Gold stocks and metals moved lower, but energy, agricultural commodities, stocks, bonds and cryptos were in the green. The largest gains were in long term bonds, up 8.6%, and crude oil, up 7.2%. The week's worst performers were gold stocks, which fell 6.4%, and palladium, which dropped 2.9%.
National currencies moved up strongly, led by the US Dollar (up 6.1%) and the Japanese Yen (up 5.6%). The Canadian Dollar and the Euro lagged their peers, rising 3.5% and 3.9% respectively. The rising Dollar set bonds on fire, sending the long term bond fund TLT up 8.6%, and dragging short term notes up 5.9%.
Cryptocurrencies were in the green though not as strongly as the nationals. Most of the gains were in the smaller names; the broad index of 30 cryptos rose 2.4%, while Bitcoin gained 1.7%, and Ether added 0.6%.
Gold stocks were the only declining equities, falling 6.4%, the worst loss of the week. Japanese stocks had the largest rally, rising 5.7%. The Dow Industrials trailed its peers, gaining 2.4%, but was barely outperformed by the Euro STOXX50, which rose 2.5%.
Commodities were mixed: metals fell, but everything else rose. Palladium (down 2.9%) and copper (off 2.8%) took the largest hits. Silver was relatively buoyant, giving up just 0.5%. On the plus side, crude oil soared 7.2%, and cotton rose 2.9%.
Year over year, bonds are still in the red, along with the USD and JPY; everything else is in the green. Long term bonds are down 11.8% even after this week's stellar performance. The second worst asset has been the Yen, which has declined 6.1%. Cryptocurrencies have massively outperformed all other asset classes; in particular, Ethereum has risen 831.4%. Outside of crypto, crude oil (up 78.9%) and copper (up 55.8%) have put up the best gains.
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