This week cryptocurrencies fell, stocks moved higher, and national currencies and commodities were mixed. Bonds were little changed. The largest gains were in crude oil, which rose 9.5%, recovering much of the prior week's 11% loss. Ethereum fell the most, dropping another 4.4%.
What goes up must come down… this was a very rough week, leaving only long term treasury bonds in the black, as the TLT bond ETF rose 1.0%, while all other assets declined. The largest losses mirrored the prior week's largest gains: crude oil fell 11% and European stocks fell 8.8%. UK stocks (not in table) did even worse than their European cousins; the FTSE dropped 9.9%.
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I have recently received some calls and emails asking me to update my long term stock price charts… because they don't show "Great Depression" price levels. Well, I can assure all who are wondering about it that they are indeed up to date. Let's take a look at some low points in past stock index prices, with a focus on the S&P Composite as compiled by Robert Shiller. This data is based on monthly averages, converted from US Dollars to grams of gold.
Click on the chart to download a pdf.
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The big news this week centered around the coronavirus outbreak, as total cases approached 12,000 (mostly in China) and the US declared a public health emergency and restricted travel to and from China. Big beneficiaries of the scare were cryptocurrencies and long term bonds. National currencies, stocks, and commodities all moved lower. The largest gains were in Bitcoin and Ethereum, which rose 9.3% and 9.1% respectively. Commodities took the biggest hits, as coffee dropped 8.0% and palladium fell 7.7%.
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Cryptocurrencies rose strongly again, bonds declined, and national currencies, equities and commodities were mixed. Ethereum soared 18.3% and palladium jumped 16.5%, the largest winners this week. Coffee fell 6.0% and gold stocks declined 1.3%, making them the worst losses.
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Most assets were lower this week; the only exceptions were gold stocks, up 5.9%, and silver, up 2.4%. The largest losses were in palladium and Ethereum which fell 3.6% each. Long term treasury bonds fell 2.4%, making them the next worst performing asset in the table.
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National currencies, bonds, and commodities were mixed, while stocks moved higher and cryptocurrencies continued to drop. The largest gains were in palladium, which rose 4.8%, and coffee, which extended its climb by adding another 4.4%. Bitcoin was the worst performer of the week, falling 4.1%.
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Cryptocurrencies, national currencies, and equities were mostly lower this week, while bonds and commodities were mixed. The largest drops were in Ethereum and Bitcoin, which closed down 16.5% and 10.4% respectively. The largest gains were in cotton and platinum, which rose 1.9% and 1.5%.
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This week, stocks were lower, bonds were higher, and currencies and commodities were mixed. Bitcoin made the largest gains, rising 8.1%, followed by the Japanese Yen, which gained 1.5%. The worst losses were in palladium, off 4.2%, and crude oil, down 3.2%.
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It was a major "risk off" week, with stocks, most commodities, and cryptocurrencies selling off, while JPY, USD and CNY cash and short term bonds moved higher. After weeks of heavy losses, Bitcoin and Ethereum seem to be stabilizing, as the selling shifts to stocks (especially gold stocks) and commodities (especially crude oil and palladium).
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