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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Only 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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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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Stocks 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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