This week and next week are short trading weeks with generally low volumes as traders take time off for Christmas and New Years holidays.

Cryptocurrencies rose, bonds moved lower, and other asset classes were mixed. The largest drops were in long bonds, down 5.1%, and palladium, off 2.6%. The best performers were crude oil, up 6.6%, coffee, up 4.3%, followed by Ethereum and gold stocks, which each added 4.0%. USD cash fell 0.5% while the Japanese Yen rose 2.4% on interest rate hikes from the Bank of Japan.

Gold stocks dominated the equity category, rising 4.0%. US Equities were mixed, with the Dow Industrials adding 0.4% while the S&P 500 fell 0.6%. The Japanese Nikkei index fell 2.4%, probably due to the same rate hike that boosted the Yen.

Silver and cotton rose 3.5% each, while palladium dropped 2.6%, and platinum fell 1.8%.

Year over year, the gains were almost all in commodities as crude oil rose 8.1% and silver gained 4.3%. The largest losses were all in cryptos, exemplified by the CCi30 crypto index, which fell 74.2%. Outside of crypto, the long bond fund TLT had the worst performance, falling 29.8%.

Best wishes for the holiday season and the coming new year!

Stocks, bonds, and cryptocurrencies moved lower; national currencies and commodities were mixed. The largest drops were in crude oil, down 11.8%, cotton, off 4.6%, and gold stocks, off 4.5%. The best performers were palladium, up 2.0%, silver, up 1.6%, and the Chinese Yuan, which added 1.3%. The cryptocurrency space continues to see fairly low volatility: Ethereum and the broader CCi30 dropped 2.9% each, while Bitcoin fell 0.4%. The US Dollar finished the week 0.6% lower.

Year over year, the only assets in the green are the precious metals: paladium is up 4.7%, platinum 4.6%, and silver 2.7%. All others are in the red, led by Ethereum, down 71.7% and the CCi30 crypto index, off 69.9%. Outside of cryptos, the worst losses were in coffee, down 35.1%, and long term treasury bonds, down 28.3%.

Interestingly, looking back 5 years, Ethereum is the biggest winner, rising 93.0%! Palladium is also a winner, gaining 32.7%. The worst losses were in the CCi30 crypto index, down 44.8%, and the Japanese Yen, down 42.1%.

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%.

Stocks fell, but all other asset classes were mixed. The largest drops were in the European STOXX, down 6.5%, crude oil, down 6.3%, and Ethereum, off 6.1%. The best performers were coffee and palladium, up 2.4% and 1.7% respectively, followed by the CCi30 crypto index, which rose 1.5%.

National currencies were mixed, with the USD leading the table on a gain of 1.3%, and the Euro underperforming its peers, falling 2.0%. But the big action occured outside of the table, as the British Pound collapsed 3.4% while the Russian Ruble soared 6.8%. Bonds undeperformed cash, as short term notes rose 0.7% and long term treasuries were little changed.

The Ethereum merge turned out to be a "buy the rumor, sell the news" event, sending ETH 6.1% lower. Bitcoin also dipped by 1.1%, but the broader CCi30 index rose 1.5%.

Stocks were not a happy place to keep capital this week. The best performing market was in Japan, where the Nikkei average dipped 0.5%. The worst losses were in the European STOXX, down 6.5%. Gold stocks also took a beating, as the HUI fell 4.5%. The S&P 500 gave up 3.4%.

Commodities markets contained some of the best and worst of the week's price action. Coffee, up 2.4%, and palladium, up 1.7%, were the best performing assets in the table. Silver also moved higher, gaining 1.3%. But all was not rosy in the metals, as copper fell 2.9% and platinum slid 0.8%. The largest commodity losses were in crude oil, down 6.3% and cotton, down 5.5%.

Year over year, all currencies except the USD are lower, as are all cryptos and all stock markets. The brightest spots are all in the commodities, where coffee is up 23.2%, crude oil is up 14.4%, and palladium is up 13.8%.

Looking back farther, to 5 years ago, all national currencies and bonds are significantly lower, cryptos are massively higher (on the order of 300%), and stocks and commodities are mixed. US equities are up, 16.3% for the S&P 500, but outside the US, markets are much lower, led by the Euro STOXX, down 40.2%. Commodities are very mixed, with an 80.6% gain in palladium set against a 26.4% loss in platinum, and an 11.8% drop in silver. Crude oil is up 22.4% while copper is down 9.2%.

Cryptos moved up strongly, national currencies and bonds were mostly lower, and other asset classes were mixed, but mostly higher. ETH gained the most, rising 22.5%, follwed by the broader CCi30 crypto index, which closed up 10.8%. Outside of cryptocurrencies, the Nikkei index made the best showing, rising 4.3%. Crude oil, down 4.7%, and the HUI gold stock index, down 2.9%, were the week's worst performers.

