Weekly Update 24 Oct 2025

This week, markets reversed course, putting most assets in the green. The only decliners were silver, down 8.7%, gold stocks, down 4.7%, and palladium, down 3.7%. The largest gains were in crude oil, up 10.0%, the CCi30 crypto index, up 7.5%, and Bitcoin, up 7.3%. The US Dollar hit a new all-time low of 7.24 mg on Monday, then rallied to end the week up 2.9%. All other major currencies followed a similar trajectory, with the CNY rising the most, closing up 5.8%. Bonds outperformed USD cash; long term treasuries rose 3.2%.

The Dow Industrials and the S&P 500 both closed the week at new all-time highs when measured in US Dollars, but even after this week's gains, they have lost over 70% from their all-time highs measured in gold.