Currencies, bonds, and US stocks fell this week, while precious metals, gold stocks, and European stocks rose. The strongest asset class was palladium, which gained 3.4%, while the weakest was Bitcoin, which lost 3.0%.

The USD was the weakest government-issued currency, off 2.3%. The Japanese Yen was the "least weak" currency, falling 1.2%. Short term treasuries tracked the dollar's 2.3% decline while long term treasury bonds fell 0.8%.

Stock markets were lower in the US; the Dow Jones Industrials and the S&P 500 were off 1.5% and 1.1% respectively. The Japanese Nikkei rose 0.2%, while the Euro STOXX gained 1.2%.

Commodities were mostly higher, led by the precious metals. Palladium made the largest gains, rising 3.4%. Silver gained 2.4%, while platinum added 1.9% to close at 24.5 grams per ounce. Crude oil also had a good week, rising 1.0%. The only falling commodities were copper, down 0.4%, and coffee, off 0.3%.

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This week was mostly lower for bonds and equities, but mostly higher for currencies and commodities. The strongest asset class was Bitcoin, which rose 7.8%, while the weakest asset class was gold stocks, which fell 4.4%.

The Chinese Yuan was the weakest currency, off 1.8%. The Japanese Yen was the strongest government-issued currency, gaining 0.6%. The USD lost 0.5%, and long term treasury bonds fell 2.7%.

Stock markets were mostly lower, led by the HUI gold stock index, which dropped 4.4%. The Dow Jones Industrials and the S&P 500 were off 2.7% and 2.8% respectively. The Japanese Nikkei was the only rising stock index, gaining 0.9%.

Commodities were all higher except for coffee, which fell 0.6%. Silver made the largest gains, rising 3.0%. Crude oil gained 2.8%, while platinum rose 1.5% to close at 25.1 grams per ounce.

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Another mixed week, with currencies and bonds mostly lower, equities higher, and commodities both mixed and volatile. The largest gains were in coffee, which rose 4.1%, while the largest losses were in crude oil, which pulled back 7.1%.

The Chinese Yuan was the only rising currency, up 0.7%. The JPY fell the furthest, losing 3.2%. The USD lost 0.4%.

Stock markets were all higher, led by the Euro STOXX, which rose 2.1%. The Dow Jones Industrials rose 0.1%, but remain below their 36 month moving average.

Metals were all lower except for silver, which was unchanged at 0.44 grams per ounce.

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Another mixed week, in many ways a reversal of last week's trends. Currencies were mostly higher, while stocks were higher in the US, but lower in Japan and Europe. Commodities were volatile: crude oil again made the biggest gains this week, rising 9.5%, and the largest losses were once again in cotton, down 3.3%.

The only falling currencies were the Chinese Yuan, which lost 0.5%, and Bitcoin, which fell 1.7%. The biggest currency gains were in the Euro, which rose 1.9%. Bonds were mixed, with the short term SHY gaining 0.3% (a bit less than USD cash, which rose 0.4%) while the long term TLT fell 0.6%, giving back all of the previous week's gains.

Aside from the gold stocks, equities were little changed. In the US, the S&P 500 gained 0.4% and the Dow rose 0.3%, While the Euro STOXX fell 0.4%, and the Japanese Nikkei 225 lost 0.3%. Gold stocks pulled back this week, losing 3.2% to close at 6.2 grams – just below its long-term resistance.

Crude oil, which rose 5.5% last week, rocketed 9.5% higher this week. The week's largest losses were once again in cotton, off 3.3%. Metals were mixed, with platinum falling 3.1% and silver dropping 1.9%, while palladium rose 2.9% and copper gained 1.7%.

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Another mixed week, with currencies mostly lower, and stocks lower in the US, but higher in Japan and Europe. Commodities were volatile: crude oil made the biggest gains this week, rising 5.5%, while the largest losses were in cotton, off 8.7%, and coffee, down 4.8%.

The only rising currencies were the Chinese Yuan, which gained 1.6%, and Bitcoin, which rose 1.0%. The biggest currency losses were in the JPY, which fell 1.2%. Bonds were mixed, with the the short term SHY losing 0.8% (roughly tracking USD cash) while the long term TLT gained 0.6%.

Equities were split between the US, where the DJIA dropped 0.7% and the S&P 500 fell 0.8%, and the Euro STOXX, which gained 2.2%, and the Japanese Nikkei 225, which rose 2.8%. Gold stocks rose 0.6% to close at 6.41 grams, right on their long term resistance line. The HUI is now up 86% from one year ago, putting gold stocks and Bitcoin neck and neck as the best performing asset classes over that period.

