Commodities were mixed, and digital tokens were very strong, but bonds, currencies, and major stock indexes were all lower this week. The largest gains were in digital tokens, as Ethereum rose 16.1% and Bitcoin gained 9.3%. Gold stocks were also strong, adding 3.1% for the week. The biggest losses were in coffee and crude oil, which dropped 4.4% and 3.8% respectively.
This week's big news was the continued drop in digital tokens, as both Bitcoin and Ethereum retreat after their recent huge runups. Bonds were also lower, stocks were generally higher, while currencies and commodities were mixed. The biggest gains were in crude oil, which rose 4.0%; the largest losses were in the Ethereum token, which fell 19.5%.
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This was a holiday week in North America, so I will summarize both the last week of June and the first week of July by saying that national currencies and major stock indexes were rising, digital tokens were falling, and bonds and commodities were mixed. The biggest gains were in coffee, which rose 5.9% during the last week of June, and a further 4.8% this week. Crude oil was a close second, rising 8.2% for W/E 30 June, but pulling back 1.8% this week. The largest losses were in the Ethereum token, which fell 14.6% in the prior week, and another 14.1% this week, to settle at 6.25 grams. Although this is a very significant drop, it needs to be seen in the context of a gain of over 2000% for the last year.
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Commodities were mixed, while major stock indexes, bonds and government-issued currencies were lower. Bitcoin volatility continued, as the BTC rose back above one ounce of gold last week, then fell to close down 6.3% at 27.1 grams. The largest gains were in the gold stocks, which rose 2.4% to close at 4.9 grams.
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This was a good week for most asset classes, with both the best and the worst performances among the commodities. The big winner was coffee, which added 5.1%, reversing it's multi-week losing streak. Palladium took the biggest hit, falling 4.9%. The Fed's announcement of a quarter point hike in interest rates (which was widely anticipated) gave new strength to the USD, pushing it up 2.8%, more than any other currency except Bitcoin, which rose 4.2%.Read more .
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Currencies, bonds, and US stocks fell this week, while precious metals, gold stocks, and European stocks rose. The strongest asset class was palladium, which gained 3.4%, while the weakest was Bitcoin, which lost 3.0%.
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Another mixed week, with currencies and bonds mostly lower, equities higher, and commodities both mixed and volatile. The largest gains were in coffee, which rose 4.1%, while the largest losses were in crude oil, which pulled back 7.1%.
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Currencies and short-term bonds continued their tumble, while stocks and commodities were mixed. The week's biggest losses were in crude oil, off 8.3%, and copper, down 5.1%. The UK FTSE stocks were also hit hard, losing 5.0% for the week. The largest gains were in gold stocks, which moved 3.7% higher, and platinum, which rose 3.0%.
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The big gains for the week of 1-July week were in precious metals and mining stocks, while most of the losses were in currencies and short term bonds. (My apologies for the late posting of this update. I will be posting the 8-Jul Update on Monday, 11-July.)
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A generally negative week, with the major exceptions of Bitcoin, which once again led the way higher, and gold mining stocks, which rose nearly twice as far this week as they fell last week. Bitcoin gained 18.1%, while the HUI gold stocks rose 11.7%. The only other asset classes in the black were coffee (up 2.7%), TLT (up 0.8%) and the Chinese Yuan (up 0.3%). The biggest losses were in crude oil, off 3.4%, and silver, which declined 3.2%
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