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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National currencies, cryptocurrencies, and bonds fell; stocks and commodities were mixed. The worst losses were in crude oil, down 4.1%, and cotton, down 3.8%, followed by Bitcoin and the CCI30, down 3.6% each. The largest gains were in coffee, up 7.4%, and platinum, up 1.3%, followed by silver, up 1.2%.

The strongest national currency was the Yen, which declined 0.6%. (Note that the Chinese Yuan, shown in green, only traded for one day this week, before the Shanghai Gold Exchange closed for Lunar New Year.) The Euro was the weakest currency, falling 2.1%. The US Dollar was down 1.3% to a new all-time low of 11.1 mg. USD cash was outperformed by treasury notes, down 1.1%, and treasury bonds, off 0.6%.

The only rising equities were the gold stocks, which gained 1.0%. The S&P 500 fared the worst, falling 2.2%, followed by the Nikkei 225, which closed down 1.5%.

Platinum and cotton made new all-time lows again this week. Cotton fell 3.8% to close at 7.3 mg/lb. Platinum hit a new all-time low on Tuesday, but rallied to finish the week up 1.3%. Silver added 1.2% to close at 350 mg/oz.


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National currencies, cryptocurrencies, and bonds fell; stocks and commodities were mixed. The worst losses were in the CCi30 index, down 7.5%, and Ether, down 6.9%, followed by crude oil, down 6.3%. The largest gains were in coffee, up 3.5%, and palladium, up 2.9%, followed by the Nikkei 225 index, up 1.9%.

US Dollar cash, down 2.2%, underperformed long term bonds, which fell 2.1%, while short term notes tracked cash with a 2.2% decline. The strongest national currency was the Euro, which was little changed for the week.

US stock markets fell, while overseas markets rallied. The Dow Industrials, off 0.1%, outperformed the S&P 500 index, which despite making a new "all-time high" in US Dollar terms, fell 0.5% to close 60% below it's all-time high as measured in gold. The best performing stock index was the Nikkei 225, up 1.9%.

Platinum and cotton made new all-time lows again this week. Cotton fell 2.2% to close at 7.6 mg/lb. Platinum ended the week at a new low of 10.6 g/oz, down 1.3%. Silver fell 1.5% to close at 0.345 g/oz.


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National currencies fell, cryptocurrencies rose, and stocks, bonds and commodities were mixed. The worst losses were in platinum, down 3.2%, and the Nikkei 225 index, down 2.0%, followed by the Canadian Dollar, down 1.2%. The largest gains were in the CCi30 crypto index, up 12.0%, and Bitcoin, up 8.8%.

US Dollar cash, down 1.0%, underperformed short term notes, which declined 0.7%, and long term bonds, which rose 1.0%. The strongest national currency was the Yen, which fell just 0.1%.

Outside of crypto, the largest gains were in stocks, as the Dow Industrials rose 2.6%, and the Euro STOXX50 gained 2.5%, followed by the S&P 500 index, up 1.9%.

Platinum and cotton made new all-time lows this week. Cotton hit 7.6 mg/lb on Thursday, but bounced to finish the week at 7.7 mg/lb, down 0.2%. Platinum ended the week at a new low of 10.8 g/oz, down 3.2%. The best performing commodity was crude oil, up 0.7%.


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National currencies, cryptos and bonds fell, while stocks and commodities were mixed. The worst losses were in Ethereum, down 10.7%, and the CCi30 index, down 9.0%, followed by Bitcoin, down 4.9%. The largest gains were in copper, up 4.2%, and crude oil, up 2.0%.

US Dollar cash, down 1.5%, outperformed short term notes, down 1.7%, and long term bonds, down 3.6%. The weakest national currency was the Euro, which dropped 2.0%, while the Chinese Yuan was the strongest, giving up 1.1%.

Outside of crypto, the largest losses were in long term bonds and the Japanese Nikkei stock index, which lost 3.6% each. Gold stocks were the best performing equities, rising 1.5%.

Cotton closed the week at a new all-time low of 7.8 mg/lb, down 2.5%.


