Cryptocurrency prices turned sharply higher at the end of the week, leaving Ethereum up 11.2% and Bitcoin up 5.4%. Bonds were also higher, but other asset classes were mixed. Crude oil and platinum saw the largest losses, as crude fell 4.3% and platinum dropped to a new all-time low of 18.9 grams, down 2.9%.

The USD was the strongest national currency, rising 0.3%. The Canadian Dollar and the Euro were weakest, falling 1.0% and 0.9% respectively. The Yen and Yuan were unchanged (Chinese markets were closed all week for Lunar New Year, but were virtually unchanged when reopening on Monday the 11th). Bonds were higher, with the short term SHY rising 0.6% and the long term TLT gaining 1.7%.

Cryptos settled slowly through most of the week, then jetted higher on Friday, in part due to positive comments from the SEC on the eventual likelihood of a Bitcoin ETF. This left Bitcoin up 5.4% and Ethereum up 11.2%, making them the best performing assets for the week.

Japanese and European stocks fell 2.2% and 1.4% respectively. US stocks were the best performers, as the Dow gained 0.5% and the S&P added 0.3%. Gold stocks were up 0.1%.

Crude oil plunged 4.3%, the largest drop of any asset class. Platinum also had a bad week, falling 2.9% to a new all-time low of 18.9 grams. Palladium had a very strong week, rising 2.2% leaving it in third place after the cryptos. Copper also did well, rising 1.7%. Silver was down 1.1%.

Note that I am once again updating the Argentine and Chilean Pesos!

Priced in Gold Weekly Summary

Click for PDF version

Commodities were mixed and gold stocks were sharply higher, but all other assets were lower. Ethereum, which dropped 9.3%, had the largest losses. The best performers were gold stocks, which rose 4.7%, and silver which gained 2.2%.

The US Dollar and Chinese Yuan fell more than other national currencies, dropping 1.9% apiece. The Canadian Dollar fell the least, declining 0.7%. Short term bonds were down 1.9%, in line with the USD. Long term bonds did slightly better, falling 1.5%.

Ethereum fell from last week's 2.80 grams to 2.51 grams on Wednesday, then recovered to close at 2.54 grams, down 9.3%. Bitcoin hit its low of 81.3 grams on Thursday, then rallied to finish the week at 82.3 grams, off 4.9%.

Gold stocks rose strongly this week, as the HUI hit a high of 4.01 grams on Thursday before slipping to close at 3.99 grams on Friday, for a weekly gain of 4.7%. All the major stock indexes were lower, led by the Japanese Nikkei, which fell 1.5%. The Dow Jones Industrials lost 0.6%.

Soft commodities were hit hard this week, as coffee fell 4.7% and cotton declined 2.5%. Silver and crude oil were the largest winners, gaining 2.2% and 1.0% respectively.

Priced in Gold Weekly Summary

Click for PDF version

Once again, cryptocurrencies were lower while other asset classes were mixed. The biggest drops were in Ethereum, down 4.5%, and palladium, off 3.9%. The HUI gold stocks were the week's biggest winners, rising 4.4%.

The Chinese Yuan was the only rising national currency, gaining 0.5%. The Canadian Dollar and Japanese Yen fell the most, each closing down 0.8%. The US Dollar was off 0.7% as were it's 1-3 year bonds. TLT, composed of 20+ year bonds, rose 0.1%.

There were no shocking moves in cryptos this week, just a gradual settling of prices. Bitcoin ended down 2.3% while Ethereum closed 4.5% lower. Some smaller coins even managed gains, like DASH which closed up 2.3%.

Gold stocks outperformed all other asset classes this week, rising 4.4%. The European STOXX also managed a gain of 0.3%, but all other indexes fell. The S&P 500 had the largest drop, giving up 1.0%. The DOW fell 0.6%.

Commodities were very mixed, though losses outnumbered gains. Coffee rose 1.0% and platinum gained 0.6%. Its sister metal, palladium, fell 3.9%, but still held its price well above that of gold, closing at 32 grams. Silver also declined, dropping 1.4%.

Priced in Gold Weekly Summary

Click for PDF version

Cryptos were lower this week, while other asset classes were mixed. The biggest drops were in the gold stocks (off 5.1%) and Ethereum (down 4.8%). Crude oil, which rose 4.1%, and palladium, which gained 4.0%, were the week's biggest winners.

North American currencies were higher, as the USD and CAD rose 0.4% each. The others tracked here were lower, led by the Japanese Yen, which closed down 0.8%. Not tracked here is the British Pound Sterling, which rose 1.0% for the week, possibly due to the sound defeat of PM Theresa May's Brexit "deal". Short term bonds rose 0.3%, while long term bonds fell 0.8%.

Cryptocurrencies dipped sharply on Sunday, then recovered through the week. Ethereum finished the week down 4.8% while Bitcoin closed off 0.4%.

