Weekly Update 2 Jun 2017

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.

The US Dollar and Japanese Yen were the weakest of the currencies, declining 0.8% and 0.6% respectively. The strongest national currency (and the only government-issued currency to show a gain for the week) was the Chinese Yuan, which rose 0.5%.

Bitcoin was the strongest of all currencies tracked in this table, and the strongest asset class overall, rising 11.1%. Bitcoin closed the week at 61.4 grams, just 0.1 grams short of its all-time high, and has continued to climb since, setting new all-time highs each day. Not shown in the table, Ethereum, the second largest cryptocurrency, rose far more than Bitcoin, closing the week at 5.5 grams, up a whopping 21.9% from the prior week's close of 4.5 grams.

Bonds were mixed, favoring the longer maturities this week, with the long term TLT up 0.9%, while the short term SHY and USD cash were down 0.8% apiece.

Japanese stocks were strong, rising 1.9%. Gold stocks continue to retreat, with the HUI falling 2.4% to close at 4.7 grams. US stock indexes were little changed, with the S&P 500 gaining 0.2%, and the Dow Jones Industrials losing 0.2%.

The weakest commodities were crude oil and coffee, which dropped 5.0% each. The biggest commodity gains were in palladium, which rose 6.5%. Platinum fell 3.8% to close the week at 22.7 grams, just 0.3% above its all-time low. Silver and copper were lower this week, giving up 0.6% and 0.3% respectively.

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Weekly Update 26 May 2017

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.

The Japanese Yen and the US Dollar were the weakest of the currencies, declining 1.0% each. The strongest national currency was the Chinese Yuan, which fell just 0.1%.

Bitcoin was the strongest of all currencies, and the strongest asset class overall, rising 13.0%. Bitcoin made a new all-time high every day this week until Wednesday, when it closed at 61.5 grams. On Thursday, trading continued higher, peaking at 69.0 grams before falling sharply to close the day at 58.3 grams. On Friday, the slide continued, ending the week at 55.3 grams, still up 13.0% for the week, and up 74.5% in the last month.

This stunning rise is just part of the story, though. Bitcoin is not the only cryptocurrency out there, though it is the largest by market cap. Many others, including Ethereum, with the second-largest market cap, also set new all-time highs this week. Lots of money is moving into this space… and while prices will undoubtedly continue to be highly volatile, many feel that these free market currencies are going to move much higher as they become more broadly adopted and enter the mainstream of finance.

Bonds were lower, favoring the shorter maturities, with the long term TLT down 1.2%, the short term SHY down 1.1% and USD cash down 1.0%.

After a strong showing 2 weeks ago, gold stocks have been pulling back. This week the HUI fell 2.2% to close at 4.8 grams. The Euro STOXX fell 1.5%, but US stock indexes were higher, with the S&P 500 gaining 0.4%, and the Dow Jones Industrials 0.3%.

The weakest commodities were cotton and crude oil, which dropped 4.0% and 2.1% respectively. The biggest commodity gains were in silver, which rose 1.3%, and platinum, which rose 0.9%.

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Weekly Update 12 May 2017

Stocks, commodities and currencies were mixed, while bonds were lower this week. The biggest gains were once again in Bitcoin, which rose 10.6% to close at 42.4 grams. The largest drop was in the Euro STOXX, which fell 1.9%, giving back much of the prior week's gains. Crude oil also reversed course, rising 3.2%, and recouping most of the prior week's losses.

The Japanese Yen continues to be the weakest of the currencies, declining 1.3%. The strongest national currency was the Chinese Yuan, which rose just 0.1%. Bitcoin was the strongest of all currencies, and the strongest asset class overall, rising 10.6%. Bitcoin made a new all-time high every day this week until Thursday, when it peaked at 46.0 grams before falling sharply to close at 42.4 grams on Friday.

Bonds were lower, but favored the longer maturities, with the long term TLT and short term SHY down 0.2% while USD cash fell 0.3%.

The gold stocks rose more than any other equities, gaining 5.7%. The Japanese Nikkei index rose 2.8%, the strongest showing of any major index, while the Euro STOXX fell 1.9%. The Dow Jones Industrials lost 0.8%.

