Weekly Update 28 May 2021
Most assets dropped again this week; the main exceptions were coffee, which gained 6.8%, copper, which rose 3.1%, and crude oil which added 3.0%. The index of 30 cryptocurrencies dropped 5.7%, bitcoin fell 5.5%, and platinum declined 3.6%, the week's largest losses.
National currencies all moved lower, led by the Japanese Yen, down 2.2%. The best performer was the Chinese Yuan, which was almost unchanged. US Dollar cash lost 1.3%; US treasuries did a bit better, as short term notes fell 1.2% and long term bonds declined 0.7%.
Cryptocurrencies had a roller coaster week. The CCi30 dropped 16% to 10,598, then rallied to 16,347 before pulling back to close at 11,891 (down 5.7%). Ether's ride was similar, but with larger upside volatility, hitting a high of 47.3 grams, up 17.4%, before closing the week at 39.6 grams, down 1.7%. Bitcoin's week was relatively tame, hitting a low of 576.5 grams, rallying to 643.3 grams, and falling to close at 584.4 grams, down 5.5%.
The Japanese Nikkei was the only rising stock market index this week, gaining 0.7%. The worst losses were in gold stocks, as the HUI sold off 1.7%. The Dow Industrials closed down 0.3% and the S&P 500 declined 0.1%.
Commodities were the week's brightest spot. Coffee roared higher, adding 6.8%. Copper rose 3.1%, and crude oil gained 3.0%. The largest losses were in platinum, down 3.6%, and cotton, off 2.1%. Silver declined 1.9%.
Year over year, things look much brighter. Cryptocurrencies, commodities and equities are all in the green, led by Ethereum, up 933.4%, crude oil, up 77.8%, and the Euro STOXX, up 32.1%. National currencies were mixed, with the Canadian Dollar up 3.0% and the Japanese Yen down 11.5%. The USD fell 9.6%. Bonds were all in the red, with long term bonds down 22.0% and short term notes off 9.5%.
Click for PDF version