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Weekly Update 18 Nov 2022

Cryptocurrencies and commodites moved lower; bonds were in the green, and national currencies and stocks were mixed. The largest drops were all in commodities: coffee, down 10.7%, crude oil, down 9.6%, and copper, off 7.7%. The best performers were long term bonds, up 2.2%, and the Euro STOXX, which rose 1.2%.

The Euro, up 0.8%, and the US Dollar, up 0.4%, were the strongest national currencies; the Canadian Dollar, down 0.5%, was the weakest. Short term treasuries underperformed USD cash, adding just 0.2%, but long term bonds surged 2.2%.

After last week's shock over the FTX bankruptcies and its domino effects in the crypto space, this week was relatively tame. Ethereum dropped 5.4%, and Bitcoin gave up 1.5%.

European stocks rose 1.2%, and gold stocks fell 2.8%, the largest moves in equities. US markets were mixed, as the Dow Industrials gained 0.4% while the S&P 500 closed down 0.3%.

Commodities were all red. Worst were coffee, down 10.7% and crude oil, down 9.6%. Best were silver, down 1.4% and palladium, down 2.8%.

Looking back year over year, we have a sea of red with a few bright spots: crude oil is up 8.5%, the US Dollar is up 6.2%, and short term bonds have gained 1.3%. Worst losses are all in cryptos, as the broad CCi30 has fallen 71.8% and Ethereum is down 69.9%. Outside of crypto, the worst losses are in coffee, down 29.8% and long term treasury bonds, down 26.6%.

Going back five years, cryptos are the best performers: Ethereum is up 167.6% and Bitcoin is up 57.2%. The largest losses were in the Japanese Yen, down 41.2%, and long term bonds, down 36.4%. Over that time the US Dollar lost 26.7% of its value, and the S&P 500 gained 12.7%.

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