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This post takes a similar form to the weekly updates, but covers a longer time period, looking back 1, 2, 5, and 10 years. Ethereum and the CCi30 Crypto Index have no entry for 10 years ago, as their price data starts in 2015, but they will be included next year. Most of the table is red, meaning that just holding gold would have outperformed those assets over that time period. Green areas indicate the assets have outperformed gold. These are in crypto currencies, US stocks, and coffee.

Among the national currencies, the US Dollar as been the least bad of a rotten bunch, falling 20.3% in 2024, and 53.8% since 2014. The Japanese Yen has fared the worst, dropping 28.4% in 2024 and 64.7% over the last 10 years. Short term US treasuries did a bit better than cash, while long dated bonds did much worse.

Cryptocurrencies are in the green over all time periods,led by Bitcoin, which finished 2024 up 76.5%, and has risen 13,420% over the last 10 years. The Dow Industrials are up 9.7% from 2014, but down over all shorter time horizons. The S&P 500 lost 1.8% in 2024, but is in the green as we go back further, and is up 31.3% since 2014. Coffee is down 11.3% from 2014, but has been in profit in more recent years, including a 35.3% gain in 2024.

The worst performers for 2024 are palladium, down 36.3%, and cotton, down 32.7%. Over the last 10 years, the worst losses have been in platinum, down 65.1%, and the Yen, down 64.7%.


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National currencies rose, cryptos and stocks fell, and bonds and commodities were mixed. The worst losses were in the CCi30 index, down 10.7%, and Ethereum, down 9.8%, followed by silver, down 4.8%. The largest gains were in coffee, up 2.9%, and the Chinese Yuan, up 2.2%.

The US Dollar and short term notes rose 1.6%, but long term bonds fell 0.4%. The weakest national currency was the Yen, which advanced 0.1%.

Gold stocks led equities lower, falling 4.4%, followed by the Nikkei 225, down 2.3%. The S&P 500 outperformed, dropping just 0.4%.

Bitcoin continues to trade above the 1kg level, making a new all-time high of 1,251 grams on Wednesday and finishing the week at 1,161 grams, off 2.0%. Platinum rose 2.0%, but palladium closed down 3.0% at 10.95 grams, its lowest level since 2012.


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Only Crude oil, up 5.2%, and Bitcoin, up 0.5%, made gains this week, all other assets were in the red. The worst losses were in long term bonds, down 5.3%, and coffee, down 4.3%, followed by the CCi30 crypto index, off 3.9%.

The US Dollar outperformed other major currencies, falling 0.8%. USD cash also outperformed treasuries, including 1-3 year notes, which fell 1.0%. The weakest national currency was the Yen, which closed down 3.2%.

Stocks fell, led lower by the Dow Industrials, down 2.6%, and the Nikkei 225, down 2.3%. Gold stocks outperformed, giving up just 0.3%.

Bitcoin continues to trade above the 1kg level, making a new all-time high of 1,194 grams on Sunday and finishing the week at 1,186 grams, just 0.7% short of that high. Platinum made another all-time low of 10.78 grams on Wednesday, but recovered to close the week at 10.84 grams, down 1.8%.


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Cryptocurrencies and bonds advanced, while all other asset classes were mixed but mostly higher. The largest gains were in the CCi30 crypto index, up 13.3%, Ethereum, up 12.1%, and the Euro STOXX 50, up 3.9%. The worst losses were in cotton, down 2.2%, followed by palladium and gold stocks, down 1.1% each.

The US Dollar outperformed other major currencies with the exception of the Russian Ruble (not in table). The Ruble rose 6.5%, while the USD gained 0.5%. Short term notes advanced 0.4%, but long term bonds did much better, rising 1.0%.

US stocks made new Dollar all-time highs this week (the Dow on Wednesday and the S&P 500 on Friday) despite trading more than 58% below their ATHs when priced in gold. The Euro STOXX 50 index, up 3.9%, and the Japanese Nikkei 225 index, up 2.6%, were the best performing equity indexes.

Bitcoin remained above the 1kg mark this week, closing at 1,179 grams, a new all-time high. Platinum rose 0.1% but continues to hover just above its all-time low of 10.97 grams.


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