Bonds rose, stocks and cryptocurrencies fell, and other asset classes were mixed. The largest gains were in cotton, up 11.0%, and crude oil, up 4.2%. The worst losses were in the CCi30 crypto index, down 7.0%, and gold mining stocks, down 4.4%.

The biggest currency anomaly this week was the Russian Ruble (not in table) which roared higher, gaining 11.0% on top of a 7.7% gain in the prior week. The RUB (230 micrograms) is now at its highest level since 11 Jan 2022, higher than it was before the invasion of the Ukraine began. The US Dollar topped our table of national currencies, rising 1.6%, followed by the Canadian Dollar, which gained 1.1%. The Euro was weakest, falling 0.5%. Bonds had a good week, with short term notes matching USD cash by moving 1.6% higher, though long term bonds underperformed, adding only 1.1%.

Bitcoin started the week strong, rising to a high of 664.1 grams on Monday, but faded to finish the week at 628.3 grams, down 1.3% (for reference, this is roughly in line with US stocks; falling more than the Dow, but less than the S&P 500). Altcoins generally underperformed; the CCi30 index fell 7.0%. There were bright spots, however. Equilibria (XEQ, not in table) is a privacy-oriented oracle, used to feed off-chain and cross chain data to smart contracts. XEQ is on a tear, rising 78% from 5.1 mg to 9.1 mg this week.

Every stock index in our table moved lower, led by gold mining stocks, down 4.4%, and the Euro STOXX, down 2.5%. The Japanese Nikkei was the best performer, sliding just 0.2%. The S&P 500 closed down 1.7%, while the Dow did a bit better, closing off 0.9%.

Commodities were mixed, but the sector had the largest gains of any assets this week: cotton rose 11.0%, and crude oil gained 4.2%. The metals were mixed, with copper down 2.7% and silver off 2.2%, but platinum up 0.7%.

Year over year, commodities are mixed, but all other asset classes are in the red. The assets in the green were: cotton, up 62.3%, crude oil, up 48.5%, and coffee, up 43.5%. Ethereum was the next best, giving up 4.9%, and outperforming even the US Dollar, which was off 7.8%. But the other cryptos topped the loser list, as the CCi30 index fell 51.3% and Bitcoin dropped 33.5%. Other large declines were in the precious metals, as platinum fell 29.3% and palladium dropped 28.1%, and in non-US stocks, as the Nikkei retreated 28.3% and the Euro STOXX closed down 26.0%.

National currencies, cryptocurrencies, and bonds fell; stocks were mixed but mostly lower, and commodities were mixed but mostly higher. War in Ukraine and the resulting sanctions against Russia drove the Ruble (not in table) down 34.4% and the Euro STOXX50 down 15.7%. Gold mining stocks, metals, and crude oil made gains. Palladium and crude oil (major exports from Russia) rose 23.8% and 22.4% respectively.

All the national currencies moved lower. The Ruble, hit hard by sanctions, dropped 34.4%, followed by the Euro, down 5.9%. The Chinese Yuan fared best, giving up 1.0%. The US Dollar fell 3.1%; treasury notes fell 2.9%, and long term bonds pulled back 0.6%.

Cryptos were also in the red, with Ether the weakest, falling 8.3%. Bitcoin started the week strongly, climbing 10.9% before retreating to close down 3.3%. A few cryptos, like the privacy coin Monero (up 0.8%, not in table) managed small gains.

Gold mining stocks rose 5.2%, but the major stock indexes fell. The Euro STOXX dropped 15.7%, and the DOW Industrials fell 4.4%. The Nikkei 225 and the S&P 500 each declined 4.3%.

Commodities were the week's brightest spot (if you were long!). Palladium rose 23.8% and crude oil gained 22.4%. Russia is a major supplier of both, and sanctions may reduce their supply. Copper also gained, rising 6.8%. Soft goods did not fare as well: coffee was down 9.5%, and cotton declined 4.6%.

Year over year, the best performers are crude oil, up 59.5%, and coffee, up 49.3%. Ether is in third place, with a gain of 46.1%. The biggest losses are in botcoin, down 29.1%, the Nikkei 225 stock index, down 25.9%, and the Euro STOXX, down 22.4%.

National currencies and bonds rallied, but other asset classes were mixed. Palladium was the best performer for the second straight week, rising 13.3%. Bitcoin was in second place, gaining 6.5%. Silver, down 4.9%, and gold miners, off 3.7%, fell the most.

The US Dollar was the strongest national currency, closing up 2.8%. The Canadian Dollar was the weakest, up just 0.9%. USD cash outperformed treasury notes and bonds, which rose 2.5% and 2.4% respectively.

Bitcoin dropped to a low of 592.9 grams on Saturday but reversed course and rallied for the rest of the week, finishing at 657.2 grams, up 6.5%. Ethereum was also in the green, up 2.3%, but the broader 30 crypto index closed down 0.9%.

US stocks were the best performing equities, as the Dow Industrials rose 4.1% and the S&P 500 gained 3.6%. Gold stocks, down 3.7%, and the Japanese Nikkei, off 1.6%, were the worst performers.

The strongest commodities were platinum, up 13.3%, and cotton, up 5.3%. The metals were mixed; while platinum was sharply higher, silver was the weakest commodity, falling 4.9%, and was joined by copper and platinum, down 1.6% and 1.5% respectively. Crude oil posted a 2.7% gain.

Year over year, crypto is fading but Ethereum still rules the roost with a gain of 109.5%. Coffee is in second place, up 97.2%, and crude oil comes in third, finishing up 72.0%. The largest losses are in gold stocks, down 12.5%, and the Nikkei index, off 11.0%. Silver was down 7.5%.

Stocks and crypto currencies rallied, while bonds fell. National currencies and commodities were mixed, but mostly higher. The CCi30 crypto index rose the most, gaining 13.0%. Coffee and long term bonds were the biggest losers, falling 1.9% and 1.5% respectively.

The Euro was this week's strongest national currency, up 0.6%, followed by the Canadian Dollar, up 0.4%. The Japanese Yen, down 0.5%, was weakest. The USD rose 0.1%, but bonds underperformed cash; long term bonds dropped 1.5%, while short term notes declined 0.1%.

Cryptocurrencies were the week's best performers. The broad 30 crypto index gained 13.0%. Bitcoin rose 10.2%, but still remains below the 1 kg level, at 875.7 grams.

Stocks were all in the green, led by gold stocks, up 2.6%, and the Euro STOXX, up 2.4%. The Japanese Nikkei was the weakest index, up 0.8%. The Dow Industrials rose 1.7% while the S&P 500 added 2.3%.

The only declining commodity was coffee, down 1.9%. Palladium was the best performer, rising 6.4% and closing back above parity with gold at 32.6 grams. Crude oil was the next strongest, rising 4.3%. Platinum also was strong, gaining 4.0%. Silver was little changed, up 0.2% at 0.391 grams per ounce.

Year over year, cryptocurrencies are still outperforming all other assets, with Ether up 620% and the 30 crypto index up 249%. Outside of crypto, coffee, up 90.7%, and crude oil, up 58.9%, are the best performers. Palladium has the worst track record, losing 15.7% of it's value, followed by gold stocks, which are down 11.1%. Next week we will look more in depth at the overall results from 2021.

Happy Holidays!