Cryptocurrencies, national currencies, and equities were mostly lower this week, while bonds and commodities were mixed. The largest drops were in Ethereum and Bitcoin, which closed down 16.5% and 10.4% respectively. The largest gains were in cotton and platinum, which rose 1.9% and 1.5%.
The Euro fell more than any other national currency, giving up 2.1%, followed by the Canadian Dollar, which closed off 2.0%. The best performing currency was the Yen, which was little changed, up 0.1%. Bonds were mixed, with the long term TLT up 0.9%, while the short term SHY fell 0.9%. USD cash was down 1.2%.
After a brief pause the prior week, cryptocurrencies resumed their downward move. Ethereum rose early in the week, then dropped sharply, closing at 14 grams, off 16.5%. Bitcoin followed a similar path, ending the week at 178.5 grams, off 10.4%. Contributing to the declines were reports of a hack on Tuesday on the currency Verge. This attack, while technically fascinating, had no direct implications for Bitcoin, Ethereum, or most other cryptocurrencies; but that didn't stop it from adding to the general level of Fear, Uncertainty and Doubt.
All the major stock indexes closed lower; only the gold stocks managed a small gain, rising 0.2%. The European STOXX was hit hardest, dropping 3.5%. The S&P 500 closed down 0.9%.
Outside of the cryptos, commodities saw the biggest swings. Crude oil closed down 5.9%, the largest loss. Cotton had the largest gain, rising 1.9%. Platinum and palladium reversed their usual courses, with Pt rising 1.5% while Pd fell 1.5%. Silver gained 0.5%.
Click for PDF version