Weekly Update 31 May 2019

Cryptocurrencies continued to rise, national currencies fell, and other asset classes were mixed. The biggest price swings were in the commodities. Coffee soared 11.0% to score the week's largest gain. Crude oil continued to drop, falling 9.7% to close at 1.28 grams per barrel, the largest loss of the week.

All national currencies fell, led by the Euro, which tumbled 1.5%. The Japanese Yen fell least, closing off 0.3%. The USD was down 1.0%. Short term bonds did a bit better than cash, falling 0.6%. Long term bonds continued their winning streak, rising 2.1%

Cryptocurrencies continued to climb, but at a slightly more sedate pace. Bitcoin rose 6.3% and Ethereum gained 6.4%.

All major stock market indexes were lower; only the HUI gold stock index was higher, gaining 4.3%. The Dow Jones Industrials had the largest drop, falling 4.0%. The Japanese Nikkei slipped 3.6%, the least among the major indexes tracked here. The UK FTSE index (not shown) actually did a bit better, giving up just 3.3%.

The week's largest price swings were in commodities. Crude oil cratered, falling 9.7%. Coffee led all other assets, soaring 11.0% for the week. Palladium was up 2.0%, but the other metals were all lower, as copper fell 3.5%, and silver dropped 1.5%. Platinum ended the week at 19.0 grams, down 2.1%, and just 2.4% above its all-time low.

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Weekly Update 24 May 2019

Cryptocurrencies and bonds rose again, stocks were lower, and other asset classes were mixed. Bitcoin added 8.6% for the week's largest gain. The biggest losses were in crude oil, which fell 6.7%.

National currencies were quiet, with the Japanese Yen rising 0.4% and the Chinese Yuan falling 0.2%. The US Dollar was off 0.1%. Short term bonds were unchanged, but long term TLT gained 1.3%.

Cryptocurrencies were higher, led by Bitcoin, which rose 8.6% to close at 193.7 grams after hitting a high of 199.1 grams on Sunday the 19th. Ethereum also gained early in the week, but settled back to finish up 2.2%. Some other coins did even better than Bitcoin; for instance, DASH end the week up 13.3%.

Stock markets were all lower, led by the S&P 500 which dropped 1.3%. The Japanese Nikkei index fell the least, giving up 0.2%. The HUI gold stocks closed down 1.1%.

Crude oil was the weakest commodity, and was the weakest asset overall, falling 6.7%. The strongest commodities were coffee and cotton, which rose 4.7% and 3.5% respectively. Platinum was down 2.9% to 19.4 grams/oz. Silver gained 0.4%.

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Weekly Update 17 May 2019 Cryptos on Fire

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.

The Chinese Yuan fell 1.5%, the largest national currency decline in the chart. The Euro was also down, closing 0.5% lower, but the worst losses were in the British Pound Sterling (not shown in the chart) which fell 1.8%. The US Dollar rose 0.5%, making it the best performer of the group. US bonds did much better, as the short term SHY gained 0.6% and the long tern TLT added 1.5%.

Cryptocurrencies roared higher this week. Bitcoin worked its way up to peak at 196.5 grams on Wednesday the 15th, the pulled back to close at 178.3 grams, up 15.7%. Ethereum followed a similar pattern, peaking at 6.4 grams on Thursday the 16th, and closing the week at 5.9 grams, up a whopping 41.5%. Many other cryptos also moved higher; for example DASH rose 22.8%.

Outside of the cryptos, gold stocks put in the best performance of the week, rising 2.3%. The European STOXX index also rose, gaining 0.6%. All other indexes were lower, as the S&P 500 and Nikkei 225 fell 0.3% each.

Crude oil matched the gold stock's 2.3% gain, but losers outnumbered winners among the commodities. The largest losses were in platinum, down 3.5% to 20.0 grams, and cotton, off 3.1%. Silver fell 1.6% and palladium rallied 0.8% to close at 32.0 grams, holding just above parity with gold.

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Weekly Update 10 May 2019

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%.

Among national currencies, only the Japanese Yen closed higher, adding 0.8%. The British Pound Sterling (not shown on the chart) dropped 1.3%, while the Chinese Yuan fell 1.1%. The Euro dropped the least, falling 0.2%. The USD was off 0.7%, while its short term bonds did worse, dropping 1.1%, and its long term bonds did a bit better, giving up 0.4%.

