Weekly Update 22 Aug 2025

In the previous week, every asset class was in the green; this week, only bonds were rising, while other asset classes were mixed. The week's best performers were coffee, up 14.4%, Ethereum, up 9.0%, and the CCi30 crypto index, up 5.5%. The largest losses were in the Nikkei 225, down 2.1%, followed by copper and the Canadian Dollar, down 0.6% each. The US Dollar was little changed, and Bitcoin declined 0.4%.

The Chinese Yuan, up 0.1%, was the only rising national currency. The Canadian Dollar fell the most, dropping 0.6%. Treasuries outperformed USD cash, as short term notes added 0.3% and long term bonds rose 0.8%.

Gold stocks rose 2.9%, beating all other equity indexes. The only falling index was Japan's Nikkei, down 2.1%. The Dow Industrials rose 1.6% and the Euro STOXX added 0.7%.

The best performing commodities were coffee, up 14.4%, and crude oil, up 1.4%, followed by silver, up 0.8%. Copper, down 0.6%, and palladium, down 0.1%, saw the only losses.

The S&P 500 and the DJIA both closed the week at all-time highs when priced in depreciating dollars, but remain far below their all-time highs when priced in gold, down 65% for the SPX and down 70% for the Dow.