National currencies, bonds, and major stock indexes declined; commodities were mixed, and cryptocurrencies were mixed but mostly higher. Palladium was the big winner this week, rising 9.0%; the next largest gains were in the broad index of 30 cryptocurrencies, up 4.6%. The largest losses were in crude oil, which dropped 8.0%, and in cotton, which fell 5.0%.
The Euro fell more than any other national currency, dropping 2.0%. The best performer was the Chinese Yuan, which gave up 1.2%. US Dollar cash fell 1.8%, short term notes fell 1.7%, and long term bonds cratered 2.7%.
Bitcoin was almost unchanged and Ethereum rose just 0.8%, but the broader index of 30 cryptos rose 4.6%. This is an indicator that "alt season" is upon us; many of the smaller cryptos are outperforming the large caps. Bitcoin itself had a wild week, making a new all time high of 1,117.4 grams on Saturday, then working its way lower to close at 1,045.9 grams, off just 0.01%.
Gold stocks were up 1.2%, the third best performance of any asset this week, but all the major stock indexes moved lower. The S&P 500 and the European STOXX50 tied for the largest drop, closing down 2.5% each. The Dow Industrial Average fell 2.2%, but remains well above its long term moving average.
The biggest price swings were in commodities. Palladium soared 9.0%, the week's largest gain. Crude oil fell 8.0%, the week's largest loss. Cotton also underperformed, dropping 5.0%. Silver rose 0.9% while platinum fell 2.8%.
Year over year, the cryptocurrencies continue to be the best performers, as Ether rose 1,266.6% and Bitcoin gained 700.7%. Commodities also had a great year, with crude oil rising 106.9% and silver adding 85.2%. Stock indexes also did well, especially Japan's Nikkei, up 54.6% and Europe's STOXX, up 47.0%. Long term bonds were the worst performing asset over the last year, falling 21.8%. The US Dollar was also crushed, dropping 15.0%. Canada was the best place to stash your cash over the last year: the CAD fell just 1.8%.
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