Although gold stocks dropped 5.1%, the largest decline of any asset tracked here, all other equity indexes were higher. The Dow Jones Industrials and the S&P 500 led the field, rising 3.3% and 3.2% respectively.

Crude oil (which rose 4.1%) and palladium (which gained 4.0%) were the week's strongest commodities (and strongest assets overall). Copper also showed strength, rising 2.5%. On the downside, platinum fell 2.2% while silver declined 1.0%.

Priced in Gold Weekly Summary

Click for PDF version

Results for the first full week of trading in 2019 were mixed for currencies, stocks and commodities, but lower for cryptos and bonds. Ethereum, the prior week's biggest gainer, was this week's worst loser, giving back all of its gains and then some, closing down 18.1%. Bitcoin was in second place, dropping 5.1%. Commodities were the best performers, as crude oil added another 6.6% on top of last week's 5.7% gain, and palladium rose 3.8% to close at 32.0 grams, solidly above parity with gold.

The Chinese Yuan was the strongest national currency, rising 1.9%, while the Japanese Yen was weakest, falling 1.0%. The US Dollar dropped 0.7%. Short term treasuries also fell 0.7%, but 20+ Year bonds did much worse, closing down 1.7%.

As mentioned previously, cryptocurrencies felt the most pain of any asset class. Bitcoin rallied to a high of 99.1 grams on Sunday, the sold off through the week to finish at 89.0 grams, down 5.1%. Ethereum followed a similar pattern, hitting a high of 3.8 grams on Sunday, but declining to 3.1 grams by the end of the week, for a loss of 18.1%

The HUI gold stock index closed down 2.5%, but all other major indexes were in the black. The Nikkei led the field, gaining 3.1%, followed by the S&P 500 which added 1.8% and the Dow Industrials which rose 1.7%.

Commodities, while mixed, had the largest gains of any asset group. Crude oil continued its strong recovery, gaining 6.6%, and palladium also soared, adding 3.8%, and closing solidly above the 31.1 gram gold parity level. On the other side of the ledger, cotton fell 1.0% and silver dropped 0.9%.

Priced in Gold Weekly Summary

Click for PDF version

Another short trading week over New Years has given mixed results for most asset classes. The largest gains were once again in Ethereum, which rose 12.2%. Crude oil reversed course to gain 5.7%. The largest losses were in Bitcoin, down 1.8%, and the Chinese Yuan, off 1.5%.

The Chinese Yuan was the weakest of all national currencies this week, falling 1.5%. Its neighbor, the Japanese Yen was the strongest, rising 2.0%. The Canadian Dollar also did well, gaining 1.8%. The US Dollar was little changed, declining 0.1%. Short term bonds were unchanged and long term bonds, as measured by TLT, gained 0.8%.

Bitcoin started the week strongly, then dipped to a low of 91.0 grams on Dec 31st, but recovered to finish the week at 93.7 grams, off 1.8%. Ethereum followed a similar pattern, but fell less and gained more to end the week up 12.2%, the best performance of any asset class.

The only declining equity index was the Nikkei 225, which showed a small loss of 0.3%. Gold stocks were the best performers, adding 2.6%. The Euro STOXX barely outperformed their US counterparts, rising 1.9% compared to the 1.8% gain managed by the S&P 500.

Commodities were mostly higher. The extremes were copper, which fell 1.4%, and crude oil, which rose 5.7%. Silver was also a winner, gaining 2.6%. Platinum fell to a new all-time low of 19.0 grams on Wednesday, but recovered to finish the week up 1.5% at 19.4 grams.

Priced in Gold Weekly Summary

Click for PDF version

The short trading week over Christmas brought a mix of results, taking bonds and national currencies lower, and producing a range of results for cryptocurrencies, stocks and commodities. The largest gains were in Ethereum, which rose 23.7%, and silver, which gained 2.4%. Cotton took the biggest losses, closing down 3.0% followed by the Canadian Dollar and crude oil which each fell 2.2%.

Among the national currencies, the Japanese Yen dropped least, giving up 1.0%. The Canadian Dollar fell the most, off 2.2%. US Dollar cash dropped 1.6%, underperforming USD bonds as TLT and SHY declined 1.4% each.

Cryptocurrencies were mixed but generally positive, as exemplified by Ethereum's 23.7% rise and Bitcoin's 0.9% decline. Similar results were seen in other cryptos, for instance, PIVX gained 19.2% while DASH dropped 3.7%.

The Japanese Nikkei was the weakest stock index, falling 1.7%. The S&P 500 rose the most, adding 1.2%. The Dow Jones Industrials gained 1.1%. Gold stocks were off 0.6%.

Commodities were mixed, with falling assets including cotton (off 3.0%), crude oil (down 2.2%) and platinum (down 1.9% for a new all-time low of 19.2 grams). On the upside, silver surged 2.4% while palladium (up 0.6%) continues to hover just below parity with gold.

