Very few asset classes made gains this week. The short list was headed by gold stocks, as the HUI rose 4.0%, and crude oil, which added 1.2%. The largest losses were once again in cryptocurrencies, as Ethereum fell 19.3% and Bitcoin dropped 16.6%.

National currencies were all lower, led by the US and Canadian Dollars, which declined 2.1% apiece. The Chinese Yuan fell the least, dropping 0.4%. US bonds did better than USD cash, as the short term SHY fell 1.8% and the long term TLT gained 0.8%.

The declines in crypto just keep coming! Bitcoin declined 16.6%, taking it right to the exponential uptrend line in place since 2015. Bad as that was, Bitcoin still fared better than most of the altcoins, including Ethereum which dropped 19.3%. Both are substantially lower than they were 12 months ago (when they were near their all-time highs) but they are both substantially higher than they were 24 months ago – in the case of Ethereum, about 10 times higher (2.3 grams vs 0.23 grams). It's certainly too early to call a bottom, but with good fundamentals remaining in place for the top-tier coins, many are starting to look attractive at these prices.

As mentioned above, gold stocks were the strongest of all assets this week, rising 4.0%. All the major indexes were lower, however, led by the S&P 500, which dropped 6.5%, the largest decline outside of the cryptos. The Dow industrials did little better, falling 6.4%. The Japanese Nikkei did the "least worst", declining 4.3%.

Commodities were also lower, with the sole exception of crude oil, which posted a 1.2% gain. Coffee fell the most, dropping 5.2%, followed by platinum, which dropped 4.0% to a new all-time low of 19.7 grams. Palladium rose to a new multi-year high, trading above parity with gold on Tuesday and Wednesday, then slid to end the week at 30.2 grams, down 1.8%. Silver was down slightly, off 0.4%.

Priced in Gold Weekly Summary

Click for PDF version

This was a good week for bonds and the major stock indexes, but cryptocurrencies fell again and commodities were mixed. Palladium led the way higher, gaining 6.1%, while Ethereum took the worst beating, dropping 7.8%. The DJIA was the second best performer, rising 5.7%.

The only falling national currency was the Japanese Yen, which declined 0.2%. The US Dollar performed best, rising 0.5%. Its bonds did even better, as the 2-3 Year SHY rose 0.6% and 20+ Year TLT gained 0.7%.

Bitcoin continues to outperform Ethereum (and most of the altcoins), but both were lower, as BTC closed down 7.1% and ETH lost 7.8%. These declines, while large, were much smaller than we saw in the previous two weeks. In spite of these drops, Bitcoin is still about 20% above its exponential uptrend line begun back in 2015, rising at a compound rate exceeding 130% per year.

Only the gold stocks were lower this week, as the HUI fell 1.4%. US stocks led the field, with the Dow Jones Industrials rising 5.7% and S&P 500 gaining 5.4%. The Euro STOXX50 was the weakest major index, and it was up 2.1%.

Commodities were mixed, as platinum fell 3.5% and Coffee dropped 2.6%, while palladium rose 6.1% and cotton gained 2.7%. Copper and silver were little changed, up 0.6% and 0.4% respectively.

Palladium is now within spitting distance of parity with gold, something that has not happened since the fall of 2002, and about 30% above it's average price since 1995. Platinum, on the other hand, is just 1% above its all-time low, and less than half of its average price for the same period.

Priced in Gold Weekly Summary

Click for PDF version

This was a rough week for nearly every asset class, with only cotton (up 1.3%) and long term bonds (up 0.3%) showing any gains. The brunt of the selling was once again cryptocurrencies, as ETH plunged 29.7% and BTC fell 22.1%. Stocks and commodities weren't spared: crude oil dropped 10.8% and the DJIA fell 4.5%.

The Japanese Yen was unchanged, but all other national currencies were lower, led by the Chinese Yuan which fell 1.0%. The US Dollar gave up only 0.1%, as did its short term bonds, and long term bonds gained 0.3%, showing their "safe haven" status.

Cryptocurrencies were slaughtered again this week, as Ethereum dropped a stunning 29.7%, and Bitcoin fell 22.1% to close at 110.5 grams. Both are now making new lows for the year, but so far Bitcoin remains above its exponential uptrend that started in 2015 and doubles every 18 months. A drop to about 80 grams will bring it to a retest of that support line.

Stocks were all lower this week, with large cap US indexes leading the way. The Dow Jones Industrials fell 4.5% and the S&P 500 dropped 3.9%. Least affected were the gold stocks, off 0.6%, and the Japanese Nikkei index, which gave back 0.7%.

Commodities were mostly lower, but cotton was the shining exception, gaining 1.3%. After the cryptos, crude oil was the worst performing asset of the week, dropping 10.8%. Palladium fell 3.2%, and copper gave up 1.7%. Silver did relatively well, falling just 0.3%.

