Weekly Update 20 Dec 2019 Happy Holidays!

Equities and commodities were mixed but weighted to the downside; all other asset groups moved lower. The largest gains were in cotton, which rose 0.9%, and the S&P 500, which added 0.8%. The worst performers were Ethereum, which fell 11.7%, and gold stocks, which dropped 3.6%.

All major currencies fell; the largest drop was in the British pound (not in table) which declined 3.0%, followed by the Euro, which closed 1.3% lower. The smallest declines were in the Canadian and US Dollars, which were off 0.6% and 0.8% respectively. Short term bonds tracked USD cash, pulling back 0.8%, but long dated treasuries fell 1.7%.

Ethereum fell to a low of 2.58 grams on Tuesday, then recovered to end the week at 2.71 grams, down 11.7%. Bitcoin followed a similar but milder path, closing on Tuesday at 140.0 grams, but working higher to finish the week at 151.8 grams, down 1.5%.

Gold stocks fell 3.6% this week, the largest loss aside from Ethereum. US markets were the lone equity gainers, as the S&P 500 rose 0.8% and the Dow Industrials added 0.3%.

Among the commodities, only cotton and copper moved higher, rising 0.9% and 0.1% respectively. Palladium was weakest, falling 2.9%. Silver was off 0.3%.

Priced in Gold Weekly Summary

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