This week was a massive up-move for almost all markets. The week's only losers were gold stocks, down 4.5%, and coffee, off 1.0%. The largest gains were in Ethereum, up 13.5%, followed by the S&P 500, up 10.0%. The US Dollar finished up 4.4%, and Bitcoin gained 5.1%.

The Chinese Yuan, up 4.9%, was the strongest national currency, followed by the Japanese Yen, which rose 4.8%. The weakest currency was the Euro, which rose 3.9%. USD cash outperformed bonds, as short dated US Treasury notes advanced 4.3%, and long term bonds added 3.5%.

Equity indexes, with the exception of gold stocks, were all higher, led by the S&P 500, up 10.0%, and the Dow Jones Industrials, up 8.0%. Outside of gold stocks, the Nikkei 225 index was the weakest, adding 5.5%.

Commodities ex-coffee were all higher, with crude oil seeing the largest gains, rising 7.0%. Platinum rose 4.3%, while silver and copper finished the week up 3.2%.

Bitcoin rose 5.1% to close back above the 1 kg level.


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Cryptos rose; other asset classes were mixed, with the largest changes in commodities. The week's biggest loser was crude oil, down 6.7%, followed by copper, off 3.5%. The largest gains were in cotton, up 5.9%, followed by the Dow Jones Industrials, up 3.9%. The US Dollar finished up 0.8%, and Bitcoin gained 3.1%.

The Japanese Yen, which fell 0.9%, was once again the weakest national currency, followed by the US Dollar, which rose 0.8%. The strongest currency was the Euro, which rose 1.0%. Long dated US Treasury bonds fell 0.5%, and short term notes rose 0.5%.

Most equity indexes were in the green, with the exception of gold stocks, which dropped another 2.4%. The Dow Industrials, up 3.9%, led the way higher, followed by the S&P 500, up 3.8%, and the Euro SSTOXX50, up 2.6%.

Commodities were mostly lower, although cotton made the largest gains of any asset in the table, rising 5.9%. Platinum and palladium also moved higher, adding 1.0% and 2.0% respectively. Copper fell 3.5% and silver finished the week down 2.1%.


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Cryptos and bonds rose; other asset classes were mixed, but mostly higher. The week's biggest loser was the HUI gold stock index, down 2.6%, followed by crude oil, off 1.7%. The largest gains were in cryptocurrencies, as Ethereum rose 13.5%, and Bitcoin gained 13.2%. Outside of crypto, the best gains were in coffee, up 9.7%, followed by the Euro STOXX50, up 4.9%. US Dollar cash closed up 0.9% after it (and most other major national currencies) made new all-time lows early in the week.

The Japanese Yen, which fell 0.3%, was the weakest national currency, followed by the Chinese Yuan, which gave up 0.1%. The strongest currency (not in table) was the Pound Sterling, which rose 1.3% (after hitting an new all-time low on Tuesday). Long dated US Treasury bonds rose 1.6%, USD cash gained 0.9%, and short term notes added 0.1%.

As mentioned above, equities saw some of the week's largest price swings, as gold stocks dropped 2.6%, and the Euro STOXX rose 4.9%. The Dow Industrials, up 2.5%, underperformed the S&P 500, which gained 4.6%.

Commodities rose, with the exception of crude oil, which dropped 1.7%. Coffee, up 9.7%, was the strongest commodity, followed by silver, up 4.1%. Copper gained 3.1% and platinum rose 2.0%, but palladium just broke even.


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Commodities were mixed but mostly higher, equities were also mixed, but mostly lower; everything else was in the red. The week's biggest loser was the Dow Jones Industrial Average, down 4.9%, followed by the S&P 500 and the Chinese Yuan, which each dropped 3.7%. The largest gains were in the Nikkei 225 Index, up 3.4%, and crude oil, up 2.8%. US Dollar cash fell 2.3% to a new all-time low of 9.4 mg.

Most major currencies, including the USD, EUR, JPY, CNY, and GBP traded at new all-time lows during the week. The 'strongest' national currency was the Japanese Yen, which fell 1.0%. The Canadian Dollar was next strongest, falling 1.6%. US Treasury bonds fell 1.6% and short term notes dropped 1.9%; both outperformed USD cash, which declined 2.3%.

As mentioned above, the Dow Industrials declined more than any other asset, closing at 368 grams, down 4.9% for the week, 2.8% below their Covid crash lows, and 73.6% below their all-time highs. The S&P 500, down 3.7% for the week, still sits 9.0% above its Covid low, but 71.3% down from its all-time high. The Nikkei 225 rose 3.4%, the best gain of any asset. Gold stocks were also in the green (barely) rising 0.1%.

Commodities were mostly higher, led by crude oil, up 2.8%, followed by copper and coffee, up 2.6% each. The only commodities in the red were cotton, down 1.6%, and platinum, down 0.2%. Silver finished the week up 1.0%.

Cryptocurrencies also moved lower, as the CCi30 crypto index fell 2.5%, and Bitcoin fell 1.1%. Bitcoin outperformed most major national currencies, treasury bonds, and US stock markets.


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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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Stocks and commodities were taken out to the woodshed for a severe beating and cryptocurrencies got off with a slap on the wrist. National currencies saw new all-time lows early in the week, but rebounded by week's end. The biggest gains were in long bonds, up 3.6%, followed by the Japanese Yen, up 3.2%. The largest losses were in copper, down 13.8%, followed by crude oil, down 10.1%. The US Dollar ended the week up 0.6%.

