This week, commodities were mixed, but all other asset classes were unchanged or lower. Bitcoin saw the largest drop, falling 9.5% to close at 159.1 grams after hitting a new all time high of 181.3 grams on Saturday the 4th. The largest gains were in coffee, which rose 1.5% for the week.
The week of 13-Oct saw stocks, bonds and currencies lower, digital tokens much higher, and commodities mixed. This week, stocks, bonds and currencies recovered some of those losses, commodities were again mixed, and Bitcoin rose to new all-time highs while Ethereum gave up all of the prior week's gains. The largest gains were in Bitcoin, which rose 7.6% (on top of the prior week's 25.3% gain) to close at a record high of 145.3 grams. Gold stocks had the largest losses, dropping 1.2% this week on top of a 2.6% loss the prior week.
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Currencies, bonds and major stock indexes were higher, commodities were mixed, and digital tokens fell hard again this week. The largest losses were in digital tokens, as Ethereum fell 14.2% and Bitcoin dropped 12.1%. The biggest gains were in coffee and crude oil, which added 10.1% and 6.9% respectively.
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Currencies and commodities were mixed, while bonds, and stocks, and digital tokens were all lower this week. In a major reversal, the largest losses were in digital tokens, as Ethereum fell 23.4% and Bitcoin dropped 14.5%. The biggest gains were in silver and cotton, which added 2.1% and 1.8% respectively.
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Bonds, stocks, and currencies were lower, but digital tokens and commodities were mixed. Bitcoin rose 12.2% while Ethereum dropped 5.2%. Coffee was the weakest asset class, falling 9.4%.
The Canadian Dollar and Chinese Yuan were the best performing national currencies, off by 0.1% and 0.2% respectively. The Euro fell the most, dropping 1.1%. Bonds were lower, with the 20+ year TLT off 0.6%, the 1-3 year SHY losing 0.8% and USD cash (notes of zero maturity) dropping 0.7%.
Most asset classes were lower, but digital tokens shot much higher. Ethereum rose 38.2% and Bitcoin gained 24.8%, continuing to rise after the successful Bitcoin hard fork on August 1st. Bonds, major stock indexes, and commodities were all lower.
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I want to apologize for the rash of junk emails sent out last week, and thank you for your kindness and patience. Server problems aside, this was a good week for most asset classes, with only gold stocks moving significantly lower (the HUI was off 1.8%). The strongest gains were in the cryptocurrencies, as Ethereum rose 14.5% and Bitcoin gained 3.4%, following a week of volatility caused by concern over the Bitcoin hard fork that occurred on August 1st. Bonds, major stock indexes, and commodities were all higher.
Digital tokens rebounded this week, as Bitcoin rose 18.9%. Stocks and currencies were mostly lower, while bonds and commodities were mixed. Outside of digital tokens, the biggest gains were in silver, which rose 4.0%; the largest losses were in crude oil, which fell 3.1%, reversing much of the prior week's gains.
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National currencies and bonds were higher, commodities were lower, and stocks and digital tokens (cryptocurrencies) were mixed. The biggest gains and losses were both in digital tokens, as Bitcoin fell 9.8% to finish the week at 62.6 grams (about 2 troy ounces) while Ethereum rose 33.4% to close at 9.2 grams. In equities, the US markets rose, while Europe and Asia fell. Gold stocks also resumed their downward trend, falling 4.3%, the second largest drop after Bitcoin.
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Most currencies, equities and commodities were higher this week, with crude oil, down 3.2%, being the biggest exception. The largest gains were once again in cryptocurrencies like Bitcoin, which rose 13.0% to close at 69.4 grams. The largest losses were in crude oil, but cotton, the Chinese Yuan, European stocks, and long term bonds were also lower. Gold stocks rebounded, gaining 3.2% and reversing the trend of recent weeks.