Cryptocurrencies again had the largest gains of any asset class, as Bitcoin rose 9.9% to 154.2 grams, a new high for the year, and Ethereum added 2.4% to close at 4.2 grams. This week, though, the smaller cryptos did not participate; DASH, for example, was down 7.5%. The rally continued over the weekend, and as of Monday the 13th, Bitcoin was up another 21.7% and many other cryptos were rising in its wake.

Among equities, gold stocks were hit the hardest, falling 4.8%, but all the stock exchanges I track were lower. The UK FTSE fell 3.7%, the Euro STOXX fell 3.6%, and in the US, the Dow Industrials and the S&P 500 were each off 3.4%. The Nikkei fell the least, closing down 2.6%.

Silver was the best performing commodity, rising 0.3%. All others were lower, led by cotton which plummeted 10.7%. Palladium also saw large declines, falling below the price of gold on Thursday, before recovering to finish the week at 31.7 grams, off 4.1%.

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Weekly Update 3 May 2019 Crypto Surge

Commodities closed lower, as did gold stocks, but major stock indexes, bonds and currencies moved higher, led by the cryptocurrencies. Bitcoin rose 9.7% to its highest price so far in 2019, closing at 140.3 grams. The platinum group metals had the largest losses, as palladium fell 4.6% to close at 33.1 grams, just above parity with gold.

Chinese gold markets were closed for May Day celebrations, so the CNY price is listed as unchanged, but all other national currencies were higher, led by the Canadian Dollar, which gained 0.8%. The British Pound Sterling (not shown in the chart) rose even more, adding 1.9%. The USD trailed, rising 0.4%, but bonds rose much more than cash, as the short term SHY added 1.0% and the long term TLT gained 1.1%.

Cryptocurrencies had the largest gains of any asset class, as Bitcoin rose 9.7% to a new high for the year, and Ethereum added 7.9% to close at 4.1 grams. Some smaller cryptos did even better; for instance, DASH gained 11.2% for the week.

Although gold stocks were down hard, falling 3.5%, all the major stock indexes moved higher led by the Euro STOXX, which gained 2.2%. Second place was a tie between the S&P 500 and the UK FTSE, which rose 1.2% each. Japanese markets were closed for a series of holidays surrounding the accession of the new emperor, so the Nikkei price is listed as unchanged.

Commodity prices were all lower, with palladium and platinum falling the most, down 4.6% and 3.4% respectively. Crude oil had the smallest decline, falling 1.1%. Copper was off 1.2% while silver fell 1.9%.

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Weekly Update 26 Apr 2019

National currencies and cryptocurrencies were lower this week; other asset classes were mixed. The largest losses were in Ethereum, which dropped 10.6%, and crude oil, which fell 1.9%. Coffee rose 3.6% while palladium added 1.9%, the largest gains this week.

The weakest national currencies were the Euro and the Loonie, which dropped 1.4% each. The Japanese Yen and the Chinese Yuan fared best, falling 0.4% each. The USD gave up 0.7%. Its bonds did much better, as the short term SHY fell 0.4% and the long term TLT gained 0.1%.

Bitcoin moved higher early in the week, peaking at 136.5 grams on Tuesday the 23rd, then fell, precipitously on Thursday, hitting a low of 126.5 grams, before recovering to close at 127.9 grams, down 1.1%. The drop has been attributed to the New York Attorney General's accusations against Bitfinex and Tether. Other cryptos were much more strongly affected, including Ethereum, which closed the week down 10.6%, and DASH, which fell 11.6%.

Most equities were lower, but the S&P 500 managed a gain of 0.5%. The largest drop was for the Euro STOXX, which fell 1.5%. The Dow Industrials were off 0.7%.

Coffee surged 3.6%, the week's largest gain, and palladium rose 1.9%, the second largest. Crude oil fell 1.9% and copper dropped 1.8%. Silver closed down 0.4%.

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Weekly Update 19 Apr 2019

This was a short week due to Good Friday and the Spring holidays. Almost all assets closed higher; the lone exception was the HUI gold stock index, which dropped 3.3%. Cryptocurrencies were the largest gainers, as Ethereum rose 7.0% and Bitcoin advanced 5.7%.

All national currencies were higher, led by the USD and JPY, which gained 1.5% each. The Euro and Pound Sterling lagged, rising 0.8% each. Bonds were also higher, with the short term SHY mirroring USD cash, adding 1.5%, while the long term TLT did a bit better, gaining 1.6%.

Ethereum and Bitcoin worked their way gradually higher early in the week, then surged to close up 7.0% for ETH and 5.7% for BTC. DASH rose 4.6% for the week.