The weakest national currency was the Chinese Yuan, which fell 3.4%. Its apparent performance was hurt by the Shanghai Gold Exchange closure for Qingming Festival on Friday. The USD was next weakest, gaining 0.6%. The Japanese Yen was strongest, rising 3.2%. Short term notes tracked USD cash, adding 0.6%, but long term bonds soared 3.6%, the largest gain of any asset class, as investors ran for safe havens.

Equity markets got thrashed, with gold stocks, down 8.8%, and the S&P 500, down 8.6%, taking the worst of it. The Nikkei 225 index dropped the least, giving up 6.1%, followed by the Dow Industrials, which finished the week down 7.3%.

Commodities were also a sea of red. The 'strongest' commodities were coffee, down 3.2%, and platinum, down 4.6%. The worst performers were copper, down 13.8%, and crude oil, down 10.1%. Silver closed down 8.4%.

Cryptocurrencies moved lower, but showed strength relative to other risk assets like stocks and commodities. Bitcoin was little changed, while Ethereum closed down 3.8%.


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Commodities were mixed, and gold stocks rose slightly, but everything else was in the red. The biggest gains were in silver, up 1.7%, followed by cotton, which rose 0.6%. The largest losses were in Ethereum, down 5.3%, followed by coffee and the Nikkei 225 index, down 4.8% each. The US Dollar (along with every other major currency) made new all-time lows this week, finishing down 1.9% at 10.1 mg.

The weakest national currency was the Japanese Yen, which fell 3.3%. The Chinese Yuan, Euro, and Loonie tied for the title of "least weak" currency, falling 1.8%. US Dollar cash (down 1.9%) underperformed long term bonds (down 2.5%) but not short term notes, which 'only' fell 1.8%.

The HUI gold stocks, up 0.1%, were the only equities in the green. The Nikkei 225 index dropped the most, giving up 4.8%, followed by the S&P 500 and the Euro STOXX50, which each closed down 3.4%. The Dow Industrials finished the week down 2.8%, the best showing among the major stock indexes.

The strongest commodities were silver, up 1.7%, and cotton, up 0.6%. The worst performers were coffee, down 4.8%, and copper, off 1.4%. Platinum fell 0.8% but palladium rallied 0.4%. Crude closed off 0.3%.

Cryptocurrencies moved lower, with alts falling much more than Bitcoin. Bitcoin ended down 1.5%, while Ethereum finished down 5.3%.


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National currencies and bonds fell, while stocks, commodities and cryptos were mixed. The biggest gains were in copper, up 3.2%, followed by Japanese large cap stocks, which rose 1.7%. The largest losses were in cotton, down 4.3%, and silver, down 3.3%. The US Dollar (along with the Yen and Yuan, among others) made new all-time lows this week, finishing down 1.2% at 10.3 mg.

The strongest national currency was the Canadian Dollar, which fell 0.8%. The Chinese Yuan and Euro tied for the weakest currency, falling 1.7%. US Dollar cash (down 1.2%) underperformed long term bonds (off 0.6%) and short term notes (down 1.0%).

The Nikkei 225 was the strongest equity index, up 1.7%, followed by the HUI gold stocks, up 1.5%. The Euro STOXX50 dropped the most, giving up 2.0%, followed by the S&P 500, which closed down 0.7%. The Dow Industrials finished the week little changed.

The strongest commodities were copper, up 3.2% and coffee, up 1.2%. The worst performers were cotton, down 4.3%, and silver, off 3.3%. The whole precious metals complex was lower, with platinum falling 2.9% and palladium down 2.6%.

Cryptocurrencies had a relatively quiet week, mostly trading sideways. Bitcoin ended down 1.1%, while Ethereum finished up 1.6%.


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National currencies, bonds, and cryptos fell, while stocks and commodities were mixed. The biggest gains were in gold stocks, up 3.2%, followed by silver, which rose 2.7%. The largest losses were in Ethereum, down 12.2%, and the CCi30 crypto index, down 7.5%. Outside of crypto, the worst losses were in the Dow Jones Industrials, down 4.6%, and the S&P 500, off 3.8%.

The strongest national currency was the Euro, which fell 1.2%. The Chinese Yuan was the weakest currency, falling 2.3%. The US Dollar fell 1.6% to a new all-time low of 10.4 mg, while the Treasury's long term bonds and short term notes did slightly better than cash, dropping 1.5% each. The Russian Ruble (not in table) ran against the trend, rising 3.6%, outpacing even gold mining stocks!

Other than gold stocks, all equity indexes were in the red, led by the Dow Industrials, which closed down 4.6%. The Nikkei 2225 index outperformed its peers, giving up only 1.8%.

The strongest commodities were silver, up 2.7% and copper, up 2.3%. The worst performers were coffee, down 3.6%, and crude oil, off 1.4%.

Although Bitcoin (down 4.8%) continues to trade inside of its long term rising logarithmic channel, for the first time ever, Bitcoin purchased 4 years ago is worth less gold today than it cost to buy it. To reach the bottom of the rising channel, BTC would need to fall a further 21.6% from here (or trade sideways for the rest of the year).


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National 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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