Weekly Update 5 Oct 2018

This week, cryptocurrencies were much less volatile than bonds, stocks and commodities. The largest losses were in long term bonds, off 4.7%, while the biggest gains were in coffee, up 4.9%. Bitcoin, in contrast, finished the week down 1.7%.

National currencies were all lower, led by the Euro, which fell 2.3%. The USD, CAD, and CNY fell least, dropping 1.4% each (the CNY price is estimated, since the Shanghai Gold Exchange was closed all week for national holiday). Bonds were also lower, with the short term SHY falling 1.5%, and the long term TLT dropping a whopping 4.7%, the largest drop in any asset class… and this is supposed to be the "risk free" asset?

Bitcoin, often a highly volatile asset, fell gradually early in the week, hitting a low of 168.4 grams on Wednesday, the recovered to finish the week at 171.1 grams, off 1.7%. Ethereum got a boost over the weekend, then fell to a Wednesday low of 5.71 grams, recovering to end the week at 5.84 grams, up 0.9%.

Major stock indexes were lower; the HUI gold stocks bucked this trend, rising 0.3% for the week. The Euro STOXX50 fell the most, dropping 3.6%, while the Dow Jones Industrial Average fell the least, giving up 1.4%.

Commodities were mixed, with coffee in the starring role, rising 4.9%, the largest gain of any asset in this table. Palladium fell 4.3%, the second largest loss of the week. Copper continued its decline, giving up 2.6%. Crude oil was little changed, up 0.1%, and silver managed a 0.9% gain.

Priced in Gold Weekly Summary

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