National currencies and bonds were lower, cryptocurrencies were higher, and equities and commodities were mixed. The largest gains were in Bitcoin and crude oil, which rose 6.9% and 3.7% respectively. The largest losses were in long term bonds, which declined 2.3%. The US Dollar was 1.5% lower.

National currencies were all lower, with the Swiss Franc (not in table) taking the largest hit, falling 2.2%. Tied for second worst were the Euro and the British Pound Sterling (not in table) which each declined 2.0%. The Chinese Yuan showed relative strength, dropping only 0.8%. USD cash fell 1.5%, but its bonds did worse, as the short term SHY declined 1.6% and the long term TLT dropped 2.3%.

Cryptocurrencies had a good week, as Bitcoin rose 6.9% and Ethereum gained 2.9%. Many of the smaller cryptos also did well; DASH, for example, advanced 1.6%.

Equities were mixed, with the Japanese Nikkei rising 1.4% while the Euro STOXX fell 1.1%. Even US indexes were mixed, as the DOW Industrials rose 0.3% and the S&P 500 declined 0.4%. But the British FTSE (not in table) made the largest gains of all, rising 2.4%.

Crude oil and platinum dominated the commodity action, gaining 3.7% and 3.5% respectively. Cotton had the largest loss, dropping 1.9%. Silver rose 2.3% while copper was little changed, off 0.1%.

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Bonds and cryptocurrencies were lower, but other asset classes were mixed. The largest gains were in the Nikkei 225 index and palladium, which rose 3.2% and 3.0% respectively. The largest losses were in Ethereum, which declined 5.6%. The USD was 0.7% lower.

The Chinese Yuan was the strongest national currency, rising 1.0%; the British Pound (not in the table) also rose 1.0%. Also rising were the Euro (up 0.2%) and the Swiss Franc (not in table) which gained 0.5%. The weakest currencies were the US Dollar and the Japanese Yen, each of which fell 0.7%. Short term bonds tracked the USD, falling 0.7%, but long term bonds fared worse, dropping 1.3%.

Cryptocurrencies had a rough week, as Bitcoin declined 4.9% and Ethereum fell 5.6%, the largest drops of any assets this week. Despite many positive developments in the crypto space "under the hood", I expect this weakness to continue into the end of the year before taking off as the Bitcoin "halving" in May, 2020 approaches. Take advantage of these low prices to accumulate cryptos.

The Japanese Nikkei surged 3.2% this week, the largest gain for an equity index, and largest gain overall. Gold stocks also had a good week, rising 1.3%. The Dow Jones Industrials fell 0.9%, the largest drop in our table… but the UK FTSE index (not in table) declined even more, giving up 1.3%.

Palladium rose 3.0% making it the strongest commodity, and second strongest asset over all. Crude oil declined 2.4%, falling more than any other asset outside of the cryptos. Silver fell 1.7% and platinum declined 1.0%.

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Most assets moved higher, but each class (except cryptocurrencies) had a loser. The largest price swings were in commodities, as crude oil and cotton gained 5.0% and coffee fell 4.1%.

National currencies had only one decliner, the Japanese Yen, which closed off 0.2%. Although not in the table, the strongest currency I follow was the British Pound Sterling, which soared 4.6%. The Canadian Dollar came in second, rising 2.3%. USD cash was much stronger than it's bonds, rising 1.4% while the short term SHY added 1.0% and the long term TLT fell 2.5%.

Cryptocurrencies had a fairly quiet week, moving gradually higher. Ethereum rose to 4.0 grams on Wednesday and Thursday, then finished at 3.8 grams, for a gain of 4.5%, and Bitcoin peaked at 178.7 grams on Thursday, then pulled back to close the week at 175.0 grams, up 2.8%.

The only falling equity asset was the HUI gold stock index, down 2.1%. The Euro STOXX gained 4.6%, and the Dow Jones Industrials rose 2.3%.

Crude oil and cotton rose 5.0% each, the largest gains of any assets this week. Copper also did well, adding 4.0%. The only falling commodity was coffee, which dropped 4.1%, the largest loss of any asset. Silver gained 1.3%, closing at 370 mg/oz.

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Stocks were lower, while all other asset classes were mixed. Crude oil and platinum had the largest drops, falling 6.2% and 6.1% respectively. Long term bonds made the strongest gains, rising 1.8%.

Currencies were strongest in Asia, as the Chinese Yuan rose 0.8% and the Japanese Yen gained 0.6%. North America was weakest, with the Canadian Dollar dropping 1.2% and the US Dollar retreating 0.6%. Bonds outperformed cash; the short term SHY fell 0.1% and the long term TLT rose 1.8% – the best performance of any asset this week.

Crypto markets were calmer than usual. Bitcoin ended the week down 1.2%, and Ethereum finished up 0.9%. Some smaller cryptos had a rougher time; for instance, DASH (not in table) fell 3.2%.