Thanks for being part of the Priced in Gold family; we wish you the very best in 2019!

Priced in Gold Weekly Summary

Click for PDF version

It was a rough pre-Christmas week for most asset classes except the cryptocurrencies, which bounced back strongly; Ethereum rose 27.5%, while Bitcoin gained 18.0%. Commodities were hardest hit, as crude oil plunged 12.2% and cotton sank 9.8%. Stocks weren't spared, either; the S&P 500 closed down 8.7%.

The only rising national currency was the Japanese Yen, up 0.2%. The Canadian Dollar sank the most, losing 3.1%. The USD fell 1.8%, but its bonds did better, as the short term SHY fell 1.6% and the longer term TLT gained 0.3%.

Cryptos had a great week, finally catching a bid and actually starting to soar. Ethereum was especially strong, gaining 27.5%, but Bitcoin was no slouch, rising 18.0%. These gains seem to be holding and consolidating through the weekend; it will be interesting to see what happens as the year finishes out.

The only equities to rise were the HUI gold stocks, up 0.6%. Losses ranged from 8.7% for the S&P 500 to 5.2% for the Euro STOXX.

Commodities were all in the red, with crude oil taking the worst hit, plunging 12.2%. Cotton was also down strongly, off 9.8%. Copper lost 5.0%, and the precious metals (silver, platinum and palladium) were each down 1.1%.

I wish you the very happiest of holiday seasons, and look forward to tracking the markets with you in 2019! Merry Christmas!

Priced in Gold Weekly Summary

Click for PDF version

Results were mixed for stocks, commodities and currencies, while bonds rose and the cryptos fell once again. Palladium showed the largest gains, rising 2.7% and closing at 31.0 grams – just shy of parity with gold. Ethereum had the largest loss, dropping 9.0%.

National currencies were mixed, with the USD moving higher by 0.6% while the Chinese Yuan dropped 0.5%. The other currencies were little changed for the week. US bonds, both short term and long term, were higher, rising 0.7% each.

Cryptocurrencies dropped again, with Ethereum falling 9.0% and Bitcoin dropping 4.6%. Bitcoin is now just below the 130% exponential growth line. It will be interesting to see if that line represents support, but I suspect that there will be intense selling pressure to raise USD cash for tax payments and to cover year-end expenses which will continue through mid-Jan 2019, so I'm not counting on that.

Stocks were mostly lower, with the European STOXX50 (up 0.9%) being the exception. The Japanese Nikkei fell the most, down 1.2%, while the S&P 500 was off 0.6%.

Commodities saw the largest price swings (outside of the cryptos). Palladium gained 2.7% and silver added 1.3%. The largest decline was in coffee, which fell 1.8%. Platinum made a new all-time low of 19.6 grams early in the week, then recovered to close unchanged. Palladium popped up above parity with gold and hit a high of 31.6 grams, but settled down to close at 31.0 grams, just below parity.

Priced in Gold Weekly Summary

Click for PDF version

Very few asset classes made gains this week. The short list was headed by gold stocks, as the HUI rose 4.0%, and crude oil, which added 1.2%. The largest losses were once again in cryptocurrencies, as Ethereum fell 19.3% and Bitcoin dropped 16.6%.

National currencies were all lower, led by the US and Canadian Dollars, which declined 2.1% apiece. The Chinese Yuan fell the least, dropping 0.4%. US bonds did better than USD cash, as the short term SHY fell 1.8% and the long term TLT gained 0.8%.

The declines in crypto just keep coming! Bitcoin declined 16.6%, taking it right to the exponential uptrend line in place since 2015. Bad as that was, Bitcoin still fared better than most of the altcoins, including Ethereum which dropped 19.3%. Both are substantially lower than they were 12 months ago (when they were near their all-time highs) but they are both substantially higher than they were 24 months ago – in the case of Ethereum, about 10 times higher (2.3 grams vs 0.23 grams). It's certainly too early to call a bottom, but with good fundamentals remaining in place for the top-tier coins, many are starting to look attractive at these prices.

As mentioned above, gold stocks were the strongest of all assets this week, rising 4.0%. All the major indexes were lower, however, led by the S&P 500, which dropped 6.5%, the largest decline outside of the cryptos. The Dow industrials did little better, falling 6.4%. The Japanese Nikkei did the "least worst", declining 4.3%.

Commodities were also lower, with the sole exception of crude oil, which posted a 1.2% gain. Coffee fell the most, dropping 5.2%, followed by platinum, which dropped 4.0% to a new all-time low of 19.7 grams. Palladium rose to a new multi-year high, trading above parity with gold on Tuesday and Wednesday, then slid to end the week at 30.2 grams, down 1.8%. Silver was down slightly, off 0.4%.

Priced in Gold Weekly Summary

Click for PDF version