Cryptocurrencies fell this week, but most other assets were in the black. After weeks of massive gains and new all-time highs, bitcoin retreated 15.0% and ether fell 24.4%. The largest gains were in coffee, up 10.5%, and crude oil, up 6.4%.

National currencies were higher across the board, led by the Euro, up 2.6%, and the US Dollar, up 2.5%. The Chinese Yuan lagged, gaining just 0.1%. Debt under-performed cash, as both short term notes and long term bonds rose 2.4%.

Cryptos pulled back and caught their breath after weeks of relentless rises and new all-time highs. Bitcoin made a new high of 1002 grams on Sunday, crossing the 1 kg level for the first time. From there it worked its way lower to close at 827 grams, down 15.0%. Ether finished last week at a new all time high, drifted lower over the weekend, fell below 1 ounce of gold on Monday, and continued to slide as the week progressed, ending at 25.8 grams, down 24.4%. The smaller crypto coins were all over the place, some rising, but many falling further than ETH and BTC; overall, the CCI30 index declined 16.8%.

Gold stocks fell 2.7% and the Japanese Nikkei index dropped 1.9%. The Dow Industrials added 0.7% and the S&P 500 was unchanged. The Dow is trading right at its 36 month moving average; a solid close above this level could be a buy signal for long-term trend followers.

Platinum was the only falling commodity in the table, dropping 4.6%. Coffee was the strongest, both in the group and overall, rising 10.5%. Crude came in second, adding 6.4%. Silver advanced 1.5% to 476 mg.

As we approach the first anniversary of the March 2020 crash, many assets are moving into the black year over year. Of course, cryptocurrencies dominate the field with gains of 452.5% for ether and 392.8% for bitcoin, but copper, up 49.3%, and silver, up 38.5%, are also showing strength. In fact, palladium is the only commodity in the red, down 18.2% from a year ago. Long term bonds are the next-worst asset, falling 9.4%. Gold stocks declined, but all other equities were higher, led by the Nikkei, up 25.8%. National currencies were a mixed bag for the year, as the Euro rose 4.8% and the US Dollar fell 6.2%.

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Most assets moved higher this week, led by the cryptocurrencies. The only ones in the red were gold stocks, down 5.7%, and long term bonds, off 1.0%. The broad index of 30 cryptocurrencies soared 23.9% and Bitcoin gained 19.6% to reach new all-time-highs just below 1 kg of gold. Copper and platinum also were very strong, rising 9.5% and 7.8% respectively.

The Canadian Dollar was the leading national currency this week, rising 2.5%. The Japanese Yen trailed its peers, adding 1.1%. US Dollar cash and short term notes both rose 1.7%, but long term bonds fell 1.0%.

Cryptocurrencies continued to outperform other asset classes. The broad index of 30 cryptos rose 23.9% and Bitcoin, the largest component of the index, climbed 19.6% to reach new all-time highs. Ethereum rose "only" 8.1%, but also closed at new all-time highs, trading above 1 ounce of gold for the last three days. The outperformance of the CCI30 indicates that many of the smaller cryptos (not in the table) are making gains much larger than BTC and ETH. For instance, DASH rose 94.6%, and Binance Coin (BNB), now the third largest crypto by market cap, skyrocketed 147% this week.

The only falling equity in the table was the HUI gold stock index, which dropped 5.7%, the week's largest decline. The Nikkei 225 outperformed other stock indexes, rising 2.8%. In the US, the Dow Industrials gained 1.8% and the broader S&P 500 added 1.0%.

Commodities were all in the black, with copper, up 9.5%, and platinum, up 7.8%, making the largest gains outside of the crypto space. Coffee was also strong, gaining 7.0%. Silver and crude oil were the weakest commodities, adding 1.2% and 1.3% respectively.

