Weekly Update 11 Jul 2025

Bonds fell, cryptocurrencies advanced, national currencies and stocks were mixed but mostly lower, and commodities were mixed but mostly higher. The week's best performers were Ethereum, up 17.2%, the CCi30 crypto index, up 12.6%, and copper, up 8.5%. The largest losses were in coffee and long term bonds, down 2.0% each, followed by platinum and the Japanese Yen, down 1.7% each. The US Dollar fell 0.6%, and Bitcoin rose 8.2%.

The Japanese Yen, down 1.7%, was the weakest national currency, followed by the Euro, down 1.4%. The Chinese Renminbi was the only national currency in the green, rising 0.8%. USD cash and short term notes, down 0.6% each, outperformed long term bonds, which fell 2.0%.

Gold stocks rose 0.2%, the only equity market in the green. The largest equity losses were in the Dow Jones Industrials, down 1.6%, and the S&P 500, down 0.9%. European equities outperformed their US counterparts, falling just 0.3%.

The best performing commodities were copper, up 8.5%, and palladium, up 3.4%. Coffee, down 2.0%, and platinum, down 1.7%, saw the largest losses. Silver finished the week up 1.1%.

The S&P 500 closed the week at 58.1 grams, 66.4% below its 1999 all-time high of 173.1 grams, despite reaching a new all-time high when priced in depreciating dollars. Similarly, Bitcoin closed the week at 1.09 kg, 12.8% below its all-time high of 1.25 kg, even though it is also trading at new all-time highs when priced in dollars.