Markets were mostly higher this week, led by the commodities. Cotton and crude oil advanced the most, while Bitcoin showed the greatest weakness.
Bitcoin dropped 12% to close at 2.5 g. Trading volume is beginning to grow again, averaging almost 100 kg per day. Expect more volatility as volume increases.
The markets were mixed this week, with most asset classes lower. The biggest exception was gold stocks, which continued their advance for a second week.
Bitcoin gave back some of last week's gain, dropping 1.6% to close just below 2.9 g. Trading volume continued very light throughout the week, but picked up over the weekend. Although prices have been fairly stable for the last few weeks, you should expect more volatility as volume increases.
After last week's powerful rally in almost everything but gold stocks, most asset classes pulled back a little this week. The exceptions were Bitcoin, which rose again for the the third week in a row, and gold stocks, which regained part of last week's massive loss.
More on Market Update 24 May 2013: Gold Stocks and Bitcoins Buck Pullback Trend
This week most markets made gains, with the exception of gold stocks. Coffee and Bitcoin were especially strong.
Bitcoin rose 7.2% to close at 2.76 g. Trading volume has been declining for the last several weeks. It is encouraging that the seizure of Mt. Gox US bank accounts by the DHS did not spark a selloff. Still, expect continued volatility!
More on Market Update 17 May 2013: Gold Stocks Tumble, Bonds Bounce
This week most markets continued to make gains, with all assets except silver and coffee advancing. Japanese stocks were especially strong.
Bitcoin rose 33.5% to close at 2.57 g. This more than recovers its drop last week. Expect continued volatility!
More on Market Update 10 May 2013: TLT and HUI Treading Water
Filed under Bitcoin, Bonds, Coffee, Commodities, Cotton, Dow Jones Industrials, gold prices, Platinum, price of gold, Silver, Stocks, US Dollar by
This week the markets shifted back into forward gear, with all assets except Bitcoin and the 20 year Treasury Bond advancing. Coffee and copper were especially strong.
Bitcoin started the week in an uptrend; trading at over 3 g on Monday, it declined through the week to close at 1.93 g, down 31%. Since early April, the BTC has made a series of lower highs and higher lows; over the next few weeks the market should make up its mind about whether Bitcoin is overvalued or undervalued at these levels. Keep in mind that it could drop by 75% and still be in an exponential uptrend. Expect continued volatility!
More on Market Update 3 May 2013: Long Bonds at Critical Support
This week saw a pullback after the prior week's monster rally. Government-issued currencies, stocks and bonds all gave up about half of last week's gains, while Bitcoin continued its recovery. Commodities were mixed, with silver continuing to fall, crude oil continuing to rise. The week's biggest loser was coffee, which gave back much of its gain from last week.
Filed under Bitcoin, Bonds, Coffee, Commodities, Cotton, Dow Jones Industrials, Platinum, Silver, Stocks, US Dollar by
Another "mostly higher" week, led by a massive rally in all currencies. The only asset classes that fell for the week were silver bullion and gold stocks.
Bitcoin had another volatile week, but in the end recovered strongly from last week's "crash", leading all other asset classes by rising 52.5% to finish at 2,643 mg. It's not over yet, folks: expect more wild price action as newcomers work through the process of price discovery in a thinly traded market. For comparison, the London market trades about 640 tonnes of gold per day. Last week, Mt. Gox trading between bitcoins and USD had a daily average volume of 0.5 tonnes. In fact, the entire world supply of bitcoins currently has a value of about 30 tonnes, less than 5% of the gold traded each day in London.
Filed under Bitcoin, Bonds, Coffee, Commodities, Dow Jones Industrials, Platinum, S&P 500, Silver, Stocks, US Dollar by
All asset classes but Bitcoin, coffee, JPY, and mining stocks were higher this week.
Bitcoin ended a wild week down 38.7% at 1693 mg, after trading has high as 5,253 mg and as low as 1,099 mg. Friday had the largest volume ever traded for Bitcoin, over 964 kg. As I forecast last week, this kind of price action is to be expected in such a thin market as new buyers enter in quantity. Over the weekend, BTC has recovered to 2,051 mg. Keep in mind that BTC could fall to 500 mg or so and still be in an exponential uptrend! Expect further volatility.
More on Market Update 12 Apr 2013: Bitcoin, Gold Stocks "Crash"
All but three asset classes were lower this week, the gainers being Bitcoin, gold stocks, and long dated treasuries.
Bitcoin ended the week up 51.8% at 1,392 mg, after setting another record high every day this week. The latest round of panic buying seems to have been triggered by the partial bank account confiscation plan announced in Cyprus. The realization that their money is no longer safe in banks has spooked investors across Europe, but especially in Spain, where downloads of Bitcoin software have skyrocketed. Because Bitcoin has such a small market cap, currently about 15,800 kg, and trades less than 200 kg each day, it doesn't take much money moving in (or out) to swing the price, so we should expect continued volatility in the near future.
More on Market Update 22 Mar 2013: Europe scrambles for bitcoins
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