This was a major up-week for most markets following the election of Donald Trump in the US, putting all but three assets into the green. The only losses were in palladium, down 8.3%, silver, down 1.9%, and the Euro STOXX, off 0.2%. The largest gains were in Ethereum, up 20.1%, the CCi30 crypto index, up 12.4%, and Bitcoin, up 12.3%. Outside of crypto, the best performing assets were US stocks, which gained 6.7%, followed by coffee, up 6.3%, and Japanese stocks, up 6.0%.
All major currencies bounced higher. US Dollar cash was up 2.0%, but was outperformed by short term notes which gained 2.4%, and long term bonds, which rose 3.8%.
Although cryptos and stocks have risen to record breaking highs in dollar terms, when measured in gold, they still have a ways to go to reach record levels. Bitcoin closed the week 23% below its all-time high of 1,154 grams, while the S&P 500 is 60% below its old high of 173.1 grams. This puts Bitcoin within striking distance, especially considering its recent strength; but the S&P could double in price from here, and still fall 20% short of making a new all-time high.
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