Looking back one year, the cryptos continue their dominance, with ETH up 518.8%, BTC up 421.0%, and the CCi30 up 326.5%. Copper and silver occupy the next rank of high-performers, rising 40.5% and 31.9% respectively. Palladium shows the worst losses, falling 23.7%. Also in the basement were long term bonds and the US Dollar itself, down 10.3% and 10.2%. Over the next few weeks, as we approach the first anniversary of the 12 March 2020 "Covid Crash", I expect to see some shakeup in these results.

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Bonds and national currencies fell, cryptocurrencies continued their strong advances, and stocks and commodities were mixed, but mostly higher. Bitcoin rose 23.6% to a new all-time high, but the broader index of 30 cryptos did even better, closing up 31.4%. Platinum gained 8.1%, but coffee suffered the week's worst losses, dropping 3.4%.

The Euro outperformed other national currencies by finishing the week unchanged. The US Dollar dropped the most, giving up 0.7%. Short term notes also declined 0.7%, but long term bonds fell 1.4%.

In the world of cryptocurrencies, things continue to explode higher, driven by a river of adoption news. Bitcoin gained 23.6% to hit a new all-time high of 813.5 grams. Ethereum was tamer, rising just 6.5%, but is now trading for more than an ounce of gold, and sits just 3.6% below its ATH. However the largest gains were in the altcoins, as the index of the 30 largest cryptos soared 31.4%. 100 grams of gold invested the CCi30 in Jan-2015 would be worth 10.5 kg today… more than a 100x gain in 6 years, achieved with a diversified portfolio of crypto currencies. And the index still sits 43% below its all-time high!

The only declining equities were the gold stocks, as the HUI fell 1.5%. The Nikkei 225 led the way higher, rising 2.3%. US stock markets were relatively weak, with the Dow Industrials adding 0.3% and the S&P 500 gaining 0.5%. Despite closing at new all-time highs priced in Dollars, when priced in gold, the S&P 500 and the Dow Industrials are still 61% below their respective all-time highs set 22 years ago. And this is after a huge bull market from 2011 to 2019 that more than tripled their values. The Dow today is priced about the same as it was in 1996, 1972, 1959 and 1929.

Coffee was the sole commodity in the red, dropping 3.4%, the largest drop for any asset. Palladium broke even, but all others rose, led by its cousin platinum, which gained 8.1%, qualifying it as the best performing asset outside of crypto. Cotton was also strong, rising 4.7%. Copper and crude oil added 3.7% and 3.8% respectively. Silver was up 1.3%.

Year over year, the cryptocurrencies continue their dominance, as Ethereum rose 575.9% and Bitcoin gained 296.1%. Outside of the cryptoshere, silver and copper were the largest winners, rising 32.7% and 25.4% respectively. The US Dollar fell the most, dropping 13.9% while palladium came in second, giving up 13.5% of its value.

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This was an amazing week, with every asset in the table in the black! Even silver, the week's worst performer, was up a tiny 0.04%. Cryptocurrencies continue to be the big movers and shakers, as Ethereum rose 28.5% and the broader index of 30 cryptos gained 22.8%. Outside of the cryptocurrencies, crude oil was the star, adding 12.6%.

The US and Canadian Dollars shared the "best performance by a national currency" award, rising 3.4% each. The Euro and the Chinese Yuan under-performed, adding 2.3% each. Short term treasury notes tracked USD cash, rising 3.4%, but long term bonds were the week's second worst performing asset, adding just 0.8%.

Trading in Bitcoin was relatively tame this week, and as a result, it saw "only" a 14.9% gain. Most of the action was focused on Ethereum and its "De-Fi" children; ETH soared 28.5%, and many of the smaller alt-coins rose even more. After the week's trading was finished, it was announced that Tesla had quietly purchased $1.5 billion worth of Bitcoin as a treasury asset… this has since pushed crypto broadly higher and I expect next week will be a doozie!

Stocks far outperformed bonds, currencies, and many commodities. Top performers were the S&P 500, up 8.2%. and the Euro STOXX, up 8.1%. Weakest was the gold mining sector, and even it rose 4.5%.

