Weekly Update 2 Oct 2020

Commodities were mixed, but all other asset classes moved lower. The biggest gains were in platinum, which rose 3.5%, and silver, which added 3.1%. Crude oil and coffee fell the most, dropping 10.1% and 6.3% respectively.

The US Dollar led all other nation's currencies lower, falling 2.3%. The Chinese Yuan dropped the least, giving up 1.4%. Short term treasury notes tracked USD cash, but long term bonds fell much more, declining 3.6%.

Most major cryptocurrencies moved lower, although some smaller ones bucked the trend. Ether dropped 3.8% and Bitcoin declined 3.3%. While the CCi30 index of the 30 largest cap cryptos was down 3.5% overall, some components rose strongly; for instance, Monero (not in table) rose 10.2%.

Stock indexes also fell, led by the Japanese Nikkei, which shed 2.8%. The Dow Jones Industrials outperformed, giving up just 0.4%. Gold stocks declined 0.9%.

The most extreme price action was all in commodities. On the downside, crude oil crashed 10.1% while coffee fell 6.3%. Precious metals were all in the black, as platinum rose 3.5%, silver gained 3.1%, and palladium added 2.5%. Copper did not participate in the metal rally; it closed off 2.1%.

On a year over year basis, Ethereum continues to reign with a gain of 51.3%. In a distant second place we have the HUI gold stocks, up 22.6%, and in third place is the CCi30 index, up 20.7%. The worst loss is in crude oil, down 44.9%. In a dead heat for second place are the Canadian Dollar, down 21.7%, and the US Dollar and the Euro STOXX index, down 21.6% each.

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