Weekly Update 5 Jul 2023

Stocks and commodities were mixed, but other asset classes closed lower. The brightest spots were copper, up 4.0%, gold stocks, up 3.9%, and palladium, up 3.4%. The week's biggest losses were in Ethereum, down 13.4%, and the CCi30 crypto index, down 11.1%. The US Dollar fell 2.0%, while silver rose 2.0%.

Although the S&P 500 closed at a new all-time high in US dollar terms, it finished the week down 0.1%, and at 72.8 grams, now sits 58% below its 1999 all-time high of 173.1 grams. Also of note, the Japanese Yen closed at a new all-time low this week.

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