Commodities were also mixed. Crude oil, which dropped 7.4% at the end of July and was little changed in the first week of August, finally showed a significant gain, rising 5.5% this week. The week's largest losses were in cotton, off 8.7%, and coffee, down 4.8%. Metals were all lower, led by silver, which dropped 2.6%.

Although not one of the assets I track weekly, it is worth noting that uranium ended July by setting a new all-time low of 0.59 g/lb. (My data goes back to 1988.) Is this the time to buy? Or is it the time to sell? And in either case, what's the best way to do so? I'm working on a report now that will give my answers to these questions.

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This was a mixed week, with currencies mostly lower, and stocks lower in the US, but higher in Japan and Europe. Crude oil had the biggest drop, falling 7.4%, while the largest gains were in the Euro STOXX, up 5.9% and the gold stocks, which rose 4.2%.

The only rising currency was the Japanese Yen, which gained 0.9%. The biggest currency losses were in the USD and CAD, which fell 1.6% each. Bonds were mixed, with the the short term SHY losing 1.5% (roughly tracking USD cash) while the long term TLT gained 0.4%.

Equities were split between the US, where the DJIA dropped 2.3% and the S&P 500 fell 1.6%, and the Euro STOXX, which gained 5.9%, and the Japanese Nikkei 225, which rose 0.5%. The UK FTSE was off just 0.2% after a huge 7.8% rally the previous week. Gold stocks rose 4.2% to close at 6.36 grams, right at their long term resistance line. The HUI is now up 97% from one year ago, making gold stocks the best performing asset class over that period.

Commodities were also mixed. The big news here was in crude oil, which dropped 7.4%. Platinum and palladium were the strongest commodities, gaining 1.7% each. Silver was almost unchanged, up 0.1%, while copper lost 1.8%.

The Dow Jones Industrials have started their second month below the 36 month moving average level. This has been a reliable indicator marking the start of a long term downtrend for stocks. This is not to say that stock prices (especially as measured in US Dollars) may not go higher from here; but it is very likely that a year or two from now, US stocks in general will be far below their current gold value. There will be exceptions, particularly among the gold mining stocks, but unless you are a short-term trader, I would strongly suggest exiting most US stock positions.

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This was a generally up week, with all asset classes rising except for the Japanese Yen, which dropped 2.9%, and the long term bonds (TLT), which fell 1.6%. Cotton, up 15.2% and palladium, up 9.0% were especially strong this week.

The strongest currencies were the Pound Sterling, which rose 4.2%, the Canadian Dollar, which gained 2.9%, and the Euro, which added 2.5%. In spite of its drop this week, the JPY remains the only government-issued currency that is up from one year ago – though by just 1.0%. Bonds were mixed, with the the short term SHY gaining 1.8% (considerably less than USD cash, which gained 2.1%) while the long term TLT fell 1.6%.

Equities were all in the black, led by the Euro STOXX, which gained 6.6%, and the Japanese Nikkei 225, which rose 6.1%. The weakest markets were gold stocks, which rose just 0.6%, and the S&P 500, which added 3.6%.

Commodities were all higher. Cotton showed the largest rise, gaining 15.2%, but the metals also performed well, with palladium up 9.0% and copper up 7.2%. Platinum was the weakest commodity, rising a respectable 3.0%.

Although not part of the weekly asset chart, interest in the UK's exit from the European Union, and what that will mean for Great Britain economically, has prompted me to start following the GBP and FTSE 100 Index, and I have added pages for these to the site for your viewing pleasure.

Pound Sterling Since 2011

The Pound hit it's 25 year low of 26.3 mg in late 2011, and rallied only slightly during 2012. In 2013Q2, it began to rise strongly, and added to those gains throughout 2014 and 2015 to finish 2015 at 43.3 mg, about 65% above the 2011 low. 2016, however, has been pretty much a downhill slide, with the GBP losing 23.3% so far YTD. The recent drop due to concerns over "BREXIT" continued this trend, leaving the Pound roughly where it was back in 2012. The only other currency I follow that is in a similar position is the Canadian Dollar. Although the Euro, Swiss Franc and US Dollar are all down hard so far in 2016, they are all still well above their 2011-2012 levels; in fact they are roughly at their 2013Q2 levels.

The FTSE 100 has certainly been volatile lately, but has not been particularly hard-hit. Although down for the year to date, it is trading at about the level of 2013Q1, well above its 2011 lows.

It will be interesting to follow the British experiment with independence from the EU. It will certainly bring challenges, but it will also bring many opportunities. And the British people have historically been pretty good at recognizing and seizing on economic opportunity.

