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.
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.
Government-issued currencies and commodities were mostly lower this week, while bonds were mixed, and stocks were mostly higher. The biggest gains were once again in cryptocurrencies like Bitcoin, which rose 11.1% to close at 61.4 grams. The largest losses were in crude oil and coffee, which fell 5.0% apiece. Gold stocks also fell, dropping 2.4%, continuing the trend of the last few weeks.
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Government-issued currencies and bonds were lower this week, while stocks and commodities were mixed. The biggest news and the biggest gains were once again in Bitcoin, which rose 13.0% to close at 55.3 grams (more on this below). The largest drop was in cotton, which fell 4.0%. Gold stocks continued to fall, dropping 2.2% on the heels of last week's 1.7% loss.
Commodities were mixed, while currencies, bonds and major stock indexes were higher this week. The biggest gains were in Bitcoin, which rose a whopping 18.1% to close at 38.3 grams. European stocks also soared, rising 8.2% in anticipation of a Macron victory in the French elections this weekend. The Euro was also the strongest government-issued currency, gaining 4.0%. Crude oil was down 3.4%, the largest drop for any asset class.
Most asset classes continued to fall this week, but each group had a bright spot – and the brightest of all was palladium, which gained 3.4%. Bitcoin continued its tumble, falling another 13.8% to close at 23.3 grams on concerns over a possible split into two currencies, Bitcoin Classic and Bitcoin Unlimited. The next largest drop was in coffee, which fell 4.5%.
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Commodities were mixed this week, while major stock indexes, bonds and government-issued currencies were higher. Bitcoin, volatile as always, gave back all of the prior week's gains, falling 11.7% to 28.9 grams (though as of Tuesday the 14th, it was again above parity with gold). The largest gains were in the Euro STOXX, which rose another 3.1% to 920 mg.
Government-issued currencies and bonds were all lower this week, but stocks and commodities were mixed. The largest gains were in Bitcoin, which rose 4.9%, more than making up for the prior week's losses. Cotton fell more than any other asset-class, giving up 4.2%.
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Currencies were all lower this week, but bonds, stocks, and commodities were mixed. Copper was the best performing asset, rising 4.7%. The largest losses were in Bitcoin, which fell 3.5%, giving back almost half of the prior week's gains.
This week saw government-issued currencies, bonds, and major stock indexes all lower. Commodities were mixed, with precious metals higher, while food and energy were lower. The week's biggest winner was once again Bitcoin, which gained 8.1%. Gold stocks also rose, with the HUI gaining 2.0%. The largest losses were in coffee and copper, down 6.4% and 5.0% respectively.
Click through for more details and additional commentary on Bitcoin and its relationship to gold.
