It has been an interesting week with a surprise ending! Up until Friday's London PM fix, the official price I use for calculating the value of the US Dollar and other currencies, my summary would have been "National currencies, cryptocurrencies and bonds rose, while equities and commodities were mixed." But shortly after the PM fix, all hell broke loose in the trade war between the US and China, and currencies, especially the USD, tanked. This affects the prices of all the assets quoted in those currencies, pushing most of them lower by 1.0% to 1.5%. So the summary became "National currencies and bonds fell, while cryptocurrencies, equities and commodities were mixed." The biggest winners and losers remain the same, however. Gold stocks trounced all other assets, rising 6.7% (or 5.2% at end of day). The largest losses were in cotton, which dropped 2.5% (or about 4.0% by end of day).
National currencies, cryptocurrencies and equities fell, led by Bitcoin which dropped 13.6%, giving back most of its gains for the last month. Bonds and commodities were mixed, with the largest gains in TLT, the long term bond fund, which rose 3.1%. Outside of the cryptos, the largest losses were in coffee, down 5.7%, and platinum, off 4.6% to a new all-time low of 17.1 grams.
Stocks and commodities moved lower, while all other asset classes were mixed. Bitcoin made the largest gains, rising 5.0%. The biggest losses were in palladium and cotton, which dropped 10.6% and 9.3% respectively. We seem to be seeing a shift away from high-flying assets towards relative "safe havens" like gold, Bitcoin, and long term treasury bonds. New safe haven options are coming soon, including gold bonds (more on that below.)
Currencies, bonds, and major stock indexes moved higher, while cryptos and commodities were mixed. Cotton and the S&P 500 made the largest gains, rising 3.7% and 3.0% respectively. The biggest losses were in Coffee, which fell 5.8%, and Bitcoin, which dropped 5.0%.
Bonds were lower, but all other asset categories were mixed. Bitcoin and crude oil had the largest gains, as BTC rallied 6.2% and crude added 3.3%. The biggest losses were in cotton, which fell 6.6%, and Ethereum, which dropped 5.4%.
Cryptocurrencies were lower, stocks and bonds were higher, and national currencies and commodities were mixed. Bitcoin had the largest loss, pulling back 10.2% this week, but was still up 34.9% from one month ago. The biggest gains were in cotton, which rose 6.4%, and palladium, which added 4.8%.
Cryptocurrencies moved to new highs for the YTD, national currencies and bonds slid lower, and stocks and commodities were mixed. Bitcoin topped the winner's list, rising 12.9%. Crude oil and gold stocks also rose strongly, gaining 5.8% each. The largest losses were in cotton, which plummeted 10.3%.
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%.
Cryptocurrencies and bonds rose this week, while all other asset classes were mixed. Ethereum saw the largest gains, soaring 41.5%. The largest losses were in platinum and cotton, which fell 3.5% and 3.1% respectively.
Cryptocurrencies continued to rise, but most other assets were lower, led by cotton, which fell 10.7%. Bitcoin gained 9.9% to close at another new high for the year. Gold stocks had the second largest losses, closing down 4.8%.