National currencies and bonds rose, cryptos pulled back, and stocks and commodities were mixed. The largest gains were in coffee, up 5.9%, the Nikkei 225 index, up 2.7%, and silver, up 2.0%. The worst losses were in the CCi30 crypto index, which fell 6.9%, palladium, down 6.6%, and Bitcoin, off 2.7%. US Dollar cash outperformed treasury debt, rising 0.2% while long term bonds gained 0.1% and short term notes were unchanged.

The Euro and the Yen were the best performing national currencies, rising 0.4% each. The US Dollar and Chinese Yuan came in last, adding 0.2% each. Tresuries underperformed USD cash, with short term SHY breaking even and long term TLT advancing 0.1%.

Crypto had a bad week as the SEC filed suits against Binance and Coinbase, claiming that several major alt-coins were unregistered securities. The broad index of 30 cryptos fell 6.9%. The majors did better, as Ethereum gave up 0.4% and Bitcoin retreated 2.7%.

Japan's Nikkei index led equities with a 2.7% gain, followed by the Dow Industrials and the S&P 500, which added 0.5% each. Gold stocks fell the most, dropping 1.0%.

Commodities had the most extreme price moves, as coffee rose 5.9% while palladium dropped 6.6%. Cotton fell 2.2% as silver gained 2.0%. Crude oil ended the week down 2.0%.

Year over year, most assets are in the red, with a few notable exceptions, as the Euro STOXX rose 10.3%, silver gained 4.3%, and the Nikkei 255 added 3.6%. The worst losses were all in commodities: cotton, down 46.0%, crude oil down 45.7% and palladium, down 35.1%.


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Cryptocurrencies rallied, but other asset classes were mixed. The largest gains were in the CCi30 crypto index, up 2.5%, silver and cotton, up 2.4% each, and the Nikkei 225 stock index, up 1.8%. The worst losses were in commodities, as platinum fell 2.5%, palladium dropped 2.4%, and crude oil declined 2.1%.

National currencies were mostly lower; only the Canadian Dollar managed a gain, rising 0.7%. The Chinese Yuan fell the most, dropping 1.6%. US Dollar cash underperformed its bonds, declining 0.8% while short term notes fell 0.6% and long term bonds gained 0.1%.

Cryptocurrencies had a good week, led by the broad CCi30 index, up 2.5%. Ethereum gained 1.7%, and Bitcoin added 1.2%.

Stocks also did well; only the Euro STOXX declined, falling 1.3%. The Japanese Nikkei saw the largest gains, rising 1.8%, followed by gold stocks, up 1.7%. The Dow Industrials added 1.2%.

Commodities were very mixed, with some of the week's largest gains and losses. Among the metals, silver rose 2.4%, while platinum fell 2.5%, and palladium dropped 2.4%. Coffee declined 1.5% while cotton rose 2.4%. Crude oil fell 2.1%.

Year over year, most assets are in the red. The only bright spots are the Euro STOXX, up 5.4%, silver, up 3.9%, and the Nikkei 225, up 0.5%. The worst loses are in crude oil, down 42.3%, cotton, off 41.9%, and coffee, down 28.9%.

Over the last 5 years most assets are also underwater, but the bright spots are different: Bitcoin is up 135.1%, Ethereum is up 110.5%, and the S&P 500 is showing a gain of 3.3%. The largest losses are in national currencies: the Japanese Yen, down 48.3%, the Chinese Yuan, down 40.5%, and the Euro, down 39.4%. The US Dollar has declined 34.1%.


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Stocks rose, commodities were mixed, and all other asset classes fell. The week's best performers were gold stocks, up 4.1%, followed by platinum, up 3.7%, and crude oil, up 2.7%. The largest losses were in coffee, down 7.0%, the CCi30 crypto index, down 6.0%, and Bitcoin, down 5.2%.

The US Dollar and the Japanese Yen fell more other national currencies, declining 1.6% each. The Chinese Yuan performed best, slipping 0.5%. Short term bonds declined 1.6%, but long term bonds held up well, sliding just 0.2%.

Major cryptocurrencies moved lower. Bitcoin fell 5.2% and the broader index of 30 cryptos dropped 6.0%. Ethereum outperformed, slipping just 0.8%.

US and Japanese stocks rose slightly, 0.1% to 0.2%. The Euro STOXX gained 2.0%, and gold stocks had the largest gains, rising 4.1%.

