Weekly Update 26 Jul 2024

National currencies and bonds closed higher, commodities moved lower, and stocks and cryptos were mixed. The brightest spots were the CCi30 crypto index, up 3.3%, the Japanese Yen, up 3.1%, and Bitcoin up 2.6%. The Russian Ruble, not in chart, rose 3.0%. The week's biggest losses were in Ethereum, down 5.8%, cotton, down 4.9%, and silver, down 3.9%. The US Dollar rose 0.7%, and the Chinese Renminbi rose 1.9%.

Over the last two weeks, US stocks have hit a series of new all-time highs in dollar terms. However the USD itself has depreciated so much that the Dow Jones Industrial Average, measured in gold, at 529.1 grams, is 62% below its August 1999 all-time high of 1,393.2 grams. Similarly, the S&P 500 is 59% below its all-time high.