With the November numbers in the books, let's jump right into the charts!

Let's start with a look at equity markets. Continuing the long-term trends, Growth stocks kept outperforming Value stocks, the Nasdaq kept outperforming the overall market, the US kept outperforming the rest of the world, and Emerging Markets kept underperforming Developed Markets.

Looking at commodities, Gold and Real Yields have been rather stable over the past year. Precious Metals Mining stocks slightly outperformed Gold and Silver. Oil had a wild ride over the past 4 years and just experienced a bit of a pullback. It looks similar to Copper, which also put in a low in 2020. Finally, Natural Gas stands out with a price increase of over 600% over the past 5 years.

Looking at Interest Rates, the (nominal) 10 year US Treasury Bond Yield fell and decoupled quite a bit from the Copper to Gold Ratio during the past year. Falling long-term and rising short-term rates led to a falling yield curve.
Credit spreads remain on record lows, indicating a low risk of default and plenty of liquidity in the markets. At 1.31%, the S&P500 Dividend Yield reached its lowest level since the year 2000.

Finally, looking at Crypto, Bitcoin experienced a pullback over the last few weeks. In contrast, relative to Bitcoin, Ether reached its highest level since 2018.

Do you have different interpretations to the charts or do you have ideas on how to improve Longtermtrends.net? - I'd love to hear them! Feel free to reply to this email or to contact me on Twitter.

Thanks for reading and have a nice day!