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Weekly Update 28 Jan 2022

National currencies and bonds rallied, but other asset classes were mixed. Palladium was the best performer for the second straight week, rising 13.3%. Bitcoin was in second place, gaining 6.5%. Silver, down 4.9%, and gold miners, off 3.7%, fell the most.

The US Dollar was the strongest national currency, closing up 2.8%. The Canadian Dollar was the weakest, up just 0.9%. USD cash outperformed treasury notes and bonds, which rose 2.5% and 2.4% respectively.

Bitcoin dropped to a low of 592.9 grams on Saturday but reversed course and rallied for the rest of the week, finishing at 657.2 grams, up 6.5%. Ethereum was also in the green, up 2.3%, but the broader 30 crypto index closed down 0.9%.

US stocks were the best performing equities, as the Dow Industrials rose 4.1% and the S&P 500 gained 3.6%. Gold stocks, down 3.7%, and the Japanese Nikkei, off 1.6%, were the worst performers.

The strongest commodities were platinum, up 13.3%, and cotton, up 5.3%. The metals were mixed; while platinum was sharply higher, silver was the weakest commodity, falling 4.9%, and was joined by copper and platinum, down 1.6% and 1.5% respectively. Crude oil posted a 2.7% gain.

Year over year, crypto is fading but Ethereum still rules the roost with a gain of 109.5%. Coffee is in second place, up 97.2%, and crude oil comes in third, finishing up 72.0%. The largest losses are in gold stocks, down 12.5%, and the Nikkei index, off 11.0%. Silver was down 7.5%.

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