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- Weekly Update 28 Feb 2025National currencies and bonds gained ground, cryptocurrencies moved lower, and stocks & commodities were mixed. The biggest gains were in long dated treasuries, which zoomed higher by 6.8%, followed by the Dow Industrials, which rose 4.5%. The largest losses were in Ethereum, down 13.0%, and Bitcoin, down 9.1%. Outside of crypto, the worst losses were in palladium, down 2.8%, and silver, off 2.1%.
The strongest national currency was the US Dollar, which advanced 3.5%. The Chinese Yuan was the weakest currency, and even it gained 1.6%. Long term treasury bonds and short term notes did much better than cash, rising 6.8% and 4.0% respectively. After weeks of relentless selling, this was a welcome relief rally for the currencies.
The only falling stock index was the Nikkei 225, which dropped 1.6%. The Dow Industrials rose 4.5%, while the Euro STOXX50 gained 2.8% and the S&P 500 rose 2.5%. Gold stocks were up slightly, advancing 0.9%.
The strongest commodities were crude oil, up 2.6% and copper, up 2.5%. Precious metals were mixed, with platinum up 1.5%, but palladium down 2.8% and silver off 2.1%
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0 min - Weekly Update 21 Feb 2025Only 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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0 min - Weekly Update 14 Feb 2025Bonds moved lower, but all other asset classes were mixed. The worst losses were in silver, down 5.2%, followed by crude oil, gold stocks, and the Japanese Yen, which all dropped 2.0%. The largest gains were in the CCi30 cryptos, up 4.0%, and the Euro STOXX, up 3.2%. One stand-out was the Russian Ruble (not in table), which rose 4.8%.
The strongest national currency was the Euro, which advanced 0.2%. The US Dollar was the weakest currency, falling 1.6%. Long term treasury bonds did worse than cash, dropping 1.7%, but short term notes did slightly better than cash, giving up 1.4%. Note that most major currencies made new all-time lows this week, but rallied by week's end. The Chinese Yuan is shown as unchanged because the Shanghai Gold Exchange is closed for Lunar New Year. Based on FX rates, I estimate the CNY is down about 1.0% this week.
The only rising equities were the Euro STOXX50, which gained 3.2%. The index closed at a new all-time high in Euros, but is 89.4% below its all-time high in gold. Similarly, the S&P 500 closed just 0.1% below its all-time high in Dollars, but sits 62.4% below its ATH in gold.
Platinum hit a new all-time low on Monday, but rallied to finish the week down 1.1%. Coffee was the strongest commodity, rising 2.2%.
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0 min - Weekly Update 7 Feb 2025Stocks and commodities were mixed but mostly lower; all other assets were in the red. The worst losses were in cryptocurrencies as Ethereum fell 22.1% and the broad CCi30 dropped 19.6%. Bitcoin outperformed, falling 7.7%. Outside of crypto, the largest drops were in palladium, down 4.6%, and crude oil, down 4.2%. The only gains were in copper, up 5.2%, and coffee, up 4.7%, followed by gold stocks, up 2.4%.
The strongest national currency was once again the Yen, which declined 0.2%. (Note that the Chinese Yuan is shown as unchanged because the Shanghai Gold Exchange is closed for Lunar New Year. Based on FX rates, I estimate the CNY is down about 2.8%.) The Euro was the weakest currency, falling 3.1%. The US Dollar was down 2.2% to a new all-time low of 10.8 mg. USD cash was outperformed by long term treasury bonds which dropped 0.5% to their lowest level since August 2011. Note that most major currencies, including the USD, EUR, JPY, CHF, GBP, AUD, CNY, INR and CAD made new all-time lows this week.
The only rising equities were gold stocks, which gained 2.4%. The Dow Industrials fared the worst, falling 2.7%, followed by the S&P 500, which closed down 2.4%.
Platinum and cotton made new all-time lows again this week. Cotton fell 2.5% to close at 7.1 mg/lb. Platinum hit a new all-time low on Wednesday, but rallied to finish the week down 0.4%. Palladium fell 4.6% to it's lowest level since November 2011.
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0 min - Weekly Update 31 Jan 2025National currencies, cryptocurrencies, and bonds fell; stocks and commodities were mixed. The worst losses were in crude oil, down 4.1%, and cotton, down 3.8%, followed by Bitcoin and the CCI30, down 3.6% each. The largest gains were in coffee, up 7.4%, and platinum, up 1.3%, followed by silver, up 1.2%.
The strongest national currency was the Yen, which declined 0.6%. (Note that the Chinese Yuan, shown in green, only traded for one day this week, before the Shanghai Gold Exchange closed for Lunar New Year.) The Euro was the weakest currency, falling 2.1%. The US Dollar was down 1.3% to a new all-time low of 11.1 mg. USD cash was outperformed by treasury notes, down 1.1%, and treasury bonds, off 0.6%.
The only rising equities were the gold stocks, which gained 1.0%. The S&P 500 fared the worst, falling 2.2%, followed by the Nikkei 225, which closed down 1.5%.
Platinum and cotton made new all-time lows again this week. Cotton fell 3.8% to close at 7.3 mg/lb. Platinum hit a new all-time low on Tuesday, but rallied to finish the week up 1.3%. Silver added 1.2% to close at 350 mg/oz.
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0 min - Weekly Update 25 Jan 2025National currencies, cryptocurrencies, and bonds fell; stocks and commodities were mixed. The worst losses were in the CCi30 index, down 7.5%, and Ether, down 6.9%, followed by crude oil, down 6.3%. The largest gains were in coffee, up 3.5%, and palladium, up 2.9%, followed by the Nikkei 225 index, up 1.9%.
US Dollar cash, down 2.2%, underperformed long term bonds, which fell 2.1%, while short term notes tracked cash with a 2.2% decline. The strongest national currency was the Euro, which was little changed for the week.
US stock markets fell, while overseas markets rallied. The Dow Industrials, off 0.1%, outperformed the S&P 500 index, which despite making a new "all-time high" in US Dollar terms, fell 0.5% to close 60% below it's all-time high as measured in gold. The best performing stock index was the Nikkei 225, up 1.9%.
Platinum and cotton made new all-time lows again this week. Cotton fell 2.2% to close at 7.6 mg/lb. Platinum ended the week at a new low of 10.6 g/oz, down 1.3%. Silver fell 1.5% to close at 0.345 g/oz.
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