Currency, bond, and equity markets (other than gold stocks) were lower this week, while commodities were mixed. Crude oil's fall accelerated, while silver rocketed higher. But the most important price action this week was in the collapse of the long bond.

Government-issued currencies were sharply lower, with the Japanese Yen leading the way, falling 5.8%. The USD closed at 22.7 mg, down 4.4%, now 46.6% above its half-life curve. Bitcoin, the free market internet currency, rose 1.6% to close at 2.49 g.

Bonds were sharply lower, with the short term SHY falling 4.5% with the underlying USD, while the long term TLT was crushed, losing 7.9% to close at 2.35 g. This is a decisive breakdown for the long bonds, punching down through long term support, and closing below its 200 day moving average. We may see a retest of the old support around 2.55 to see if it has now become resistance. 

Most stocks were lower, led by the Dow Jones Industrials, which lost 6.5%, while the S&P 500 dropped 6.4%. The HUI Gold Bugs Index was the only equity index in the black, roaring ahead 7.9% to close at 6.2 g after hitting a high of 6.47 g on Thursday. It is looking more and more like the bottom is in on mining stocks, but there is still resistance overhead at 6.8 to 7.0 g.

Commodities were mostly lower, but silver and cotton continued their climbs of the prior week.  Coffee was the weakest in the complex, giving up 6.3%. Crude pulled back 3.1% while copper lost 2.9%.

The biggest commodity winner this week was Silver, which rose 7.5% to 0.519 g/oz, just below resistance at 0.525 g. 

Platinum lost 2.3% to close at 34.6 g/oz, now 11.3% above gold parity.

The markets were mixed this week, with bonds and currencies little changed, stocks generally lower, and commodities mostly higher. The HUI gold stocks moved up with the commodity complex; crude oil was the only commodity to close down for the week.

Currencies were mixed, with the Euro and Japanese Yen gaining 0.8% and 1.7% respectively, while. the Canadian Dollar and Bitcoin fell 0.8% and 1.8%.  Bitcoin trading was very quiet, with an average 29 kg changing hands each day on Mt Gox. 

The USD was unchanged at 23.8 mg, but rose to 52.9% above its half-life curve, as the curve continues to fall every week. The "expected price"  of the USD is now 15.5 mg, which is equivalent to a gold price of $2,001 – up from $1,995 the previous week. At some point, I expect the USD to "revert to the mean", falling rapidly to the 15.5 mg level and probably overshooting considerably to the downside. I recommend taking advantage of the strong USD now to purchase precious metals, select mining stocks, and other real assets – before the mean reversion crash.

Bonds were quiet, with the short term SHY unchanged, in sync with the underlying USD, while the long term TLT added 0.7% to close at 2.55 g. Once again, TLT is staying very near its support and resistance levels.

Most stocks were lower, led by the Nikkei, which retreated 4.3%, giving up much of last week's gain, and making the Nikkei this week's worst performing asset class overall. The Dow Jones Industrials lost 1.5%, while the S&P 500 dropped 1%. The HUI Gold Bugs Index was the only equity index to gain ground, rising 2.3% to close at 5.7 g. Last week's comments on playing the gold stocks still apply; we are waiting for confirmation of the market's next move.

With the exception of crude oil, commodities were all sharply higher.  Crude pulled back 0.9%, pausing for breath after last week's 3.8% surge. Copper just kept on rising, however, adding another 4.5% to last week's 3.7% gain. Over the last few months, copper has been in a rising channel, making a series of higher lows and higher highs, but it remains well below its long term average price of 213 mg.

Silver and cotton were almost as strong, gaining 4.4% each. Silver bounced smartly off its lows to close at 0.483 g/oz, about where it was trading a month ago. Platinum added 3.9% to close at 35.5 g/oz, now 14% above gold parity.

Most markets moved higher this week, led by Bitcoin and the Nikkei stocks. The exceptions were silver, coffee, and especially gold stocks, which fell more than any other investment class.

Currencies all rose, led by Bitcoin, up 10.9%, and the Japanese Yen, which gained 3.6%. The USD rose 1.7% to 23.8 mg, putting it 52.3% above its half-life curve. The CAD was the laggard, gaining back the 1.6% it lost in the prior week. Bitcoin trading was a bit more active, with an average 67 kg worth of BTC changing hands each day – about double the daily volume for the previous week.

Bonds were up, with the short term SHY gaining 1.7%, in sync with the underlying USD, while the long term TLT was almost unchanged, adding 0.4% to close at 2.53 g. TLT continues to dither about, staying right at its support and resistance levels. A break one way or the other should be coming soon.

Most stocks were higher, led by the Nikkei, up 6.1%, more than making up for last week's drop. The S&P 500 added 2.7%, exactly reversing last week's fall. The HUI Gold Bugs Index was the only equity class to lose ground, declining 6.7% to close at 5.58 g. This leaves the crystal ball quite cloudy for the gold stocks until they break out above 6.25 g or fall below 5.2 g. If we do get an extended period of sideways trading it could be an opportunity to acquire some longer dated call options at reasonable prices, and if we get a breakdown below 5.2 g heading for a retest of the old low at 4.2 g, check out the possibility of selling some puts on high quality miners you'd like to own.

