Market Update 4 Oct 2013: HUI Nears 22 Year Low
Markets were mostly higher this week, with government currencies, bonds and commodities all up while stocks were mixed and Bitcoin was slightly lower. The Japanese Yen gained more than any other asset class, while the HUI mining stocks lost the most ground.
The JPY rose 3.7%, followed by the Euro, which gained 3.1%. The USD rose 2.4%, with the dollar closing at 23.7 mg, now 56.8% above its half-life curve. Bitcoin, the free market internet currency, rose to 3.4 g before falling sharply on news of government closure of the Silk Road trading site, but ended the week at 3.2 g, down only 0.5%. Volume was 94 kg.
Stocks were mixed, with the S&P 500 rising 2.3%, and the Dow Jones Industrials gaining 1.1% while the HUI Gold Bugs Index fell 1.5% to 5.26 g. The HUI is now just 1.1% above it's 22 year low of 5.205 g set three months ago.
Commodities all rose, led by crude oil, up 3.4%, and coffee, which advanced 3%. Silver added 2.6% to finish the week at 0.514 g per ounce. Platinum was little changed, gaining just 0.2% to close at 32.9 g, now 5.8% above gold parity.