The Japanese Yen was the only currency in the table to show a gain, barely, of 0.1%. The others were all in the red, led by the US Dollar, which fell 1.8%. Not in the table is the Russian Ruble, which topped the list of currencies I track, rising 3.0%. Treasuries outperformed USD cash, with short term notes falling 1.4%, and long term bonds rising 0.3%.

Cryptocurrencies continued their bear market rally, led higher by Ethereum, up 22.5%. Bitcoin lagged, but still turned in a 7.1% gain. Overall, the top 30 cryptos, as represented by the CCi30 index, rose 10.8%. At least part of the narrative behind the rally is excitement around the upcoming Ethereum "Merge", which will convert the chain from proof of work to proof of stake.

All major stock indexes were in the green, led by the Nikkei, which rose 4.3% and the Euro STOXX, which gained 2.3%. The only loser was gold stocks; they finished down 2.9%. The S&P 500 rose 0.7%, and the Dow added 0.1%.

Crude oil fell 4.7%, and coffee declined 0.3%, but all other commodities moved higher. Palladium and platinum led the way, closing up 4.3% and 1.8% respectively. Silver was little changed, up 0.1%.

Year over year, things aren't so rosy. Or maybe, too rosy… Stocks, bonds, and cryptos are all in the red, while national currencies and commodities are mixed. Crude oil and cotton are the biggest winners, rising 36.4% and 14.6% respectively. The largest losses are in cryptos, as the CCi30 fell 42.1% and Bitcoin dropped 27.2%.

National currencies and bonds rose, cryptos and most stocks moved lower, and commodities were mixed. The biggest gains were in palladium and long bonds, which advanced 4.5% each. The worst losses were in crypto, as Ethereum dropped 12.3% and the broader CCi30 fell 10.5%. Outside of crypto, the hardest hit were silver, down 4.0% and gold stocks, down 3.1%.

All major currencies moved higher, led by the US Dollar and Japanese Yen, up 1.6% apiece. The Euro trailed, adding just 0.1%. Bonds outperformed cash, as the short term SHY rose 2.0% and the long term TLT gained 4.5%, one of the week's best performances.

Cryptos had a terrible week. Even Bitcoin, the strongest of the cryptos in the table, fell 7.8%. Ethereum was the weakest, dropping 12.3%. The broader CCi30 showed a loss of 10.5%.

The Dow Industrials managed a 0.3% gain, but all other equities in the table moved lower. Gold stocks fell the most, closing down 3.1%, followed by the Nikkei 225, which dropped 2.1%.

Commodities sent very mixed signals, as palladium rose 4.5% and silver fell 4.0%. Crude oil added 2.3% but copper dropped 1.7%.

Year over year, only three assets are in the green: coffee, up 44.8%, crude oil, up 42.9%, and cotton, up 19.6%. The largest losses are in cryptos, as the CCi30 has fallen 59.2% and Ethereum is down 54.3%. Outside of crypto, the worst performers are palladium, down 32.0% and Japan's Nikkei index, down 27.3%.

Happy Canada Day and happy Independence Day!

A big red week! Every asset in the table moved lower except silver, which managed a 0.6% gain. The worst losses were in crypto, as ether plunged 35.2% and bitcoin fell 30.1%. Outside of crypto, the hardest hit were crude oil, down 9.8% and gold stocks, down 8.3%.

Among the national currencies, the Chinese Yuan, off 0.1%, and the USD, down 0.6%, were the strongest performers. Weakest were the Canadian Dollar, down 2.7%, and the Japanese Yen, down 1.4%. Treasuries fell more than USD cash, as short term notes declined 0.8% and long term bonds dropped 2.1%.

The largest crypto currencies were hardest hit, as Ethereum closed down 35.2%, and Bitcoin fell 30.1%. The CCi30 index dropped 25.1% as many smaller projects fell less than the majors.

Equity indexes were all in the red, led by the gold stocks, which fell 8.3%, and the Nikkei, which dropped 8.0%. The best performers were the Euro STOXX, down 5.1%, and the Dow Industrials, down 5.4%.

Silver was the lone commodity (and lone asset) in the green, rising 0.6%. Coffee, down 1.2%, was next best. Crude oil fell 9.8%, and copper dropped 7.1%, earning them the title of the worst performing commodities.