Crude oil was the by far the strongest commodity, rising 12.8% and approaching the 1.0 gram/barrel level. Cotton was the next-best performer, gaining 6.1% for the week. Silver and palladium were the weakest commodities, as silver just broke even and palladium rose 3.9%.

Year over year, the cryptos are still in control, with ether rising 684.9% and approaching its all-time highs, and bitcoin advancing 241.8% and making new all-time highs. Outside of the crypto space, silver and copper have been the best performers, with gains of 29.7% and 21.3% respectively. Palladium has seen the worst decline, falling 17.4%. The US Dollar was second-worst, dropping 13.8% in value.

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Bonds and national currencies declined, stocks were mostly higher, and commodities were mostly lower. But the big fireworks this week were in cryptocurrencies, as Bitcoin fell 11.0% and Ethereum rose 4.7%. The next biggest movers were coffee and palladium, which dropped 3.9% and 3.5% respectively.

The US Dollar and the Japanese Yen led national currencies lower, falling 0.7% each. The Euro outperformed, declining just 0.1%. US Treasury notes and bonds fell in sync with USD cash, dropping 0.7% apiece.

The week's biggest price moves were in the cryptocurrencies, as bitcoin fell 11.0% and ether rose 4.7%. The broader index of 30 cryptocurrencies fell 2.2%. Although Ethereum has reached new highs in US Dollar terms, it is still 36% below its old high when priced in gold, due to the US Dollar's weakness. In contrast, bitcoin made a new all-time high on 8-Jan-2021, and has since retreated 18.7%.

Stock markets were mixed, but gainers outnumbered decliners, and rose farther as well. The S&P 500 added 1.2% and gold mining stocks advanced 0.8%. The Nikkei fell 0.3% and the Dow Industrial Average declined 0.2%. On Wednesday 20-Jan-2021, the Dow made a new all-time high when priced in US Dollars… but keep in mind that today's price of 520.4 grams is 62.6% below its all-time high of 1,393.2 grams set back on 25-Aug-1999.

Today's "high" stock prices are all about the debasement of the US Dollar and the distortions of asset prices caused by artificially low interest rates, not about great stock performance. It's a sad commentary on the state of the US economy when the country's 30 largest industrial companies, working as hard as they can for 20 years to create shareholder value, are outperformed by a factor of more than 2x by a lump of metal sitting in a safe. This applies not just to the USA, but to Europe and Asia as well.

The only commodity in the black this week was cotton, up 0.3%. Platinum gets an honorable mention for closing the week unchanged. Coffee fell 3.9% and palladium dropped 3.5%, the week's largest losses outside of the cryptosphere. Crude oil declined 0.9% and silver retreated 0.4%.

Year over year the picture remains broadly the same as in past weeks, with cryptocurrencies continuing to crush it. Ethereum is up 510.1%, bitcoin is up 219.5%, and the CCI index of 30 cryptos is up 139.7%. Outside of cryptos, silver gets an honorable mention for rising 19.7%. Crude oil is still the largest decliner, down 22.6%, but palladium, down 18.4%, edges out the US Dollar, off 16.0%, in the race for next worst performer.

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After weeks of near vertical ascension, cryptocurrencies finally paused and pulled back a bit. Bonds and most national currencies rose, while stocks and commodities were mixed. Coffee took the lead this week, rising 4.9%, while Bitcoin fell 8.6% and gold stocks retreated 4.7%.

The only national currency in the red was the Euro, off 0.1%. The Chinese Yuan rose 2.6%, and the US Dollar gained 1.3%. Short term notes followed USD cash, adding 1.3%. Long term bonds outperformed, rising 1.6%.

Bitcoin rose 123% from 11-Dec-2020 to 8-Jan-2021 (less than a month) to hit a new all-time high of 681.2 grams. This week BTC fell to 573.0 grams on Tuesday the 12th, then bounced back to finish the week at 622.8 grams, down 8.6%. Ether declined 3.0%, but many of the smaller cryptocurrencies gained ground; the index of the 30 largest cryptos (dominated by BTC and ETH) dropped just 0.9%. For instance, DASH and Monero (not in table) rose 30.5% and 15.8% respectively.

