Bonds fell, cryptocurrencies advanced, national currencies and stocks were mixed but mostly lower, and commodities were mixed but mostly higher. The week's best performers were Ethereum, up 17.2%, the CCi30 crypto index, up 12.6%, and copper, up 8.5%. The largest losses were in coffee and long term bonds, down 2.0% each, followed by platinum and the Japanese Yen, down 1.7% each. The US Dollar fell 0.6%, and Bitcoin rose 8.2%.

The Japanese Yen, down 1.7%, was the weakest national currency, followed by the Euro, down 1.4%. The Chinese Renminbi was the only national currency in the green, rising 0.8%. USD cash and short term notes, down 0.6% each, outperformed long term bonds, which fell 2.0%.

Gold stocks rose 0.2%, the only equity market in the green. The largest equity losses were in the Dow Jones Industrials, down 1.6%, and the S&P 500, down 0.9%. European equities outperformed their US counterparts, falling just 0.3%.

The best performing commodities were copper, up 8.5%, and palladium, up 3.4%. Coffee, down 2.0%, and platinum, down 1.7%, saw the largest losses. Silver finished the week up 1.1%.

The S&P 500 closed the week at 58.1 grams, 66.4% below its 1999 all-time high of 173.1 grams, despite reaching a new all-time high when priced in depreciating dollars. Similarly, Bitcoin closed the week at 1.09 kg, 12.8% below its all-time high of 1.25 kg, even though it is also trading at new all-time highs when priced in dollars.

This was a short trading week for many assets due to the US Independence Day holiday. National currencies and bonds moved lower, while other asset classes were mixed, but mostly lower. The week's best performers were gold stocks, up 3.0%, platinum, up 2.0%, and Ethereum, up 1.7%. The largest losses were in coffee, down 7.3%, cotton, down 4.5%, and the Nikkei index, down 2.5%. The US Dollar fell 1.8%, and Bitcoin closed down 0.9%.

The US Dollar, down 1.8%, was the weakest national currency, followed by the Japanese Yen, down 1.6%. The Chinese Renminbi was the strongest national currency, down 0.5%, followed by the Canadian Dollar, which dropped 1.3%. USD cash outperformed treasury securities, as short term notes and long term bonds each fell 2.3%.

Gold stocks rose 3.0%, and the Dow Jones Industrials gained 0.5%. The largest equity losses were in the Nikkei index, down 2.5%, and the Euro STOXX, off 1.1%.

The best performing commodities were platinum, up 2.0%, and silver, up 0.7%. As mentioned above, coffee, down 7.3%, and cotton, down 4.5%, saw the largest losses.

This was a very upbeat week as war in the Middle East cooled off. Only crude oil, down 10.0%, and gold stocks, off 0.6%, were significantly lower. The week's best performers were palladium, up 10.2%, platinum, up 8.6%, and cotton, up 8.5%. Outside of commodities, the largest gains were in the Nikkei 225 index, up 8.0%, the Dow Industrials, up 6.9%, and Bitcoin, up 6.7%. The US Dollar rose 2.9%, and long term bonds advanced 4.0%.

The Chinese Yuan, up 0.7%, was the weakest national currency, followed by the US Dollar, up 2.9%. The Euro was the strongest national currency, rising 4.9%, followed by the Yen and the Canadian Dollar, which rose 3.3% each. USD cash was outperformed by treasury securities, as short term notes rose 3.3% and long term bonds climbed 4.0%.

Equity indexes, with the exception of gold stocks, all moved higher, led by the Nikkei 225, up 8.0%, and the Dow Jones Industrials, up 6.9%. Outside of gold stocks, which dropped 0.6%, the S&P 500 was weakest, rising 6.5%.

Once again, commodities saw the most violent price action, both positive and negative. Crude oil rose collapsed 10.0%, and palladium rose 10.2%. Copper gained 8.1% and silver closed the week up 2.5%.

Bitcoin rose 6.7%, and Ethereum rose 3.7%. The broader CCi30 index advanced 4.7%.

National currencies and bonds advanced and cryptocurrencies pulled back, while other asset classes were mixed, but mostly higher. The week's best performers were crude oil, up 4.7%, platinum, up 3.8%, and copper, up 2.5%. The largest losses were in coffee, down 6.9%, and Ethereum, down 4.8%. The US Dollar rose 2.0%, and Bitcoin closed off 0.7%.

