Weekly Update 2 Jul 2021

Cryptocurrencies and bonds bounced higher, but other asset classes were mixed. The largest gains were in Ethereum, up 18.6%, and the CCi30 crypto index, up 8.0%, followed by palladium, which rose 5.5%. The week's worst performers were coffee, which fell 2.6%, and the Euro STOXX50, which declined 1.5%.

The US Dollar was the best performing national currency, closing almost unchanged (up just 0.03%). All others closed lower, led by the Euro which finished down 0.9%. Treasuries outperformed cash, with short term notes adding 0.1% and long term bonds rising 2.3%.

Cryptocurrencies had a good week; ETH hit a high of 40.1 grams, a gain of 27.1%, before pulling back to close at 37.4 grams, up 18.6%. Bitcoin was the laggard, gaining 15.4% to a high of 635.5 grams before finishing the week up 7.2%.

Stocks were mixed, with US indexes up (1.7% for S&P 500, and 1.1% for the Dow Jones Industrials) and European and Japanese indexes down 1.5% and 1.4% respectively. Gold stocks were somewhere in the middle, up 0.5%.

Palladium was the strongest commodity, rising 5.5%, and coffee was the weakest, falling 2.6%. Platinum fell 0.9% while silver rose 0.2%.

Year over year, cryptocurrencies are still the big winners, as Ethereum gained 822.4% and the index of 30 cryptos added 359.2%. The largest losses were in long term treasury bonds, down 10.6%, and gold stocks, off 7.7%. Commodities were all in the green, and outside of crypto, saw the biggest gains: crude oil surged 84.0%, and copper rose 55.9%.

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Weekly Update 18 Jun 2021 Bonds on fire!

Gold stocks and metals moved lower, but energy, agricultural commodities, stocks, bonds and cryptos were in the green. The largest gains were in long term bonds, up 8.6%, and crude oil, up 7.2%. The week's worst performers were gold stocks, which fell 6.4%, and palladium, which dropped 2.9%.

National currencies moved up strongly, led by the US Dollar (up 6.1%) and the Japanese Yen (up 5.6%). The Canadian Dollar and the Euro lagged their peers, rising 3.5% and 3.9% respectively. The rising Dollar set bonds on fire, sending the long term bond fund TLT up 8.6%, and dragging short term notes up 5.9%.

Cryptocurrencies were in the green though not as strongly as the nationals. Most of the gains were in the smaller names; the broad index of 30 cryptos rose 2.4%, while Bitcoin gained 1.7%, and Ether added 0.6%.

Gold stocks were the only declining equities, falling 6.4%, the worst loss of the week. Japanese stocks had the largest rally, rising 5.7%. The Dow Industrials trailed its peers, gaining 2.4%, but was barely outperformed by the Euro STOXX50, which rose 2.5%.

Commodities were mixed: metals fell, but everything else rose. Palladium (down 2.9%) and copper (off 2.8%) took the largest hits. Silver was relatively buoyant, giving up just 0.5%. On the plus side, crude oil soared 7.2%, and cotton rose 2.9%.

Year over year, bonds are still in the red, along with the USD and JPY; everything else is in the green. Long term bonds are down 11.8% even after this week's stellar performance. The second worst asset has been the Yen, which has declined 6.1%. Cryptocurrencies have massively outperformed all other asset classes; in particular, Ethereum has risen 831.4%. Outside of crypto, crude oil (up 78.9%) and copper (up 55.8%) have put up the best gains.

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Weekly Update 11 Jun 2021

Bonds rose, but all other asset classes were mixed. The largest losses were in Ethereum, down 12.0%, the 30 crypto index, down 10.4%, and the Chinese Yuan, off 2.4%. The week's best performers were silver, up 3.4%, and crude oil, up 2.4%. Long term bonds came in third, gaining 2.2%.

The only falling national currency was the Chinese Yuan, which declined 2.4%. The US Dollar was strongest, adding 0.5%. Short term notes also rose 0.5%, but long term bonds climbed 2.2%.

Bitcoin fell to a low of 549.9 grams on Tuesday, but recovered to close the week at 617.3 grams, up 1.7%. Other cryptos didn't fare as well…the broad index of 30 cryptos fell 10.4%, and Ethereum worked its way lower through the week, ending down 12.0%.

The best performing stock markets were in Europe, as the STOXX50 rose 1.1%, and in the US, with the S&P 500 rising 0.9%. Gold stocks, down 1.4%, and the Dow Industrials, off 0.3%, were the weakest markets.

