Weekly Update 7 June 2019

This was a rough week for all assets except equities, and even they had mixed results, as the Japanese Nikkei index dropped 1.5% while the HUI gold stocks rose 3.9%. All other asset classes were lower. Cryptocurrencies took the largest hit, as they pulled back after five straight weeks of solid gains. Ethereum had the largest loss, falling 9.6%.

The US Dollar dropped 3.4%, the worst performance for a national currency. The Euro and Canadian Dollar dropped least, giving up 1.7%. US Treasury bonds did slightly better than cash, falling 3.2% for both long and sort durations.

Cryptocurrencies closed lower this week, for the first time since 26-April. Early in the week, Bitcoin hit a high of 209.9 grams, then pulled back to close at 186.6 grams, down 9.3% — but still 45.9% higher than its close of 127.9 grams on 26-April. Ethereum followed a similar pattern, closing down 9.6% after a five week run totaling 53.6%.

Among equities, only the Japanese Nikkei was lower, falling 1.5%. All others rose, led by the HUI gold stocks, which gained 3.9%, the largest gain of any asset this week. The Dow Jones Industrials added 1.2%

Commodities were all lower, led by cotton and coffee, which fell 6.9% and 6.7% respectively. Silver fell the least, giving up 0.5%. Palladium fell 4.4% to close at 31.5 grams, just 0.6% above parity with gold.

Priced in Gold Weekly Summary

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