The Chinese Yuan, up 2.2%, was the strongest national currency, followed by the US Dollar, up 2.0%. The Japanese Yen was the weakest national currency, rising 0.6%, followed by the Canadian Dollar, which added 1.3%. USD cash was outperformed by treasury securities (both short term and long term) which rose 2.2%.

Equity indexes, with the exception of gold stocks, all moved higher, led by the Nikkei 225, up 2.1%, and the Dow Jones Industrials, up 2.0%. Outside of gold stocks, which dropped 0.5%, Euro STOXX50 was weakest, rising 0.8%.

Once again, commodities saw the most violent price action, both positive and negative. Crude oil rose 4.7%, and platinum advanced 3.8%, while coffee fell 6.9% and cotton dropped 0.1% to a new all-time low. Silver closed the week up 2.1%.

Ethereum fell 4.8% and Bitcoin slid 0.7%, but some smaller cryptos made gains, including the privacy coin Monero (symbol XMR, not in table) which rose 1.8%.

National currencies and bonds moved lower, while other asset classes were mixed, but mostly lower as well. The week's best performers were crude oil, up 9.9%, platinum, up 3.5%, and Ethereum, up 1.0%. The largest losses were in coffee, down 5.0%, the Euro STOXX, down 4.3%, and the Dow Industrials, down 4.1%. The US Dollar fell 2.8%, and Bitcoin closed off 1.3%.

The Euro, down 1.6%, was the strongest national currency, followed by the Chinese Renminbi, which lost 1.7%. The Japanese Yen was the weakest national currency, dropping 3.1%, while the US Dollar dropped 2.8%. USD cash was outperformed by short term notes, which fell 2.5%, and by long term bonds, which gave up 1.7%.

Equity indexes, with the exception of gold stocks, were all lower, led by the Euro STOXX, down 4.3%, and the Dow Jones Industrials, down 4.1%. Outside of gold stocks, which rose 0.2%, the Nikkei 225 index was the strongest, falling "only" 2.9%.

Once again, commodities saw the most violent price action, both positive and negative. Crude oil rose 9.9%, and platinum advanced 3.5%, while coffee fell 5.0% and copper dropped 3.3%. Silver closed the week down 3.1%.

Bitcoin fell 1.3%, outperforming all national currencies, bonds, and major stock indexes. Ethereum did even better, rising 1.0%.

National currencies and bonds moved decisively lower, while other asset classes were mixed. The week's best performers were platinum, up 4.7%, gold stocks, up 3.5%, and the CCi30 "altcoin" index, up 2.6%. The largest losses were in coffee, down 8.6%, US stocks (S&P 500 down 7.3% and Dow Industrials down 7.1%), and long term bonds, down 6.7%. The US Dollar fell 4.8%, and Bitcoin closed off 1.4%.

The Chinese Yuan, down 3.1%, was the strongest national currency, followed by the Japanese Yen, which lost 3.4%. The US Dollar was the weakest national currency, dropping 4.8%. It was only slightly outperformed by short term notes, which fell 4.7%, but massively outperformed long term bonds, which crashed 6.7%.

Equity indexes, with the exception of gold stocks, were all lower, led by the S&P 500, down 7.3%, and the Dow Jones Industrials, down 7.1%. Outside of gold stocks, which rose 3.5%, the Euro STOXX50 index was the strongest, falling "only" 4.8%.

Commodities saw the most violent price action, both positive and negative. Platinum rose 4.7%, and copper advanced 0.5%, while coffee fell 8.6% and crude oil dropped 6.2%. Silver closed the week off 1.9%.

Bitcoin fell 1.4%, outperforming all national currencies, bonds, and major stock indexes. It spent most of the week above 1 kg, and made a new all-time high in USD terms on Thursday before pulling back on Friday to close at 998 grams. Priced in gold, it sits about 20% below its all-time high of 1,251 grams. The privacy coin Monero (symbol XMR, not in table) had a fantastic week, rising 11.7%, more than any other asset I track.

This week was a massive up-move for almost all markets. The week's only losers were gold stocks, down 4.5%, and coffee, off 1.0%. The largest gains were in Ethereum, up 13.5%, followed by the S&P 500, up 10.0%. The US Dollar finished up 4.4%, and Bitcoin gained 5.1%.

The Chinese Yuan, up 4.9%, was the strongest national currency, followed by the Japanese Yen, which rose 4.8%. The weakest currency was the Euro, which rose 3.9%. USD cash outperformed bonds, as short dated US Treasury notes advanced 4.3%, and long term bonds added 3.5%.