Among the equity markets, the Japanese Nikkei was the best performer, rising 2.6%. Gold stocks fell the most, dropping 4.7%. US markets saw mixed results, as the Dow Industrials added 0.4% but the S&P 500 fell 0.2%.

Coffee was the week's best performing commodity, and the week's best performer overall, rising 4.9%. Cotton also did well, adding 2.5%. Precious metals were mixed; silver dropped 4.0% and platinum fell 1.2%, while palladium gained 0.8%. Crude oil rose 0.9%.

Year over year, the story remains much the same as in preceding weeks. Crpytos shine the brightest, with Ether up 493.2% and Bitcoin up 252.2%. Silver earns an honorable mention, up 19.1%. Crude oil, down 24.2%, has fallen the most. US Dollar cash is the next worst place to be, down 15.8%.

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Cryptocurrencies continued their meteoric rise while stocks gained ground and other asset classes were mixed, but mostly higher. Ethereum took the lead this week, rising 69.8%, while Bitcoin rose 40.7% to a new all-time high of 681.2 grams. Outside of the crypto space, crude oil was the leading asset, gaining 9.1%. Long term bonds (down 2.8%) and coffee (off 2.3%) had the largest losses.

The Chinese Yuan dropped 0.8%, but other national currencies moved higher, led by the Canadian Dollar, which rose 1.7%, and the Euro, which added 1.5%. US Dollar cash and short treasury term notes each gained 1.3%. Long term bonds fell 2.8%, the largest loss in this week's table.

Cryptos once again made huge gains, as Ether rose 69.8% and Bitcoin added 40.7% to close at a new all-time high. The broader index of 30 cryptos was up 37.1%. Following this surge, most cryptocurrencies pulled back over the weekend. I suspect that this is a healthy pause to recharge before forging on to higher highs, but a "Bitcoin Crash" of 50% or 60% would not violate the exponential uptrend now in place.

Equity indexes were all in the black, led by the European STOXX, up 4.9%. Gold stocks were the weakest, advancing 2.3%. The S&P 500 added 3.2%.

Coffee was the only declining commodity, falling 2.3%. Crude oil, up 9.1%, and copper, up 5.7%, were the strongest. Among the precious metals, platinum gained 5.5% while silver was weakest, rising just 1.9%.

Looking back one year, we see that cryptocurrencies far outpaced all other asset classes, as Ethereum gained 617.8% and Bitcoin advanced 326.1%. Outside of the cryptos, the best returns were in silver, up 22.1%, and gold stocks, up 11.0%. Copper also did well, rising 10.2%. Crude oil shows the largest loss, dropping 26.1%. It was followed by the US Dollar, which lost 15.6% of its value over the last year.

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Due to the New Years holiday, this was another short trading week. Cryptocurrencies rose, bonds fell, and all other asset classes were mixed. The largest gains were in Bitcoin, which continued to climb, adding another 18.3% and closing at a new all-time high of 484 grams. Ethereum was not far behind, rising 15.8%. Copper (down 2.0%) and the HUI gold stocks (off 1.1%) had the largest losses.

National currencies were mostly lower; only the Canadian Dollar posted a gain, and that was a meager 0.1%. The US Dollar fell the most, dropping 0.7%. The Chinese Yuan and Japanese Yen fell 0.3% each. Short term treasury notes tracked USD cash, sliding 0.7%, but long term bonds did a bit better, holding their loss to 0.4%.

Cryptocurrencies were on fire, as Bitcoin rose 18.3% to a new all-time high, and Ether gained 15.8%. Over the weekend, both pushed even higher. The broader index of 30 cryptos added 7.9%.

Equity markets were mixed, with the Japanese Nikkei the clear winner, rising 2.6%; the S&P 500 trailed, gaining 0.8%. Gold stocks were down 1.1% and the European STOXX fell 0.9%.

