Only silver, the Yen, the Yuan, the Japanese stock market, and long dated treasuries gained ground; all other asset classes moved lower. The biggest gains were in silver, which recovered from the prior week's losses by rising 5.4%, followed by the Japanese Yen, which rose 1.6%. The largest losses were in the CCi30 cryptos, down 5.4%, and coffee, down 5.1%, followed by the Dow Industrials and Ethereum, which each lost 2.9%.
The strongest national currency was the Yen, which advanced 1.6%. The Euro was the weakest currency, falling 0.9%. Long term treasury bonds were little changed, gaining just 0.1%, and short term notes did slightly better than cash, giving up 0.3% to the US Dollar's loss of 0.4%. Note that most major currencies made new all-time lows this week, but rallied by week's end.
The only rising stock index was the Nikkei 225, which gained 0.6%. The Dow Industrials fell 2.9%, while the HUI gold stocks and the S&P 500 each dropped 2.1%.
Coffee was the weakest commodity, falling 5.1%. Platinum hit another all-time low on Wednesday, but rallied to finish the week down 2.6%. Silver was the strongest commodity (and asset overall) rising 5.4%, just enough to erase the prior week's losses.
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