Bonds fell, cryptocurrencies advanced, national currencies were mixed but mostly lower, while stocks were mixed but mostly higher. The week's best performers were Ethereum, up 13.6%, the HUI gold stocks, up 8.6%, and coffee, up 7.3%. The largest losses were in palladium, down 8.4%, and crude oil, down 6.4%, followed by the Chinese Yuan, down 2.1%. The US Dollar fell 1.4%, and Bitcoin rose 1.6%.

The Japanese Yen, up 0.7%, was the only rising national currency. The Chinese Renminbi fell the most, dropping 2.1%. USD cash and short term notes, down 1.4% each, outperformed long term bonds, which fell 2.0%.

Gold stocks rose 8.6%, beating all other equities. The only equity losses were in the Dow Jones Industrials, down 0.1%. European and Asian market indexes strongly outperformed their US counterparts.

The best performing commodities were coffee, up 7.3%, and silver, up 3.5%. Palladium, down 8.4%, and crude oil, down 6.4%, saw the largest losses.

The S&P 500 closed the week up 1.0% at 58.6 grams, 66.2% below its 1999 all-time high of 173.1 grams, despite hovering near its all-time high when priced in depreciating dollars. Similarly, Bitcoin closed the week at 1.06 kg, 14.5% below its all-time high of 1.25 kg, even though it is just 2.7% shy of its all-time high when priced in dollars.

Click for PDF version