The week's best performing assets were commodities, as silver rose 3.4% and crude oil gained 2.4%. Coffee, down 2.1%, and palladium, off 1.4%, were the under-performers.

Year over year, Bonds are in the red, cryptos, commodities, and stocks are all in the green, and national currencies are mixed. Cryptocurrencies are the best performers, especially Ether, which is up 770.8%. Crude oil and copper gained 80.3% and 62.1% respectively. Among the equities, the Euro STOXX, up 32.4%, and the S&P 500, up 30.7% have gained the most. The largest losses have been in long term bonds, down 18.7%, and the Japanese Yen, down 10.2%. The US Dollar is in third place, down 7.6%.

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Weekly Update 4 Jun 2021

This week most assets were in the green; the main exceptions were copper, which lost 2.7%, and gold stocks, which declined 1.3%. The largest gains were in Ethereum, which climbed 11.6%, the broad 30 crypto index, which added 8.9%, and crude oil, which rose 5.0%.

The Chinese Yuan outperformed other national currencies, rising 2.9%. The Euro lagged, gaining just 0.3%. The USD added 0.5%, as did short term treasury notes. Long term bonds closed up 1.7%.

Ether was the biggest winner, both overall and within the crypto space. ETH started the week with a 5.8% drop, but worked its way higher to 47.6 grams by Thursday, a gain of 20.1%, before pulling back to close at 44.2 grams, up 11.6%. Bitcoin followed a similar but less volatile trajectory, ending the week up 3.9%.

The HUI gold stocks were the only equities in the red this week, falling 1.3%. The Dow Jones Industrial Average, up 1.2%, was the best performer. Among the major indexes, the Nikkei was weakest, gaining just 0.2%.

The strongest commodities were crude oil, up 5.5%, and cotton, up 5.0%. Losses were confined to the metals, as copper dropped 2.7%, silver fell 0.5%, and platinum declined 0.4%. Palladium bucked this trend, rising 1.3%.

Year over year, cryptos, equities and commodities were all in the green, bonds were in the red, and national currencies were mixed. Cryptocurrencies were the strongest sector and Ethereum was the strongest asset, rising 893.0%. Among the commodities, crude oil, up 67.3%, and copper, up 63.6%, were the best performers. The S&P 500, up 22.2%, and the Euro STOXX, up 21.7%, were the equity stars. Long bonds, down 19.0%, fell more than any other asset. The Japanese Yen, down 10.5%, and the US Dollar, down 10.1%, were the weakest currencies. The Chinese Yuan, up 2.5%, was the best performing currency.

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Weekly Update 28 May 2021

Most assets dropped again this week; the main exceptions were coffee, which gained 6.8%, copper, which rose 3.1%, and crude oil which added 3.0%. The index of 30 cryptocurrencies dropped 5.7%, bitcoin fell 5.5%, and platinum declined 3.6%, the week's largest losses.

National currencies all moved lower, led by the Japanese Yen, down 2.2%. The best performer was the Chinese Yuan, which was almost unchanged. US Dollar cash lost 1.3%; US treasuries did a bit better, as short term notes fell 1.2% and long term bonds declined 0.7%.

Cryptocurrencies had a roller coaster week. The CCi30 dropped 16% to 10,598, then rallied to 16,347 before pulling back to close at 11,891 (down 5.7%). Ether's ride was similar, but with larger upside volatility, hitting a high of 47.3 grams, up 17.4%, before closing the week at 39.6 grams, down 1.7%. Bitcoin's week was relatively tame, hitting a low of 576.5 grams, rallying to 643.3 grams, and falling to close at 584.4 grams, down 5.5%.

The Japanese Nikkei was the only rising stock market index this week, gaining 0.7%. The worst losses were in gold stocks, as the HUI sold off 1.7%. The Dow Industrials closed down 0.3% and the S&P 500 declined 0.1%.

Commodities were the week's brightest spot. Coffee roared higher, adding 6.8%. Copper rose 3.1%, and crude oil gained 3.0%. The largest losses were in platinum, down 3.6%, and cotton, off 2.1%. Silver declined 1.9%.

Year over year, things look much brighter. Cryptocurrencies, commodities and equities are all in the green, led by Ethereum, up 933.4%, crude oil, up 77.8%, and the Euro STOXX, up 32.1%. National currencies were mixed, with the Canadian Dollar up 3.0% and the Japanese Yen down 11.5%. The USD fell 9.6%. Bonds were all in the red, with long term bonds down 22.0% and short term notes off 9.5%.

