Weekly Update 6 Sep 2019
Cryptocurrencies rose, bonds fell, and other asset classes were mixed. Bitcoin made the week's largest gain, rising 8.2%. Although most stock markets moved higher, gold stocks fell more than any other asset, dropping 5.0%.
Most national currencies were higher, with the Japanese Yen, down 0.3%, being the sole exception. The Canadian Dollar showed the most strength, rising 1.1%. Although USD cash was up 0.3%, treasury bonds were lower, as the short term SHY pulled back 0.1% and the long term TLT lost 0.9%.
Cryptocurrencies had a good week, as Bitcoin outperformed all other assets, rising 8.2% to close at 211.3 grams. Ethereum gained 1.0%.
In spite (or because) of the Yen's weak performance, the Japanese Nikkei rose more than any other market index, adding 2.4%. The HUI gold stocks fell by 5.0%, the only equity index to close lower, and the largest drop of any asset in our table.
Copper was the strongest commodity, rising 3.3%. It was followed by crude oil, which gained 2.6%.The largest drop was in silver, off 1.3% to 367 mg/oz.
Looking back over the last year, it seems remarkable that there are only 3 assets in the black, and they are all in close contention for the "best investment" award: gold stocks, up 26.3%, Bitcoin, up 25.4%, and palladium, up 23.5%. The next nearest asset is silver, down 0.3%. Silver has a history of explosive moves, however, and may turn out to be the dark horse candidate as the year progresses.
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