The week before Christmas was quiet for stocks, bonds, and most currencies, with few assets outside the commodities changing more than 1%. Bitcoin outpaced all other assets, gaining a whopping 17.5% for the week and closing at 25.2 grams. Palladium doubled down on the prior week's drop, losing another 4.9%, clinching the "weakest asset class" title. Gold stocks performed better than any of the major stock indexes, gaining 2.3%, still a distant second place behind Bitcoin.
The only currency to fall was the Canadian Dollar, which lost 1.1%. Bonds were higher, with the largest gains going to the long maturities for a change. The 20+ year TLT gained 1.1%, while the 1-3 year SHY gained 0.2%, and USD cash was little changed, up just 0.1%.
All equities were higher, led by the HUI gold stocks, which rose 2.3%. Next strongest showing was by the Euro STOXX, which rose 0.9%. The S&P 500 were the weakest equities this week, rising just 0.3%.
Commodities were hit hard this week. Only crude oil, up 2.2%, and platinum, up 0.2%, showed gains. The weakest commodities were palladium and coffee, which fell 4.9% and 4.4% respectively. Copper and silver were also lower, dropping 3.4% and 1.9%.
While you are relaxing and enjoying this holiday week with family and friends, take a few minutes to download the free Mining for Profits ebook, and pick up some strategies and techniques for improving your profits next year. Happy Holidays from Priced in Gold!
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