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Weekly Update 21 May 2021 Crypto Carnage

Most assets dropped this week; the major exceptions were gold stocks, which gained 2.8%, and coffee, which rose 1.4%. The worst of the carnage was in the cryptocurrencies, where Ethereum fell 41.6% and the broader index of 30 cryptos dropped 37.9%; Bitcoin outperformed its peers, declining "only" 26.7%. Copper fell 5.7%, but silver ended the week little changed.

Among national currencies, the Chinese Yuan was weakest, falling 2.4%. The CAD, EUR and JPY each declined 1.6%. USD cash and short term notes fell 2.0%, while long term bonds did a bit better, dropping 1.6%.

After hitting a new all-time high last week, Ether dropped hard this week, closing at 40.3 grams, down 41.6%. Some smaller cryptos were hit even harder; for instance, DASH (not in table) fell 50.2%. The broad index of 30 cryptos declined 37.9%. Bitcoin actually did better than most, giving up 26.7%. There are many "explanations" floating around for this "crypto crash", including Elon Musk's tweets, regulatory changes in China and India, and so on. My opinion is that this is a normal, healthy correction in an overheated market, shaking out the weak hands and setting the stage for the next leg of the bull market. A textbook classic opportunity to "Buy when there's blood in the streets, even if the blood is your own".

Although gold stocks were the week's best performing asset, up 2.3%, all other major market indexes moved lower, led by the Dow Industrials, off 2.5%. The Japanese Nikkei was the least bad, falling 0.8%.

Coffee, up 1.4% and silver, unchanged, were the bright spots in the commodity sector. Copper fell 5.7%, the worst performance by any asset outside of the crypto space, and crude oil was close behind, dropping 4.7%.

Year over year, the picture is much brighter! Ether gets the top prize, rising 978.2% in spite of this week's big drop. All stocks, commodities and cryptocurrencies are in the green, along with all national currencies except the Yen (down 9.0%) and the US Dollar (off 8.0%). Treasuries were all lower, but long term bonds fell 22.1%, the worst performance of any asset.

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Weekly Update 7 May 2021 More Crypto Highs

National currencies and bonds fell, while other assets were mixed. Ethereum and the CCi30 made new all-time-highs, and finished the week with the largest gains in the table, up 20.9% and 7.9% respectively. The worst losses were in palladium, down 7.7%, and Bitcoin, off 4.4%.

The US Dollar fell more than any other currency, dropping 3.8%. The Chinese Yuan was the best performer, giving up 2.5%. Treasuries outperformed USD cash, as short term notes dropped 3.7% and long term bonds declined 3.2%.

Bitcoin spent the week hovering around the 1kg mark, ending at 986.2 grams, off 4.4%. But the alt-coins went on a tear, as Ethereum rose to a new all-time high of 61.5 grams on Wednesday and settled back to close at 59.0 grams, up 20.9%. The broader index of 30 cryptos also made a new high on Wednesday before closing the week up 7.9%.

Although gold stocks rallied 5.6% (the third best performance of any asset this week) all the major stock indexes moved lower. The S&P 500 fell the most, dropping 2.6%, while the Euro STOXX fell least, declining just 0.6%.

Commodities were mixed. Palladium fell 7.7%, but copper gained 2.6% and silver rose 1.8%. The largest gain was in coffee, up 4.0%. Crude oil declined 1.8%.

Year over year, cryptocurrencies continue to lead the way higher, with gains of 1,472.8% for Ethereum and 770.7% for the broader 30 crypto index. Outside the crypto space, crude oil is the biggest winner, rising 155.7%, followed by copper, up 84.8%. The only declining equities are the gold stocks, off 2.0%. The European STOXX index is the best performing stock market, rising 47.0%. The best performing national currency is the Canadian Dollar, up 7.1%, while the worst is the Japanese Yen, down 8.9%.

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Weekly Update 30 Apr 2021 New ETH High

Cryptocurrencies and most national currencies rose, while other assets were mixed. After falling last week, the CCi30 gained 18.9% and Ethereum rose 18.3% to a new all-time high. Gold stocks fell the most, dropping 4.5%.

The Japanese Yen was the only declining national currency, closing off 0.3%. The Canadian Dollar was strongest, rising 2.5%, followed by the Chinese Yuan, gaining 1.4%. The US Dollar rose 0.8%, as did its short term notes. Long term bonds fell 0.2%.

Cryptocurrencies surged higher, led by the broad 30 crypto index, which gained 18.9%. Ether rose strongly, adding 18.3% to close at 48.8 grams, a new all-time-high. Bitcoin also recovered, adding 13.9% and moving back above the 1 kg level.

