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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National currencies, cryptocurrencies and equities fell, led by Bitcoin which dropped 13.6%, giving back most of its gains for the last month. Bonds and commodities were mixed, with the largest gains in TLT, the long term bond fund, which rose 3.1%. Outside of the cryptos, the largest losses were in coffee, down 5.7%, and platinum, off 4.6% to a new all-time low of 17.1 grams.

The Euro fell more than any other national currency, dropping 2.0%. The Chinese Yuan took a break after last week's collapse, giving up just 0.6%. The USD fell 1.2%. Bonds were mixed, as the short term SHY declined 0.8% while the long term TLT rose 3.1%, the largest gain of any asset.

Bitcoin dropped early in the week, falling from 246.4 grams to a low of 206.6 grams on Wednesday, then recovered to close at 213.0 grams, down 13.6%, the largest loss of any asset. Ethereum held fairly steady until Wednesday; then the price plunged and continued to decline, ending the week at 3.81 grams, off 12.9%.

Stock indexes were all lower, but gold stocks outpaced the major markets, falling 3.8%. The Nikkei fell least, closing off 1.3%. The Dow Jones Industrials were down 2.7%.

Commodities were mostly lower, but there were gains in palladium (up 0.6%) and cotton (up 0.9%). The biggest losses were in coffee, which fell 5.7% and platinum, which closed down 4.6% at 17.10 grams, a new all-time low. Silver was little changed, off 0.2%.

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National currencies and bonds fell, while all other asset classes were mixed, but mostly lower. The largest gains and losses were both in the cryptocurrency group, as Bitcoin rose 8.6% and Ethereum fell 7.0%. The second-largest losses were in the Chinese Yuan, which plunged 6.4% — a huge one-week drop for a national currency. The next largest gains were in gold stocks, which added 1.3%. The only other rising asset was silver, up 1.0%.

National currencies were all lower, led by the Chinese Yuan, which fell 6.4%, setting off a cascade of effects as Chinese investors moved to safe havens like Bitcoin, silver and gold. Many currencies, including the British Pound Sterling, the Canadian and Australian Dollars, as well as the Argentinian and Chilean Pesos, hit new all-time lows this week. Even the Euro, down 2.9%, sits only 3% above its all-time low. The US Dollar, off 3.7%, is still relatively strong, about 25% above its all-time low. Bonds fared better than cash, as the short term SHY fell 3.6%, and the long term TLT (considered by many a "safe haven" asset) dropped 1.2%.

Bitcoin hit a high of 250.6 grams on Tuesday, then pulled back to close at 246.4 grams, up 8.6%. Ethereum followed a similar pattern, but rose less and fell back more than Bitcoin, resulting in a 7.0% loss for the week. This was also the pattern for many of the "alt-coins", as crypto investors switched to the oldest, largest, most stable and most liquid of the cryptocurrencies, Bitcoin.

Gold stocks shone this week, adding 1.3%, the only equity class to make gains. They are also the only equities to be up year over year. The Japanese Nikkei took the biggest hit, falling 4.8%, followed closely by the Dow Jones Industrials, which declined 4.5%.

Silver was the lone gainer among the commodities, rising 1.0%. The largest losses were in crude oil, which dropped 5.7%. Precious metals showed relative strength; in addition to silver's gain, palladium and platinum had the smallest losses in the commodity group, giving up 0.8% and 1.2% respectively. However, platinum did hit a new all-time low of 17.6 grams this week before recovering to close at 17.9 grams.

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Stocks and commodities moved lower, while all other asset classes were mixed. Bitcoin made the largest gains, rising 5.0%. The biggest losses were in palladium and cotton, which dropped 10.6% and 9.3% respectively. We seem to be seeing a shift away from high-flying assets towards relative "safe havens" like gold, Bitcoin, and long term treasury bonds. New safe haven options are coming soon, including gold bonds (more on that below.)

National currencies were mostly lower, with the Japanese Yen, up 0.5%, being the lone exception. The largest drops were in the Canadian Dollar, down 1.9%, and the Chinese Yuan, off 1.8%. The Pound Sterling (not in chart) fell even more, giving up 3.6% to close at a new all-time low of 26.1 mg. USD cash under-performed bonds, falling 1.5% while short term bonds dropped 1.2% and 20+ year bonds rose 2.5%.

Bitcoin fell early in the week, hitting a low of 207.5 grams on Sunday, then began rising, and was given a big boost by Wednesday's Fed rate cut, closing the week at 226.9 grams, up 5.0%. Ethereum also dropped over the weekend, but struggled to make up the losses, finishing down 2.3%. DASH (not shown on the chart below) fell throughout most of the week, seeing only a small dead cat bounce after the Fed announcement. It finished down 9.9%. It now takes over 102 DASH to buy 1 BTC, the most since March of 2016.

Gold stocks outperformed other equities, falling just 0.6%. The European STOXX fell the most, dropping 5.5%, followed by the S&P 500, which gave up 4.5%.

Commodities were all lower, led by palladium, which plunged 10.6% to 30.0 grams, below parity with gold, and its lowest level since November of 2018. Cotton fell throughout the week, but really picked up speed on Friday, closing at 12.8 mg/lb, down 9.3%. Crude oil outperformed the other commodities, falling just 2.4%. Silver also held up better than most, dropping just 2.9%.

Looking back over the last 12 months, only Bitcoin, palladium, and gold stocks are higher, while long term treasuries are little changed. All other assets are lower, in some cases, much lower, including Ethereum, DASH, cotton, and crude oil – all with losses exceeding 30%. A number of assets, including coffee, and major currencies like GBP, CAD and AUD, are making new all-time lows.

My feeling is that increasing allocations to gold, Bitcoin, silver and platinum will pay off in the months (and years) to come. Gold, because it is cash, outside the financial system. Bitcoin, because it is the digital equivalent of gold, instantly transferable over the internet, and held outside the financial system, but with tremendous upside potential as more and more people begin to acquire and use it. Finally, silver and platinum, because they are very near their all-time lows and offer excellent appreciation potential, but also represent wealth that can be held privately, outside the financial system. In particular, silver, which has been a monetary metal for thousands of years, could one day resume that function, so holding some silver in coin form may prove especially useful.

While mining stocks can be leveraged to gold, and have been performing well lately, they bring with them large counter-party risks, as well as many business risks. (I'm sure you've heard the old quip about a mine being a hole in the ground surrounded by liars.) Other investment opportunities are coming soon that you should keep in mind, especially gold bonds. Like conventional bonds, these debt instruments are senior to equity, and therefore inherently safer than owning shares of stock. Unlike conventional bonds, they repay their principle and interest in gold, eliminating risky exposure to national currencies (with the Japanese Yen down 11.8%, the USD down 15.6%, the GBP down 21.6% over the last year, any nominal returns from conventional bonds would have been totally wiped out). I'm watching these very closely, and plan to get involved in the first issue. If this sounds interesting to you, head over to Monetary Metals. I don't receive any compensation, but let them know you heard about it at Priced in Gold!

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