Priced in Gold Weekly Summary

Click for PDF version

Cryptocurrency markets were hit hard this week, as Ethereum (down 17.4%) and Bitcoin (off 13.5%) closed at new lows for the year (More on this below.) Crude oil was also hit hard, falling 7.0%. Most other asset classes were also lower, but there were exceptions, including palladium, which rose 4.0%, and copper, which gained 3.4%.

The Chinese Yuan was the only rising national currency, adding 0.5% this week. The US Dollar dropped the most, giving up 0.9%. US bonds did better than cash, as the 1-3 year treasuries fell 0.6%, and the 20+ year treasuries gained 0.3%.

Bitcoin and Ethereum followed similar trajectories, holding up well until Wednesday, then falling hard Thursday and finishing the week down 17.4% and 13.5% respectively. Several factors have been called out for this drop, including the hard fork of BCH that occurred on Thursday which may indirectly affect Bitcoin mining difficulty, and the SEC action to reclassify two utility tokens (Paragon and Airfox, both based on Ethereum) as securities – which will require refunding millions of dollars raised in their ICOs as well as payment of large fines. The SEC action has put much of the crypto space into a scramble to raise cash, as further enforcement actions are expected. Bitcoin and Ethereum are not directly affected by the SEC action, but it has caused selling of BTC, and ETH in particular, as they are the main liquid assets held by many blockchain startups – especially those whose tokens are built on the Ethereum blockchain.

Gold stocks were higher by 2.7%, but all the major stock indexes were lower, led by the Dow Jones Industrials, which fell 3.1%. The Euro STOXX 50 dropped the least, closing down 1.6%.

Commodities were mixed, with crude oil plunging 7.0% and cotton falling 3.4%, while palladium surged 4.0% and copper gained 3.4%. Silver and platinum were lower, down 1.3% and 2.7% respectively. Palladium is now at its highest level in 15 years, approaching parity with gold.

Priced in Gold Weekly Summary

Click for PDF version

Most asset classes were higher this week. The exceptions were gold stocks and some of the commodities. Ethereum, up 6.5%, and the Dow Jones Industrials, up 4.6%, topped the rising list. The biggest losses were in coffee, off 3.5%, and crude oil, down 3.0%.

The USD (up 1.7%) rose more than any other national currency, while the Chinese Yuan (up 0.5%) gained the least. Short term bonds rose 1.7%, in line with USD cash, but long term bonds outperformed both, gaining 2.9%.

Bitcoin had a fairly calm week, ebbing and flowing, ending up 1.7%. Ethereum rose more consistently and further, adding 6.5%, for the best performance of any asset class this week.

Gold stocks fell 2.4%, but the other stock indexes were all higher. The DJIA was up 4.6% and the S&P 500 added 3.9%. The Japanese Nikkei rose least, gaining 1.7%.

Commodities were mixed, with coffee down 3.5% while palladium rose 2.4%. Crude oil and copper were also big losers, off 3.0% and 2.5% respectively. Silver was down 1.6% while platinum managed a 0.8% gain.

Priced in Gold Weekly Summary

Click for PDF version

Stocks caught a break this week, recouping some of their losses from the prior week. The largest price swings were in commodities, as crude oil sank 6.5% and platinum rose 5.1%. Bitcoin and Ethereum were lower, but only by 1.2%.

The only falling national currency was the Japanese Yen, off 1.3%. The Chinese Yuan rose the most, gaining 0.7%. The US Dollar was little changed, rising just 0.1%. Short term bonds were unchanged, while long term bonds fell 2.2%.

Bitcoin and Ethereum both fell early in the week, then each recovered to finish the week down 1.2%. DASH followed a similar pattern. Cryptocurrencies continue to be about as volatile as national currencies, and less so than commodities and equities.

Stock indexes all rose this week, recovering some of the prior week's losses. The Japanese Nikkei 225 gained the most, adding 3.6%. Gold stocks were 3.5% higher. The smallest gains were made by the Dow Jones Industrials, up 2.5%.

Most commodities were higher, with crude oil, down 6.5%, being the exception. Platinum rose more than any other asset class, gaining 5.1%. Copper and palladium also had good weeks, rising 2.3% and 2.1% respectively. Coffee and cotton trailed the pack, adding 0.5% apiece.

Priced in Gold Weekly Summary

Click for PDF version

A lower week for most assets, with stocks taking the brunt of the losses, especially gold stocks which fell 7.5%. The largest rises were in long term bonds, up 0.6%, and the Japanese Yen, which rose 0.5%. Cryptocurrencies had a quiet week, closing down, but about in line with most national currencies.

The Yen was the only rising currency (up 0.5%) and the Euro had the largest losses, falling 1.6%. USD cash fell 0.5%, while 1-3 year bonds fell 0.3% and 20+ year bonds rose 0.6%.

Bitcoin fell 0.3%, outperforming all national currencies except the Yen. Ethereum dropped 0.6%, beating the Euro and CNY, and on par with the CAD.