The weakest commodities were coffee and palladium, which dropped 0.8% and 0.4% respectively. The biggest commodity gains were in crude oil, which rose 3.2%, and platinum, which rose 1.2%. Silver ended the week down 0.1%.

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Weekly Update 5 May 2017

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.

Even the Japanese Yen, the weakest of the currencies, gained 2.1%. Bitcoin was the strongest of all currencies, and the strongest asset class overall, rising 18.1%. Bitcoin made a new all-time high every day this week until Thursday, when it peaked at 38.4 grams before settling at 38.3 grams on Friday.

Bonds were higher, and continued to favor the shorter maturities, with the long term TLT up 2.2%, short term SHY up 3.0% and USD cash up 3.1%.

The only equities to close lower were the gold stocks: the HUI fell 0.1%. The Japanese Nikkei index rose 1.5%, the weakest showing of any major index, while the Euro STOXX gained a massive 8.2%. The S&P 500 added 3.8%.

The weakest commodities were crude oil and silver, which dropped 3.4% and 2.3% respectively. Platinum fell to a new all-time low of 22.7 grams on Wednesday, then recovered a bit to finish the week at 23.0 grams, down 0.9%. The biggest commodity gains were in coffee, which rose 4.9%, and cotton, which rose 1.6%.

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Weekly Update 28 Apr 2017

Currencies and commodities were mixed, while bonds and major stock indexes were higher this week. The biggest gains were in European stocks, which rose 6.5% on news that the first round of presidential elections in France have left open the option for France to stay in the EU. The Euro was also the strongest government issued currency, gaining 2.9%. Gold stocks were down 5.5%, the largest drop for any asset class.

The only currency to fall was the Japanese Yen, which was down 0.7%. Bitcoin was the strongest of all currencies, and the second strongest asset class overall, rising 6.3% to close at 32.4 grams, well above parity with an ounce of gold. Bitcoin also made a new all-time high of 32.7 grams on Thursday, before retreating a bit on Friday. This rally seems to be fueled by news that Bitcoin is set become a legal form of payment in Japan, as well as news that the SEC will take a second look at its position on Bitcoin ETFs. As these stories unfold they could spark a rush into Bitcoin, pushing it to much higher levels.

Bonds were higher, but favored the shorter maturities, with the long term TLT up 0.2%, short term SHY up 1.1% and USD cash up 1.2%.

The only equities to close lower were the gold stocks: the HUI fell 5.5%. The Japanese Nikkei index rose 2.3%, the weakest showing of all the major indexes, while the Euro STOXX gained a massive 6.5%. The Dow Jones Industrials added 3.2%.

The weakest commodities were silver and platinum, which dropped 3.3% and 2.2% respectively. Platinum closed at 23.2 grams, just 2% above its all-time lows. The biggest gains were in coffee, which rose 4.0%, and palladium, which rose 3.9%. Copper was also strong, rising 3.6% for the week. After last week's big 6.5% drop, the price of crude oil stabilized, gaining 0.6% this week.

One final comment on Gold and Bitcoin: They are truly at parity! Today I purchased four 1 ounce Canadian Maple Leaf coins, including FedEx shipping, for 3.996 BTC.

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Weekly Update 21 Apr 2017

Currencies and commodities were mixed, while bonds and major stock indexes were slightly higher this week. The largest drop was in crude oil, which fell 6.5%. The biggest gains were in Bitcoin, which rose 6.4%. Gold stocks were down 3.3% after being up 3.0% in the prior week.

The weakest national currency was the Canadian Dollar, which fell 1.0%. Of the currencies I show in this chart, the Euro was strongest, gaining 1.0%; but I also track many other currencies, and of those, the British Pound stands out, rising 2.3% this week. Bonds were slightly higher, with the long term TLT, short term SHY and USD cash all up 0.2%. Bitcoin continues to inch closer to parity with an ounce of gold, rising 6.4% this week to close at 30.5 grams.

The only equities to close lower were the gold stocks: the HUI fell 3.3%. The Japanese Nikkei index rose 1.5%, while the Euro STOXX gained 1.1%. The Dow Jones Industrials added 0.6%, the smallest gain among the major indexes.

