Commodities were mixed; all other assets declined. The largest gains were in platinum, up 19.3%, silver, up 9.4%, and palladium, up 4.0%. The largest losses were in cryptocurrencies, as Ethereum and the CCi30 fell 5.9% each, while Bitcoin dropped 5.2%. Outside of crypto, the Japanese Yen, down 4.6%, and the US Dollar, down 4.3%, saw the biggest declines.
Stocks fared better than currencies and bonds. The Dow Industrials (down 3.1%) and the S&P 500 (down 2.9%) both made new all-time highs in Dollar terms, but are down 76% and 73% respectively from their all-time highs in gold terms. The best performing equities were the gold mining stocks, off just 0.2%. Long term treasury bonds closed at 604 mg, down 4.1% to a new all-time low… this means that every owner of TLT is now in a loss position.
Silver has broken out of its recent down trend, reaching its highest price since 2013, and doubling in price since its April 2025 low.
Wishing everyone a very happy and profitable New Year!
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