Stock indexes were all down this week, but gold stocks outperformed, giving up just 0.3%. The worst losses were in Europe, where the Euro STOXX fell 2.1%. The Dow Industrials were down 1.5% while the S&P 500 declined 0.9%.

Commodities were almost all lower, except for cotton, which managed a 0.6% gain. Platinum dropped 6.2%, the largest loss for any asset this week. It was closely followed by crude oil, which fell 6.1%. Silver was little changed, off just 0.1%.

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Bonds were higher, cryptocurrencies much lower, and all other asset classes were mixed. Ethereum had the largest drop, falling 19.2% to give up all of last week's gains. Bitcoin's slide accelerated, as it closed the week at 172.3 grams, down 18.3%. Coffee gained 3.4%, the biggest increase of the week. Palladium was the runner-up, rising 2.3%.

Most national currencies were higher, led by the Canadian and US Dollars, up 1.1% and 0.8% respectively. The only falling currency was the Chinese Yuan, which dropped 0.4% ahead of next week's holiday shut-down. US Bonds did better than USD cash, as the short term SHY gained 0.9% and the long term TLT rose 1.4%.

Cryptos were hard hit. Ethereum ended the prior week at 4.5 grams, but fell to a low of 3.4 grams on Tuesday before recovering to finish at 3.74 grams, down 19.2%. Some smaller coins saw even larger losses; DASH, for instance (not in table) was off 25.2%. Bitcoin reached it's low of 167.6 grams on Thursday, then recovered a bit to end the week at 172.3 grams, off 18.3% and just above it's long term uptrend line. My guess is that between now and early 2020 we will see some further pushes below the uptrend line (similar to Q1 of 2019) meaning prices could go as low as 140 grams. I would treat any such dips as buying opportunities as the market prepares for the mid-2020 mining reward halving which will eventually push prices to new highs.

Stocks were mostly lower, with the Dow Jones Industrials the only gainer, rising 0.4%. Gold stocks fell the most, dropping 2.7%. The Japanese Nikkei and the Euro STOXX each fell 0.4%.

Cryptos aside, the commodities saw the most volatility. On the downside, crude oil fell 3.0%. Coffee, up 3.4%, was the week's biggest winner, followed by palladium, which gained 2.3%. Silver closed down 1.2%.

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Bonds reversed course this week, recovering some of last week's losses, but all other asset classes were mixed. Ethereum was once again the best performing asset, rising 20.5%, followed by gold stocks, which gained 7.0%. The worst losses were in commodities, as coffee fell 4.2% and copper slid 3.4%.

National currencies were little changed this week, with the largest move being a 0.6% drop in the Euro. In the table, the Japanese Yen made the largest gains, rising 0.2%, but the British Pound Sterling (not shown) did a bit better, adding 0.4%. The USD rose 0.1%. USD Bonds did much better, as the short term TLT gained 0.3% and the 20+ year TLT surged 4.0%, recovering much of the prior week’s 6.3% loss.

Bitcoin drifted lower, finishing the week down 1.6%, but Ethereum powered higher, soaring 20.5% and ending the week at 4.5 grams.

Gold stocks were the week’s biggest winner, both among the equities and overall, as the HUI gained 7.0%. The weakest index was the Dow Jones Industrial Average, which declined 1.0%.

Commodities were mostly lower, with crude oil, up 6.0%, and palladium, up 3.0%, the only gainers. Coffee and copper, down 4.2% and 3.4% respectively, had the largest losses, both within the group and overall. Silver declined 1.4% while platinum fell 1.6% to close at 19.5 grams/oz.

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Bonds fell again this week, with the so-called "safe haven" long term TLT plunging 6.3%, the largest drop of any asset. Most others rose, led by Ethereum, which gained 8.0%, and cotton which added 7.8%. Although the major stock markets moved higher, gold stocks continued to fall, dropping 5.9%.

The Chinese Yuan was the week's strongest national currency in our chart, gaining 2.1%, but the British Pound Sterling (not in chart) did even better, gaining 2.6%. The Japanese Yen was weakest, rising 0.2%. The US Dollar rose 1.4%, but treasury bonds fell, with the short term SHY dropping 0.5% and the long term TLT declining a crushing 6.3%.

Cryptocurrencies had a good week, as Ethereum rose steadily to finish up 8.0% and Bitcoin gained 1.4% to close at 214.4 grams. Some smaller cryptos did even better; for instance, DASH rose 17.7%, its best performance since May.

Major stock markets all moved higher, led by the Nikkei, up 3.9%, and the UK FTSE (not in chart) which gained 3.8%. The Dow Industrials rose 3.0%. The only falling index was the HUI gold stocks, which dropped 5.9%, the second largest loss for this week.

Commodities were mostly higher, led by cotton, up 7.8%, and coffee, which gained 7.3%. Palladium also had a good run, rising 5.3% and closing above parity with gold at 33.1 gram/oz. The only declining commodity was crude oil, which fell 1.6% to close at 1.14 grams per barrel. Following the close on Friday, two Saudi oil processing plants were bombed, leading to a 12% rise in oil prices over the weekend, however. Silver closed up 1.4% at 375 mg/oz.

