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Weekly Update 1 July 2022

National currencies and bonds rose, cryptos and most stocks moved lower, and commodities were mixed. The biggest gains were in palladium and long bonds, which advanced 4.5% each. The worst losses were in crypto, as Ethereum dropped 12.3% and the broader CCi30 fell 10.5%. Outside of crypto, the hardest hit were silver, down 4.0% and gold stocks, down 3.1%.

All major currencies moved higher, led by the US Dollar and Japanese Yen, up 1.6% apiece. The Euro trailed, adding just 0.1%. Bonds outperformed cash, as the short term SHY rose 2.0% and the long term TLT gained 4.5%, one of the week's best performances.

Cryptos had a terrible week. Even Bitcoin, the strongest of the cryptos in the table, fell 7.8%. Ethereum was the weakest, dropping 12.3%. The broader CCi30 showed a loss of 10.5%.

The Dow Industrials managed a 0.3% gain, but all other equities in the table moved lower. Gold stocks fell the most, closing down 3.1%, followed by the Nikkei 225, which dropped 2.1%.

Commodities sent very mixed signals, as palladium rose 4.5% and silver fell 4.0%. Crude oil added 2.3% but copper dropped 1.7%.

Year over year, only three assets are in the green: coffee, up 44.8%, crude oil, up 42.9%, and cotton, up 19.6%. The largest losses are in cryptos, as the CCi30 has fallen 59.2% and Ethereum is down 54.3%. Outside of crypto, the worst performers are palladium, down 32.0% and Japan's Nikkei index, down 27.3%.

Happy Canada Day and happy Independence Day!

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