Equity indexes, with the exception of gold stocks, were all higher, led by the S&P 500, up 10.0%, and the Dow Jones Industrials, up 8.0%. Outside of gold stocks, the Nikkei 225 index was the weakest, adding 5.5%.

Commodities ex-coffee were all higher, with crude oil seeing the largest gains, rising 7.0%. Platinum rose 4.3%, while silver and copper finished the week up 3.2%.

Bitcoin rose 5.1% to close back above the 1 kg level.

Cryptos rose; other asset classes were mixed, with the largest changes in commodities. The week's biggest loser was crude oil, down 6.7%, followed by copper, off 3.5%. The largest gains were in cotton, up 5.9%, followed by the Dow Jones Industrials, up 3.9%. The US Dollar finished up 0.8%, and Bitcoin gained 3.1%.

The Japanese Yen, which fell 0.9%, was once again the weakest national currency, followed by the US Dollar, which rose 0.8%. The strongest currency was the Euro, which rose 1.0%. Long dated US Treasury bonds fell 0.5%, and short term notes rose 0.5%.

Most equity indexes were in the green, with the exception of gold stocks, which dropped another 2.4%. The Dow Industrials, up 3.9%, led the way higher, followed by the S&P 500, up 3.8%, and the Euro SSTOXX50, up 2.6%.

Commodities were mostly lower, although cotton made the largest gains of any asset in the table, rising 5.9%. Platinum and palladium also moved higher, adding 1.0% and 2.0% respectively. Copper fell 3.5% and silver finished the week down 2.1%.

Cryptos and bonds rose; other asset classes were mixed, but mostly higher. The week's biggest loser was the HUI gold stock index, down 2.6%, followed by crude oil, off 1.7%. The largest gains were in cryptocurrencies, as Ethereum rose 13.5%, and Bitcoin gained 13.2%. Outside of crypto, the best gains were in coffee, up 9.7%, followed by the Euro STOXX50, up 4.9%. US Dollar cash closed up 0.9% after it (and most other major national currencies) made new all-time lows early in the week.

The Japanese Yen, which fell 0.3%, was the weakest national currency, followed by the Chinese Yuan, which gave up 0.1%. The strongest currency (not in table) was the Pound Sterling, which rose 1.3% (after hitting an new all-time low on Tuesday). Long dated US Treasury bonds rose 1.6%, USD cash gained 0.9%, and short term notes added 0.1%.

As mentioned above, equities saw some of the week's largest price swings, as gold stocks dropped 2.6%, and the Euro STOXX rose 4.9%. The Dow Industrials, up 2.5%, underperformed the S&P 500, which gained 4.6%.

Commodities rose, with the exception of crude oil, which dropped 1.7%. Coffee, up 9.7%, was the strongest commodity, followed by silver, up 4.1%. Copper gained 3.1% and platinum rose 2.0%, but palladium just broke even.

Commodities were mixed but mostly higher, equities were also mixed, but mostly lower; everything else was in the red. The week's biggest loser was the Dow Jones Industrial Average, down 4.9%, followed by the S&P 500 and the Chinese Yuan, which each dropped 3.7%. The largest gains were in the Nikkei 225 Index, up 3.4%, and crude oil, up 2.8%. US Dollar cash fell 2.3% to a new all-time low of 9.4 mg.

Most major currencies, including the USD, EUR, JPY, CNY, and GBP traded at new all-time lows during the week. The 'strongest' national currency was the Japanese Yen, which fell 1.0%. The Canadian Dollar was next strongest, falling 1.6%. US Treasury bonds fell 1.6% and short term notes dropped 1.9%; both outperformed USD cash, which declined 2.3%.

As mentioned above, the Dow Industrials declined more than any other asset, closing at 368 grams, down 4.9% for the week, 2.8% below their Covid crash lows, and 73.6% below their all-time highs. The S&P 500, down 3.7% for the week, still sits 9.0% above its Covid low, but 71.3% down from its all-time high. The Nikkei 225 rose 3.4%, the best gain of any asset. Gold stocks were also in the green (barely) rising 0.1%.

Commodities were mostly higher, led by crude oil, up 2.8%, followed by copper and coffee, up 2.6% each. The only commodities in the red were cotton, down 1.6%, and platinum, down 0.2%. Silver finished the week up 1.0%.

Cryptocurrencies also moved lower, as the CCi30 crypto index fell 2.5%, and Bitcoin fell 1.1%. Bitcoin outperformed most major national currencies, treasury bonds, and US stock markets.