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News headlines proclaim that the US stock market indexes like the Dow Jones Industrial Average and the S&P 500 are hitting all-time highs. And this is true, when measured in US Dollars. But measured in Gold? Here are my thoughts on this topic.

As you may have noticed, while I love using gold to measure the value of things, I am also very excited about the new monetary experiments going on these days, usually referred to as crypto-currencies. The oldest and largest of these is Bitcoin. But the youngest, and one of the most exciting, is Steemit. Steemit is a social media site similar to facebook, reddit or wordpress that pays its users (those who create content and curate content by commenting and upvoting to bring worthy items to the attention of other users) with a new crypto-currency called STEEM.

I will be publishing more of my thoughts and commentary under the pricedingold tag on the Steemit platform, while the Priced in Gold website will remain the place to find charts and my weekly updates. You can follow me at @vollumc on Steemit if you'd like to have more frequent updates and read about some of my other interests.

I would also suggest that you give Steemit a try, yourself! I firmly believe that Priced in Gold readers are some of the most literate and forward-looking people around. Why not share your expertise and thoughts with a wider community, and get paid for doing so? And if you haven't dipped your toe into the crypto-currency pool yet (or even if you have!) Steemit is a great way to get in on the ground floor of a new coin at no cost.

I hope you'll join me there!

Currencies and short-term bonds continued their tumble, while stocks and commodities were mixed. The week's biggest losses were in crude oil, off 8.3%, and copper, down 5.1%. The UK FTSE stocks were also hit hard, losing 5.0% for the week. The largest gains were in gold stocks, which moved 3.7% higher, and platinum, which rose 3.0%.

With the exception of the Japanese Yen, which rose 1.0%, all other currencies were lower, led by the Pound Sterling, which fell 3.3%, and Bitcoin, which lost 2.8%. Bonds were mixed, with the short term SHY dropping 1.0%, while the long term TLT gained 1.3%.

US large cap indexes were little changed, but gold stocks continued to climb, gaining another 3.7% this week. European and Japanese equities fell by 3.1% and 2.7% respectively. As mentioned above, British stocks were the hardest hit, falling 5.0%.

Commodities were mixed, with crude oil and copper down hard, while platinum rose sharply. Silver and palladium took a breather after the prior week's big gains, rising 0.5% and 0.3% respectively.

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The Dow Jones Industrials are now firmly below their long term (36 month) moving average. This has been a reliable bear market indicator for the index since 1900. The last time this "sell" signal occurred was in September of 2001, when it marked the start of an 11.5 year, 77% drop from 945 grams to 261 grams. Since the last "buy" signal in February of 2013, the Dow has risen from 261 to 417 grams, a gain of 60%. This would be a good time to cut back on conventional stock positions, taking some winnings off the table and into the safety of gold.

DJIA monthly since 1990, Priced in Gold

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The big gains for the week of 1-July week were in precious metals and mining stocks, while most of the losses were in currencies and short term bonds. (My apologies for the late posting of this update. I will be posting the 8-Jul Update on Monday, 11-July.)

The last two weeks have been dominated by fallout from the UK vote to leave the European Union. The markets didn't expect this, and have been trying to determine what (if any) changes in value will follow from this event. Currencies have all been hit hard, starting with the Pound Sterling (down 11.7% the morning after the vote, and down a further 4.4% this week). The Euro was next, losing 2.9% for the week ending 6/24, and dropping another 2.1% this week. Bitcoin was also hammered for the week ending 6/24, down 12.7%, but stabilized this week, off just 0.2%. In perspective, though, this 13% drop is just giving back half of the 27% gained the week before.

USD bonds were mixed, with short term SHY falling 1.7% this week, on top of a 1.8% loss the previous week, while the long term TLT rose 1.6% this week, almost canceling out the prior week's 1.8% drop.

Stocks recovered this week, after getting slammed by the British exit vote last week. The exception was gold miners, with the HUI rising 2.8% on the news last week, and following through with a 6.9% rise this week. For the week ending 24-June, the UK FTSE dropped 4.7%, as did the Japanese Nikkei, but not as far as the Euro STOXX FEZ, which fell 7.5%. This week, all stock indexes were higher, mostly recouping about half the prior week's drop. The FTSE was up 2.4%, FEZ rose 3.0%, and the Nikkei was 3.2% higher.

Commodities were mixed, with cotton continuing to slide lower (down 2.0% on 24-Jun and down 1.1% for 1-Jul). Coffee whip-sawed, falling 4.4% and then rising 4.8%. Crude oil fell 2.6% on he LEAVE vote, but recovered 1.0% this week. Other commodities, especially precious metals, were strong both weeks, but especially this week, with palladium gaining 7.1% and silver rising 5.7%.

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