Another up week for the markets; the only decliner was coffee, off 0.5%. The largest gains were in Japanese stocks, up 7.9%, cotton, up 4.5%, and silver, up 4.4%. The Canadian Dollar was the hottest currency, rising 2.4%, followed by the US Dollar and the Chinese Yuan, each up 2.3%. USD cash outperformed treasuries; short term notes rose 2.2% and long term treasuries gained 0.5%.
On Tuesday the Dow Industrials and the S&P 500 both hit new all-time highs when measured in US Dollars, but even after this week's gains, when measured in gold, they are down from their all-time highs 74% and 69% respectively.
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