Commodities were very mixed. Coffee and cotton fell the most, dropping 7.0% and 2.5% respectively. Silver fell 1.6%, but the other metals rose, especially platinum, which gained 3.7%. Crude oil added 2.7%.

Over the last five years, Bitcoin (up 39.8%) and Ethereum (up 38.4%) are the best performing assets. The CCi30 crypto index (down 47.9%) and the Japanese Yen (down 44.4%) fell the most.

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Bonds fell, cryptocurrencies rallied, and other asset classes were mixed. Bitcoin, up 14.1%, and the broader CCi30, up 11.1%, were the best performers. The largest losses were in coffee, down 6.9%, and cotton, down 6.7%. Bright spots outside of crypto were crude oil, up 5.1%, and copper, up 4.5%. USD cash underperformed treasuries, falling 2.9% while short term notes fell 2.7% and long term bonds dropped 1.4%.

The Japanese Yen was the best performing national currency in the table, rising 0.9%. Not in the table, the Russian Ruble was also a winner, rising 2.9%. All other currencies I follow were in the red, led by the USD, which fell 2.9%, and the Swiss Franc (not in table), which declined 2.4%. As noted above, bonds fell, but still outperformed USD cash.

Bitcoin had a super week, rising gently on Tuesday but accelerating sharply as the week went on to close at 324.7 grams, up 14.1%. Ether and the broader crypto market followed a similar trajectory. ETH finished the week at 23.7 grams, up 11.1%.

Major stock indexes were split along US/International lines. The S&P 500 fell 1.5% and the the Dow Industrials dropped 0.9%, while the Euro STOXX50 rose 2.2% and the Nikkei gained 1.4%. Gold stocks also rose, adding 0.4%.

As mentioned above, commodities saw some of the week's best and worst returns. The only bright spots were crude oil, up 5.1%, and copper, up 4.5%; all others were in the red. Coffee and cotton fell 6.9% and 6.7% respectively, and the precious metals were down as well, with palladium falling 5.3%, platinum dropping 4.3%, and silver closing off 2.0%.

Year over year, only platinum, up 3.4%, is in the green; the worst losses are in crypto, with the CCi30 index down 65.4%. Over the last five years, only palladium is in the green, rising 10.2%. Next best performers are the S&P 500, down 1.4%, and Bitcoin, off 3.5%. The worst losses are again in the CCi30 crypto index, which has fallen 73.8%, followed by the Japanese Yen, down 39.3%.

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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!

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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%.

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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%.

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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%.

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Equities, cryptocurrencies, and most commodities moved higher; bonds declined, and national currencies were mixed. The largest drops were in long term bonds, down 1.8%, and the US Dollar, off 1.1%. The best performers were ethereum, up 11.8% and cotton, up 11.4%. Coffee was in third place, rising 7.1%.

The Japanese Yen was the strongest national currency, gaining 0.2%, joined by the Chinese Yuan, which was little changed for the week. The US Dollar was weakest, falling 1.1%, followed by the Euro, off 0.3%. Short term notes did a bit better than cash, declining 1.0%, but long term bonds fell much more, closing down 1.8%.

Cryptos had a good week, led by ethereum, up 11.8% as a successful test was completed, paving the way for "The Merge" (transition from proof of work to proof of stake) next month. Bitcoin added 3.7%, and the broader CCi30 rose 5.2%.

Stock markets all moved higher, led by gold stocks, up 3.5%, and the S&P 500, up 2.2%. The Nikkei 225 and the Euro STOXX underperformed, but still rose 1.5% apiece.

Although silver was little changed, all other commodities rose significantly. Cotton was the leader, rising 11.4%, followed by coffee, up 7.1%. Palladium gained 6.7%, rounding out the top three. Weakest were silver (unchanged) and platinum, up 1.8%.

Year over year, only crude oil (up 30.0%), cotton (up 19.6%) and coffee (up 18.4%) are in the green; all other assets in the table are lower. Cryptos took the largest losses, as the CCi30 index fell 54.8%, and bitcoin dropped 46.4%. Outside of crypto, the Euro STOXX (down 24.1%) and long term bonds (down 21.8%) saw the largest declines. Among national currencies, the USD held up relatively well, falling just 2.5%, compared to the JPY (down 19.5%) and the EUR (down 14.8%).

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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%.

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