Commodities were mostly higher, with the exception of coffee and silver. Silver closed the week down 1.2% at 0.462 g/oz, the lowest price seen since 25-Aug-2010, and approaching support at 0.45 g. Coffee fell 1.7%, and is now 16.4% above its all-time low set last December. Crude oil and copper showed the most strength, gaining 3.8% and 3.7% respectively. Note that 2.4 g has been a critical level for crude oil for years, acting as support in 2007, and resistance many times from 2009 through 2011. In june, crude broke out above 2.4 g and reached 2.65 g in early July. This week, crude retested the 2.4 level as support, and bounced smartly off of it to close at 2.54 g. Platinum recouped the 2.2% it lost in the prior week to close at 34.1 g/oz, now 9.7% above gold parity.

Most markets were sharply lower this week; the exceptions were bitcoin, gold stocks, and silver. Most significant was the rise in the HUI gold stock index, which climbed all the way to 6.1 g before closing at 6.0 g, 15% above its recent low.

The government-issued currencies were all weaker, led by the USD, which declined another 2.6% to 23.4 mg, leaving it 49.4% above its half-life curve. The CAD and EUR were the least weak, losing 1.6% and 1.8% respectively. Bitcoin stabilized this week, climbing 2.1% to close at 2.25 g. Trading was very quiet, with only 30 kg worth of BTC changing hands – a far cry from the 535 kg we saw during the Cyprus banking crisis last April.

Bonds were lower, with the short term SHY losing 2.6%, in sync with the underlying USD, while the long term TLT fell 3.6% to close at 2.53 g, just below support at 2.55 g. This is a crucial point for TLT, as it sits both at a long-term support/resistance level, and at the bottom of its upward trending channel.

Most stocks declined again, with the Nikkei down 5.5% and the S&P 500 off 2.7%. The HUI Gold Bugs Index was the only equity advancer, adding another 3.6% to close at 5.98 g. This extends the rally to resistance between 6 and 6.25. If the HUI can clear this hurdle, the next stop is long term resistance at 6.8.

Silver was the only commodity that didn't fall this week, adding 0.4% to close at 0.47 g/oz, little changed. Crude oil led the decliners, falling 5.7%, followed by cotton and copper, each down 3.9%. Platinum dropped 2.2% to close at 33.4 g/oz, now 7.3% above gold parity.

Markets were mixed this week, with currencies lower and commodities mostly higher. Two things stand out: Gold stocks, which may be making a bottom, and silver, which continued falling to a new low for this move.

Currencies were all weaker, led by Bitcoin, which dropped 6.0% to 2.2 g. For most currencies, this would be a huge move, but for the highly volatile BTC, it was a pretty quiet week, with a trading volume of only 65 kg. The Japanese Yen was the weakest government-issued currency, losing 2.3%, while the Euro was the least weak, declining 1%. The USD declined another 1.2% to 24 mg, leaving it 52.9% above its half-life curve.

Bonds were mixed, with the short term SHY losing 1.1%, slightly better than the underlying USD, while the long term TLT was almost unchanged, adding 0.1%. At 2.62 g, it continues to sit jut above support at 2.55 g.

Most stocks declined, with the Nikkei down 1.7% and the S&P 500 off 0.5%. The HUI Gold Bugs Index was the only equity advancer, adding 5.5% to close at 5.77 g. This puts in place a "higher low", as you can see on the chart below. The big question now is, do we have a bottom, or is this just a little bear market rally?

Commodities were mostly higher, but silver and copper bucked the trend, losing 2.4% and 1.5% respectively. Coffee, up 1.6%, and crude oil, up 0.7%, were the strongest in the commodity group.

The drop in copper isn't much of a concern, as the metal has been zig-zagging its way higher over the last few months, making higher highs and higher lows, and this week's action fits nicely with that pattern. Silver, on the other hand, broke down to close at  0.466 g/oz, a new low for this move. Support for silver might be found around 0.46, a level that has been crucial many times since the mid-1990s. But so far, there are no signs of bottoming action.

Markets were lower this week, with the exception of Bitcoin, which recovered all of last week's loss,  and platinum, which was almost unchanged.

Bitcoin gained 28.5% to close at 2.34 g., erasing last week's big decline. Trading volume continued to rise, averaging about 108 kg per day. Expect extreme volatility to continue, but with an upward bias over the long term. Bitcoin still represents a unique value proposition, offering, like precious metals, an asset that is not anyone's liability… but with the ease of instantaneous transmission over the internet coupled with a cash-like level of privacy. As monetary disaster continue to unfold in Europe, Japan and the US, expect to see growing interest in Bitcoin.

Once again, the government currencies were all weaker, led by the USD, which declined 5.2% to 24.3 mg, now 54.3% above its half-life curve. Have we seen the top? Perhaps not, but by every measure, the USD is vastly overvalued, and I urge you to take advantage of this by acquiring real assets at bargain basement prices.

Bonds were also lower, with the short term SHY losing 5.2%, mirroring the USD, while the long term TLT fell 3.9% to close at 2.62 g, leaving it back where it was on Jun 25th, approaching support at 2.55 g.

Stocks declined, with the Dow and Nikkei down 3.2% and the S&P 500 off 2.4%. The HUI Gold Bugs Index lost 1.2% to close at 5.47 g, putting it in third place for the week, behind BTC and platinum. In spite of this relative outperformance, the HUI remains very close to its lows for this move, and is still in a well established bear market with little support above the old all-time low at 4.2 g.

Commodities were mostly lower, with platinum, which rose 0.2%, the only gainer. Coffee led the decliners, dropping 6.6% to close at 29 mg/lb. Crude oil gave back about half of last week's gain, closing at 2.58 g/bbl, down 2.7%.