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Weekly Update 11 Apr 2025
The only asset in the green this week was the HUI gold stock index, up 13.2%; everything else moved lower. The week's biggest loser was Ethereum, down 18.3%, followed by long term bonds, which plunged 11.5% to a new all-time low of 837 mg. National currencies all moved lower, led by the US Dollar, which fell 5.4% to a new all-time low of 9.6 mg.
The 'strongest' national currency in the table was the Chinese Yuan, which fell 1.9%, but it was outdone by the Swiss Franc (not in table) that gave up only 0.3%. The Euro was next strongest, falling 2.3%. As mentioned above, the US Dollar fell more than any other currency, closing down 5.4%. USD cash still outperformed bonds, though, as short term notes fell 5.7% and long term bonds cratered 11.5%, seriously tarnishing their reputation as a 'safe haven'.
Equity markets did well compared to other asset classes, with gold stocks, up 13.2%, the week's superstar, followed by the S&P 500, which gave up just 0.1%. The Dow Industrials and Euro STOXX50 each closed down 0.8%. The Nikkei 225 index dropped the most, falling 4.2%.
Commodities were also a sea of red. The 'strongest' commodities were cotton, down 1.7%, and copper, down 2.8%. The worst performers were coffee, down 7.5%, and crude oil, down 6.2%. Silver closed down 5.7%.
Cryptocurrencies also moved lower, but given the macro environment, it was interesting to see Bitcoin, down 5.9%, fall only slightly more than USD cash, and only half as much as long term treasury bonds!
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By Charles VollumThe only asset in the green this week was the HUI gold stock index, up 13.2%; everything else moved lower. The week's biggest loser was Ethereum, down 18.3%, followed by long term bonds, which plunged 11.5% to a new all-time low of 837 mg. National currencies all moved lower, led by the US Dollar, which fell 5.4% to a new all-time low of 9.6 mg.
The 'strongest' national currency in the table was the Chinese Yuan, which fell 1.9%, but it was outdone by the Swiss Franc (not in table) that gave up only 0.3%. The Euro was next strongest, falling 2.3%. As mentioned above, the US Dollar fell more than any other currency, closing down 5.4%. USD cash still outperformed bonds, though, as short term notes fell 5.7% and long term bonds cratered 11.5%, seriously tarnishing their reputation as a 'safe haven'.
Equity markets did well compared to other asset classes, with gold stocks, up 13.2%, the week's superstar, followed by the S&P 500, which gave up just 0.1%. The Dow Industrials and Euro STOXX50 each closed down 0.8%. The Nikkei 225 index dropped the most, falling 4.2%.
Commodities were also a sea of red. The 'strongest' commodities were cotton, down 1.7%, and copper, down 2.8%. The worst performers were coffee, down 7.5%, and crude oil, down 6.2%. Silver closed down 5.7%.
Cryptocurrencies also moved lower, but given the macro environment, it was interesting to see Bitcoin, down 5.9%, fall only slightly more than USD cash, and only half as much as long term treasury bonds!
Click for PDF version