The first full week of the new year brought an abrupt trend reversal, as precious metals, copper and gold stocks rose while all other assets declined. The largest gains were in palladium, up 8.9%, platinum, up 7.2%, and gold stocks, up 5.0%. The largest losses were in Ethereum, down 4.7%, the Canadian Dollar, down 4.5%, and the Euro, down 4.3%.
The Chinese Yuan was the best performing national currency, falling only 2.9%. The US Dollar and short term treasuries fell 3.5%, while long term bonds fell 2.5%. The EUR, CAD, and CHF all closed at new all-time lows. The Russian Ruble (not in table) fell to a new all-time low on Tuesday, but recovered to finish the week down 5.3%.
Once again, the Dow Industrials and S&P 500 index made new all-time highs when measured in Dollars, but fell 1.3% and 2.0% respectively when measured in gold. The Dow has fallen 75.4% since reaching its high in 1999, while the S&P is down 72.1%.
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