Gold stocks were the only declining asset this week, falling 3.3%. Among major equity indexes, the Japanese Nikkei average gained the most, rising 3.1%. The S&P 500 gained the least, adding 1.4%.

Commodities were all higher, led by palladium, which surged 3.7%. Its sister metal, platinum, was weakest, gaining just 0.4%. Crude oil and cotton rose 1.7% each, while silver and copper added 0.7% each.

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Weekly Update 12 Apr 2019

Only bonds were lower this week; other asset classes were mixed. Still, the biggest moves were all to the downside, as coffee fell 3.4%, gold stocks dropped 2.1%, and long term bonds declined 1.5%. Copper had the largest gains, rising 1.3%.

The only rising national currency was the Euro, up 0.4%. The Japanese Yen fell the most, off 0.6%. The USD was down 0.5%, as were its short term bonds. Long term TLT dropped 1.5%.

The cryptocurrencies retained most of, or even built on, the previous week's gains. The larger cryptos were split, as Bitcoin rose 0.6% and Ethereum fell 0.9%. Some of the smaller cryptos saw larger declines; for instance DASH dropped 10.3%, but seen in the context of the prior week's 36.1% gain, this was a pullback, not a collapse.

Equities were mixed. The Euro STOXX50 gained the most, rising 0.4%. Gold stocks had the largest losses, dropping 1.2%. The Dow Industrials fell 0.5%, while the S&P 500 added 0.1%.

The largest price swings were in commodities. Copper, the week's biggest winner, added 1.3%, while coffee, the week's largest loser, fell 3.4%. Silver dropped 1.3%, and crude oil gained 0.8%.

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Weekly Update 5 Apr 2019

Cryptos and stocks moved higher, while currencies, bonds and commodities were mixed. The largest gains were in Bitcoin, which soared 23.6%, and Ethereum, which rose 16.8%. Palladium fell a further 2.2% to close at 32.6 grams/oz, the largest loss of the week for the second week in a row.

The Japanese Yen was the only falling national currency, down 0.4%, and the Chinese Yuan was unchanged. The USD and Euro each rose 0.5%. Bonds performed worse than cash, as short term bonds rose 0.4%, and long term bonds fell 1.2%, the second largest drop for the week.

Cryptocurrencies moved strongly higher, with the bulk of the rise occurring on Tuesday the 2nd, when a 100 million dollar order was placed for Bitcoin across multiple exchanges. The effects were felt across the crypto space. Bitcoin rose 23.6% for the week, Ethereum added 16.8%, and DASH gained 36.1%. Prices have continued to rise gradually since.

The Euro STOXX led the equities, gaining 3.4%. Gold stocks lagged, adding 1.3%. The US S&P 500 rose 2.6%.

Platinum and crude oil were the strongest commodities, gaining 6.8% and 5.5% respectively. Palladium dropped 2.2%, and copper slid 0.9%. Silver closed up 1.2%.

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Weekly Update 29 Mar 2019

Commodities and equities were mixed, but all other asset categories were higher. The largest gains were in Ethereum, which soared 5.2%, but copper also rose strongly, adding 4.7%. Palladium plunged 9.5% to close at 33.4 grams/oz, just above parity with gold, the largest loss for the week.

The Canadian Dollar was the strongest national currency, gaining 1.6%. The Japanese Yen lagged the others, adding just 0.4%. Though not in the table below, the British Pound under-performed even the Yen, falling 0.2%, presumably on BREXIT concerns. The USD and CNY each rose 1.2%. Bonds did better than cash, as the short term SHY gained 1.3% and the long term TLT added 2.5%.

Ethereum sagged early in the week, then rallied strongly on Wednesday and again on Friday to finish the week up 5.2%. Bitcoin followed a similar pattern, ending up 3.1%. Some smaller cryptos did even better than ETH. For instance, DASH ended the week up 8.4%.

US stocks, and the Dow Industrials particularly, led equities higher. The DOW gained 2.9% while the S&P 500 added 2.4%. The Japanese Nikkei fell 1.6%. In the middle were the Euro STOXX, up 2.3%, and the UK FTSE, up 0.8%. Gold stocks closed lower, off 0.6%.

Precious metals were weak, with palladium suffering a massive 9.5% drop and silver falling 1.1%. Platinum managed an anemic 0.9% gain. The real winners were copper, which rose 4.7%, and crude oil, which added 3.1%. Cotton also did well, rising 2.6%.

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