Outside of the cryptos, platinum was the best performer, rising 3.8%. Silver rose 1.9% and cotton gained 1.7%. Copper fell 2.0%, the week's largest loss. Crude oil and palladium were also losers, but declined just 0.2% apiece.

Looking back on 2020, we see that the cryptocurrencies had by far the largest gains, as Ether rose 352.2% and Bitcoin gained 227.4%. Silver and copper were the only other assets in the black for the year, with gains of 17.8% and 0.7% respectively. Crude oil and coffee were the year's worst performers, falling 36.9% and 20.6%. In third place was the US Dollar, down 19.8%. I will be putting together a more comprehensive report on 2020 soon.

Wishing you all an excellent and happy 2021!

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Due to the Christmas holidays, this was a short trading week. Bonds rose, but all other asset classes were mixed. The largest gains were in Bitcoin, which continued to climb, adding another 6.9%, followed by coffee and long dated treasury bonds, which rose 0.9% apiece. Ether (down 4.1%) and the CCi30 crypto index (off 3.3%) had the largest losses.

National currencies were quiet ahead of the holiday, as USD cash rose 0.3%, the Yen was unchanged, and the Canadian Dollar and Chinese Yuan declined 0.3%. Short term notes tracked USD cash, rising 0.3%, but long term bonds gained 0.9%, making them one of the week's best performers.

The week's biggest price swings were in cryptocurrencies, as Bitcoin was the best and Ethereum the worst performing asset class. Bitcoin rose 6.9% to 409.2 grams and continued rising through the weekend, hitting a high of 469 grams on Sunday before settling back to 436 grams. Ether fell to a low of 9.68 grams on Wednesday, then recovered to close at 10.39 grams, down 4.1%.

US equity indexes were in the black, but Europe and Japan were in the red. The Dow Jones Industrial Average rose 0.3%, and the Euro STOXX and Japanese Nikkei each fell 0.4%. Gold stocks were down 0.5%.

Copper fell 1.5% and crude oil declined 1.4%; coffee rose 0.9%. Precious metals were mixed, as palladium and silver added 0.3% and 0.2% respectively, while platinum fell 1.3%.

Year over year, cryptocurrencies dominate on the upside, as Ether has risen 283.7% and Bitcoin is up 168.0%. Outside of cryptos, silver has been the star performer, rising 16.0%. Crude oil still shows the worst loss, down 37.7%, followed by coffee, off 23.0%. The US Dollar is in third place in the race to the bottom, with a loss of 21.0%.

Wishing you all happy holidays, and an excellent New Year!

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Bonds and most national currencies moved higher while cryptocurrencies and stocks pulled back; commodities were mixed. The largest gains were in cotton, up 3.5%, and coffee, up 3.4%. The CCI30 crypto index (down 4.9%) and platinum (off 4.8%) had the largest losses.

The Euro, down 0.2% was the only national currency in the red. The Japanese Yen and Canadian Dollar outperformed, rising 0.3%. The US Dollar added 0.1%, as did its short term notes. Long term bonds did extremely well, rising 2.4%, the third largest gain for the week.

Cryptos were broadly lower, pulling back after the prior week's big runup. Bitcoin fared the best, retreating 3.4%. The broader index of 30 cryptos fell 4.9%, the largest loss of the week. By the weekend, however, Bitcoin was on the rise again.

Stocks were all lower, led by the Euro STOXX index, down 1.3%. The Japanese Nikkei (off 0.1%) and the HUI gold stock index (off 0.2%) outperformed the other equities. The S&P 500 fell 0.9%.

The largest price swings were in commodities. Coffee and cotton rose 3.5% and 3.4% respectively. Precious metals saw losses, as platinum fell 4.8% and silver dropped 1.7%.

Year over year, cryptocurrencies continue to dominate, with Ether up 196.8% and Bitcoin up 99.2%. Silver earns an honorable mention, rising 15%. The year's largest losses are in crude oil, down 36.2%, and coffee, down 27.6%. Third place goes to the US Dollar, off 20.4%.

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