Year over year, only three assets are in the green: cotton, up 64.6%, crude oil, up 49.0%, and coffee, up 47.0%. Everything else is lower, led by the cryptos. The CCi30 index fell 67.3%, and ether dropped 53.6%. Outside of crypto, the largest losses were in Palladium, down 33.2%, along with the Nikkei and Euro STOXX indexes, down 29.6% each. US stocks outperformed other equities, as the Dow fell "just" 14.6%, and the S&P 500 declined 15.9%.

Bonds and cryptocurrencies fell, while other asset classes were mixed. The largest gains were in the S&P 500, up 5.6%, and coffee, up 5.3%. The worst losses were in Ethereum, which plunged 12.9%, and the CCi30 crypto index, which fell 7.8%.

The only rising national currency was the Euro, up 0.5%. The Chinese Yuan, down 1.1%, and the US Dollar, off 1.0%, were the worst performers. Treasuries outperformed USD cash, falling 0.7% for short terms and dropping 0.5% for long terms.

Ethereum started the week strong, rising to a high of 34.6 grams on Sunday, but accelerated lower to finish the week at 29.0 grams, down 12.9%. Bitcoin also rose early in the week, but faded to finish down 2.9%. Although the broader 30 crypto index fell 7.8%, some smaller coins, particularly in the privacy space, managed gains. For instance, Monero (XMR, not in table) rose 2.5%.

Stocks were mostly in the green, with only the Nikkei showing a loss, and that only 0.1%. The S&P 500 was the weeks strongest asset, gaining 5.6%. The Dow Industrials and the Euro STOXX each rose 5.2%. Gold stocks underperformed, adding just 0.6%.

Commodities were mixed; coffee made the biggest gains, rising 5.3%, while cotton had the largest losses, falling 2.9%. Metals were mixed, as palladium rose 1.0% and silver added 0.2%, but platinum fell 1.5% and copper retreated 0.2%.

Year over year, cryptocurrencies and bonds are in the red, while other asset classes are mixed but mostly lower. The biggest winners are all in the commodities: crude oil, up 75.8%, cotton, up 72.4%, and coffee, up 50.9%. The worst performers were the CCi30 crypto index, down 58.1%, and Ethereum, down 38.7%, followed by palladium, off 24.9%. Among equities, only the S&P 500 is in the green, up 1.1%. The Nikkei 225, down 17.3%, was the weakest stock index.

Bonds rose, stocks and cryptocurrencies fell, and other asset classes were mixed. The largest gains were in cotton, up 11.0%, and crude oil, up 4.2%. The worst losses were in the CCi30 crypto index, down 7.0%, and gold mining stocks, down 4.4%.

The biggest currency anomaly this week was the Russian Ruble (not in table) which roared higher, gaining 11.0% on top of a 7.7% gain in the prior week. The RUB (230 micrograms) is now at its highest level since 11 Jan 2022, higher than it was before the invasion of the Ukraine began. The US Dollar topped our table of national currencies, rising 1.6%, followed by the Canadian Dollar, which gained 1.1%. The Euro was weakest, falling 0.5%. Bonds had a good week, with short term notes matching USD cash by moving 1.6% higher, though long term bonds underperformed, adding only 1.1%.

Bitcoin started the week strong, rising to a high of 664.1 grams on Monday, but faded to finish the week at 628.3 grams, down 1.3% (for reference, this is roughly in line with US stocks; falling more than the Dow, but less than the S&P 500). Altcoins generally underperformed; the CCi30 index fell 7.0%. There were bright spots, however. Equilibria (XEQ, not in table) is a privacy-oriented oracle, used to feed off-chain and cross chain data to smart contracts. XEQ is on a tear, rising 78% from 5.1 mg to 9.1 mg this week.

Every stock index in our table moved lower, led by gold mining stocks, down 4.4%, and the Euro STOXX, down 2.5%. The Japanese Nikkei was the best performer, sliding just 0.2%. The S&P 500 closed down 1.7%, while the Dow did a bit better, closing off 0.9%.

Commodities were mixed, but the sector had the largest gains of any assets this week: cotton rose 11.0%, and crude oil gained 4.2%. The metals were mixed, with copper down 2.7% and silver off 2.2%, but platinum up 0.7%.

Year over year, commodities are mixed, but all other asset classes are in the red. The assets in the green were: cotton, up 62.3%, crude oil, up 48.5%, and coffee, up 43.5%. Ethereum was the next best, giving up 4.9%, and outperforming even the US Dollar, which was off 7.8%. But the other cryptos topped the loser list, as the CCi30 index fell 51.3% and Bitcoin dropped 33.5%. Other large declines were in the precious metals, as platinum fell 29.3% and palladium dropped 28.1%, and in non-US stocks, as the Nikkei retreated 28.3% and the Euro STOXX closed down 26.0%.