classes were mixed. The largest gains were in crude oil, up 3.4%, coffee, up 2.8%, and palladium, up 2.0%. The worst losses were in the CCi30 crypto index, down 3.2%, gold stocks, down 2.9%, and long term treasuries, down 2.7%. The US Dollar rose 0.6% and short term notes outperformed cash, rising 0.8%.

Most national currencies moved higher, with the major exceptions being the Ruble (not in table, down 3.3%), and the Canadian Dollar and Japanese Yen, down 0.1% each. Long term treasuries declined 2.7%, but cash and short term notes rallied 0.6% and 0.8% respectively.

Cryptocurrencies fell this week, led by the smaller coins. The CCi30 index dropped 3.2%, while Ethereum fell 0.7% and Bitcoin closed off 0.2%.

Stocks were lower across the board, led by the Euro STOXX, which fell 3.2%. Gold miners also had a rough week, declining 2.9%. The best performer was the Dow Jones Industrial Average, which lost just 0.5%.

Commodities had all the best gains, with crude oil up 3.4% and coffee up 2.8%, but also had some of the worst losses, as silver dropped 2.6% and copper gave up 1.2%.

Over the last five years, only major cryptos like Ethereum, up 175.8%, and Bitcoin, up 159.0%, have made any gains. All other assets in the table are trading at a loss, led by the Japanese Yen, down 50.9%, and long term bonds, down 44.7%. The US Dollar did outperform other national currencies, but that is faint praise, as it has fallen 37.4%. Outside of crypto, the strongest performers were the S&P 500, down 1.3%, and silver, down 4.4%.

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