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Cryptocurrencies rose, bonds fell, and other asset classes were mixed. Bitcoin made the week's largest gain, rising 8.2%. Although most stock markets moved higher, gold stocks fell more than any other asset, dropping 5.0%.

Most national currencies were higher, with the Japanese Yen, down 0.3%, being the sole exception. The Canadian Dollar showed the most strength, rising 1.1%. Although USD cash was up 0.3%, treasury bonds were lower, as the short term SHY pulled back 0.1% and the long term TLT lost 0.9%.

Cryptocurrencies had a good week, as Bitcoin outperformed all other assets, rising 8.2% to close at 211.3 grams. Ethereum gained 1.0%.

In spite (or because) of the Yen's weak performance, the Japanese Nikkei rose more than any other market index, adding 2.4%. The HUI gold stocks fell by 5.0%, the only equity index to close lower, and the largest drop of any asset in our table.

Copper was the strongest commodity, rising 3.3%. It was followed by crude oil, which gained 2.6%.The largest drop was in silver, off 1.3% to 367 mg/oz.

Looking back over the last year, it seems remarkable that there are only 3 assets in the black, and they are all in close contention for the "best investment" award: gold stocks, up 26.3%, Bitcoin, up 25.4%, and palladium, up 23.5%. The next nearest asset is silver, down 0.3%. Silver has a history of explosive moves, however, and may turn out to be the dark horse candidate as the year progresses.

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This week, national currencies, bonds, and cryptocurrencies fell, while stocks and commodities were mixed. The largest gains were in the precious metals, as platinum rose 7.9% to close at 19.0 grams and silver advanced 5.5% to 372 mg. The largest losses were in cryptocurrencies, as Ethereum dropped 14.7% and Bitcoin fell 9.3%. The Dow closed the month below its 36 month moving average, flashing a sell signal (see more below).

The US and Canadian dollars were the winners among the national currencies, falling 1.6%. The Chinese Yuan fared worst, dropping 3.0%, followed by the Euro which was down 2.5%. The British Pound and Swiss Franc (not in table) did about the same, dropping 2.4% each. Bonds were also lower, as the short term SHY fell 1.6% (in line with USD cash) while the long term TLT performed better, giving up 0.7%.

Cryptos were put through the ringer again this week. Ethereum was hardest hit, starting the week just above 4 grams, it worked its way down to a low of 3.42 grams on Thursday, then recovered to end the week at 3.49 grams, off 14.7%. Bitcoin followed a similar path, but ended down 9.3%. On a longer term note, Bitcoin (along with gold stocks and palladium) is one of the few assets that is still higher than it was one year ago.

The Dow Jones Industrials were the strongest equity index, rising 1.4%. Japan's Nikkei index fell the most, dropping 1.8%. Gold stocks were also off, closing down 0.7%; however over the last year, they have risen 24.5%, the largest gain of any asset in the table. For many years I have been tracking the Dow Industrials against their 36 month moving average, and have found that it makes an excellent long-term trading indicator. It went short in Sep-2001, around 1140 grams, and stayed short until Feb-2013 at about 260 grams. Aside from a brief whip-saw in 2016, the indicator has been in buy mode since then… but has now, at about 537 grams, switched back to sell mode.

Commodity gains were limited to the precious metals, as platinum rose 7.9%, silver gained 5.5% and palladium added 3.3%. Copper had the largest drop, falling 1.7%.

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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).

The Japanese Yen was the best performing currency, rising 1.2% at PM fix, and closing the day off about 0.3%. The US Dollar, Euro, and Chinese Yuan finished in the basement, up 0.8% at PM fix but down 0.7% by end of day. My comments on other asset classes will be based on the PM fix prices shown in the table, but keep in mind that all finished the day 1.0% to 1.5% lower than shown here, so any asset that gained less that that amount actually ended the week at a loss. Bonds were weaker than USD cash, closing up 0.7% for short term SHY and 0.6% for long term TLT.

Ethereum made big gains this week, rising to a high of 4.2 grams on Monday, then pulling back to close the week at 4.0 grams, up 5.8%. Bitcoin followed a similar pattern, making a high of 226.9 grams on Monday, but fell harder as the week progressed, closing at 215.3 grams, up 1.1%.

Gold stocks were the week's star performer, both among the equities and overall. The HUI index gained 6.7% while the next strongest index, the Nikkei 225, added 2.6%. The S&P 500 was the weakest index, falling 0.7%. The DOW was off 0.2%.

Coffee was the strongest commodity, gaining 4.2%. Platinum also performed well, rising 2.9% to close at 17.6 grams per ounce. Cotton fell 2.5% to 12.0 mg per lb, a new all-time low, and largest loss for any asset this week. Silver was little changed, up 0.1%, at 353 mg per ounce.

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