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Weekly Update 14 Feb 2025
Bonds 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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By Charles VollumBonds 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%.
Click for PDF version