The weakest commodities were crude oil and coffee, which dropped 6.5% and 6.3% respectively. The biggest gains were in cotton, which rose 4.6%. Silver fell 3.0% while platinum gained 0.6% to close at 23.8 grams.

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Weekly Update 7 Apr 2017

Commodities were mixed, while national currencies, bonds, and major stock indexes were lower this week. The largest drop was in cotton, which fell 6.6%. The biggest gains were in Bitcoin, which rose 8.6% (on top of a 15.6% gain in the prior week) and gold stocks, which added 1.6%.

The weakest national currencies were the Canadian Dollar and the Euro, which each fell 2.2%. The Japanese Yen fell least, giving up 0.8%. Bonds were also lower, with the long term TLT and USD cash down 1.7%, while the short term SHY fell 1.8%.

Bitcoin, which had risen to a price just above one ounce of gold in mid-March before tumbling on concerns about a possible split into two currencies, recovered strongly in the last two weeks and now stands just below gold ounce parity ounce again at 29.3 grams.

The only equities to close higher were the gold stocks: the HUI rose 1.6%. The Euro STOXX fell 2.4%, the most of any index. The Dow Jones Industrials fell the least, 1.7%.

The weakest commodities were cotton and silver, which dropped 6.6% and 2.2% respectively. The biggest gains were in crude oil, which rose 1.5%. Platinum rose 1.1% to close at 23.8 grams.

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Weekly Update 24 Mar 2017

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%.

The Japanese Yen was the only rising currency, gaining 0.3%. The weakest national currency was the Canadian Dollar, which fell 1.7%. Bonds were mixed but continued to favor the longer maturities: the long term TLT was up 0.4%, while the short term SHY lost 1.3%, and USD cash was down 1.4%.

As in the prior week, the only equities to close higher were the gold stocks: the HUI was up 0.5%. The Dow Jones Industrials and the S&P 500 led the major indexes lower, falling 2.9% apiece. The Euro STOXX and Nikkei 225 each fell 1.0%.

Commodities were all lower except for palladium, which gained 3.4%. Coffee saw the largest losses, falling 4.5%. Crude oil continued its tumble, dropping another 3.1%. Platinum fell 1.0% while silver was little changed, off 0.1%.

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Weekly Update 17 Mar 2017

Commodities were mixed, while major stock indexes, bonds and government-issued currencies were lower. Bitcoin volatility continued, as the BTC rose back above one ounce of gold last week, then fell to close down 6.3% at 27.1 grams. The largest gains were in the gold stocks, which rose 2.4% to close at 4.9 grams.

The Japanese Yen was the least weak currency, falling 0.4%. The weakest national currency was the US Dollar, which fell 2.2%. Bonds were mixed but this time favored the longer maturities: the long term TLT was off 1.1%, while the short term SHY lost 2.1%, and USD cash was down 2.2%.

The only equities to close the week higher were the gold stocks: the HUI rose 2.4%. The Dow Jones Industrials led the major indexes lower, falling 2.1%, followed by the S&P 500, which dropped 2.0%. The Euro STOXX FEZ and Japanese Nikkei 225 each fell 0.9%.

Commodities were mixed, with copper up 1.3%, and palladium up 1.2%. Crude oil saw the largest losses, falling another 1.6%. Platinum fell 0.3% while silver rose 0.8%.

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Weekly Update 10 Mar 2017

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.

The weakest currency was the Japanese Yen, which rose 1.2%. The Euro rose the most, gaining 2.8%. Bonds were mixed and again favored the shorter maturities: the long term TLT was little changed, adding 0.2%, while the short term SHY gained 1.9%, and USD cash rose 2.0%.

The only equities to close the week lower were the gold stocks: the HUI was down 0.7%. European stocks led the way higher, rising 3.1%, followed by the Nikkei, which gained 1.9%. The Dow Jones Industrials and S&P 500 each rose 1.5%.

Commodities were mixed, with palladium up 1.4%, and cotton up 1,1%. Crude oil saw the largest losses, falling 7.3%, while platinum fell 2.7% silver was down 2.5%.

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