National currencies, bonds, and stock markets (other than gold stocks) all closed the week lower; cryptocurrencies moved higher, and commodities were mixed but mostly lower. Bitcoin and Ether had the largest gains, rising 7.2% and 6.0% respectively, followed by gold stocks, up 5.4%. The largest losses were in crude oil, down 10.5%, and copper, down 4.7%, followed by Japanese stocks, down 4.5%, and cotton, down 4.0%.
Most major currencies made new all-time lows, including the US Dollar, Chinese Yuan, Japanese Yen, Euro, Swiss Franc, and Pound Sterling. Cotton made a new all-time low of 8.1 mg/lb, and is now 39% cheaper than it was a year ago.
Once again, the Dow Jones Industrial Average and the S&P 500 each hit new all-time highs in US Dollar terms, but both are more than 60% below their all-time highs when measured in gold.
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