US stock markets rose a bit, but most others declined. The S&P 500 gained 0.8%. Gold stocks, as measured by the HUI index, declined 4.5%, the largest drop for any asset in this week's table. Japan's Nikkei fell 1.0%.

Commodities were mostly higher, led by copper, up 3.5%, and palladium, up 3.3%. Crude oil was in third place, rising 3.1%. Platinum was a major exception, falling 1.3%. Silver also declined, giving up 0.2%.

Year over year, cryptocurrencies, commodities, and major stock indexes are all in the green, but bonds were lower. Ethereum is by far the largest winner, up 1,131.7%. Crude oil is the leading commodity, gaining 225.1%. The only declining equity index is the HUI, off 0.9%; the largest stock market gains were in the Euro STOXX, up 44.1%. The Canadian Dollar was the best performing national currency, up 8.8%, while the Japanese Yen was the worst, down 5.8%.

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Cryptocurrencies and stocks declined, but other assets were mixed. After making new highs last week, the CCi30 fell 18.3% and Bitcoin dropped 17.4%. Commodities made the largest gains, with coffee rising 6.8%, and cotton gaining 5.8%.

The Japanese Yen was the strongest national currency, advancing 0.3%, and the Chinese Yuan was the weakest, declining 0.8%. US Dollar cash and short term notes fell 0.4%, while long term bonds rose 0.2%.

Cryptocurrencies continued their pullback, led by the broad 30 crypto index, which dropped 18.3%. A large part of that drop was due to Bitcoin, which fell 17.4% to close at 891.9 grams. Not everything in the crypto space was in the red, however. Bitcoin's percentage of total crypto market cap has declined to 52.7% from a high of 72.6% at the start of 2021. Part of this decline is due to the relative strength of Ethereum and its DeFi and NFT offspring, but also to the rise of privacy coins like Monero (XMR, up 1.1%) and Pirate Coin (ARRR, up a whopping 419.1% this week).

Stock markets were all lower, led by the Japanese Nikkei, down 2.0%, and the HUI gold stock index, off 1.0%. The European STOXX50 gave up just 0.3%. In the US, the S&P 500 outperformed the Dow Industrials, falling 0.5% while the Dow lost 0.9%.

Commodities were mostly higher; the exceptions were crude oil, down 2.0% and silver, off 0.5%. Coffee and cotton were the strongest (both in the commodity group and overall) rising 6.8% and 5.6% respectively. Palladium also outperformed, adding 4.8%.

Year over year, cryptocurrencies continue to dominate, especially Ethereum, which is up 1,142.6%. Outside of crypto, crude oil is the best performing asset, rising 267.0%, followed by copper, up 83.3%. Long term bonds are showing the most red ink; they've fallen 18.9%. The Japanese Yen, down 3.0%, and the US Dollar, off 2.6%, are next on the list of under-performers.

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Cryptocurrencies rose to new all-time highs, bonds and national currencies declined, and stocks and commodities were mixed. The largest losses were in platinum, which dropped 2.2%, followed by US Dollar cash and short term notes, which fell 1.9% each. The CCi30 Crypto Index made the largest gains, rising 27.1%, followed by Ethereum, which rose 15.2%.

National currencies were all lower, led by the US Dollar, down 1.9%. The Chinese Yuan fell the least, closing off 0.2%. The debt market was also down; short term notes fell 1.9% and long term bonds dropped 0.6%.

The broad index of 30 cryptocurrencies rose every day this week, closing at a new all-time high of 19,975.82, up 27.1%. Ethereum hit a new high of 44.6 grams on Thursday, then pulled back to close at 42.6 grams, up 15.2%. Bitcoin made its new all-time high of 1.13 kg on Wednesday, then retreated to finish the week up 3.7%.

Equities were mixed, with gold stocks showing the most strength, rising 1.2%, while the Japanese Nikkei fell the most, closing down 1.5%. The Dow Industrials were off 0.7% and the S&P 500 finished down 0.5%.

Commodities had the best gains outside of the crypto space, as well as the week's worst losses. Crude oil rose 4.4% and palladium added 2.6%. Platinum turned in the week's worst performance, falling 2.2%. Silver and copper both finished higher, gaining 1.7% and 1.2% respectively.

Over the last year, cryptocurrencies have continued to massively outperform all other assets. ETH rose 1,436.6%, and the CCi30 gained 937.6%. Bitcoin lagged in the sector, rising "just" 743.3%. Both stocks and commodities were solidly in the green, but the only asset challenging crypto was crude oil, which saw a 209.7% gain. Long term bonds were the worst performer, falling 19.2%.

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