Stocks took the heavy damage this week, led by the HUI gold stocks, which dropped 7.5%. The Japanese Nikkei was off 5.5%, the second largest drop. The Dow Jones Industrials were the best performers, falling 3.4%.

Commodities were mixed, with Crude Oil falling 2.7% and coffee dropping 2.5%, while cotton rose 0.3% and palladium gained 0.2%. Platinum lost 1.7% and silver was little changed, rising 0.1%.

Priced in Gold Weekly Summary

Click for PDF version

A lower week for all assets except cryptocurrencies and two standouts: coffee, which continues to soar (up another 4.1%) and gold stocks, which rose 0.8%. The largest declines were in crude oil, which fell 3.8%, and the Nikkei Index, which was off 1.7%.

National currencies were all lower, led by the Canadian Dollar and Chinese Yuan, which dropped 1.3% each. The USD fell least, giving up 0.7%. 1-3 year bonds also fell 0.7%, in line with USD cash, and 20+ year treasuries were 1.3% lower.

Cryptocurrencies were broadly higher this week. Both Ethereum and Bitcoin rose early in the week, then gave back some of those gains as the week progressed. In addition to Ethereum's 2.9% rise and Bitcoin's 2.4% gain, privacy coins like ZCash, Zcoin and PIVX also rose.

Gold stocks gained 0.8%, but all the major stock indexes were lower, led by the Nikkei 225, which fell 1.7%. The Dow Jones Industrials fell least, giving up 0.3%.

Commodities saw the largest price swings, as coffee rose another 4.1% on top of the prior week's 5.6% gain, and crude continued to fall, dropping another 3.8% after the prior week's 5.3% drop. Metals were all lower, led by copper, off 1.5%. Palladium and silver dropped the least, falling 0.5% and 0.6% respectively.

Priced in Gold Weekly Summary

Click for PDF version

This was a "mostly lower" week, with currencies, bonds and cryptos falling, while stocks and commodities were mixed. The largest drops were in cryptocurrencies, as Ethereum fell 14.7% and Bitcoin dropped 6.5%. The largest gains were in coffee, up 5.6%, and gold stocks, which gained 5.5%.

Most national currencies fell, with the Canadian Dollar, off 2.0%, dropping the most. The Japanese Yen was the only one to rise, and then only by 0.1%. Bonds were all lower, with the USD (notes of zero maturity) falling 1.3%, 1-3 year dropping 1.2%, and 30+ year off 0.1%.

Bitcoin held it's value quite well until Wednesday, then dropped sharply on Thursday and Friday, ending the week at 160 grams, down 6.5%. Ethereum followed a similar pattern, hitting a high of 6 grams on Monday and Tuesday, then collapsing on Thursday to a low of 4.9 grams, and recovering to finish the week at 5.0 grams, off 14.7%.

Equities were highly polarized, as gold stocks rose 5.5% while all major stock indexes fell sharply. The largest drops were in the US, as the DJIA and S&P 500 each fell 5.4%.

Coffee was the fastest rising commodity, gaining 5.6%. Crude oil saw the largest losses, falling 5.3%. Silver was also took a hit, dropping 1.5%. Copper was little changed, up 0.2%, while platinum and palladium rose 0.4% and 0.8% respectively.

Priced in Gold Weekly Summary

Click for PDF version

This week, cryptocurrencies were much less volatile than bonds, stocks and commodities. The largest losses were in long term bonds, off 4.7%, while the biggest gains were in coffee, up 4.9%. Bitcoin, in contrast, finished the week down 1.7%.

National currencies were all lower, led by the Euro, which fell 2.3%. The USD, CAD, and CNY fell least, dropping 1.4% each (the CNY price is estimated, since the Shanghai Gold Exchange was closed all week for national holiday). Bonds were also lower, with the short term SHY falling 1.5%, and the long term TLT dropping a whopping 4.7%, the largest drop in any asset class… and this is supposed to be the "risk free" asset?

Bitcoin, often a highly volatile asset, fell gradually early in the week, hitting a low of 168.4 grams on Wednesday, the recovered to finish the week at 171.1 grams, off 1.7%. Ethereum got a boost over the weekend, then fell to a Wednesday low of 5.71 grams, recovering to end the week at 5.84 grams, up 0.9%.

Major stock indexes were lower; the HUI gold stocks bucked this trend, rising 0.3% for the week. The Euro STOXX50 fell the most, dropping 3.6%, while the Dow Jones Industrial Average fell the least, giving up 1.4%.

Commodities were mixed, with coffee in the starring role, rising 4.9%, the largest gain of any asset in this table. Palladium fell 4.3%, the second largest loss of the week. Copper continued its decline, giving up 2.6%. Crude oil was little changed, up 0.1%, and silver managed a 0.9% gain.

Priced in Gold Weekly Summary

Click for PDF version