All asset classes except cryptocurrencies had mixed results this week. Bitcoin made the largest gains, rising 17.0% to close at 186.2 grams, after hitting a new all time high of 190.6 grams on Thursday. Ethereum also had a great week, rising 10.8%. The largest losses were in coffee, which fell 2.9% for the week.

The Canadian Dollar was the weakest currency, falling 1.1% to 18.9 mg. The strongest currency was the Euro, which gained 1.0% to close at 28.5 mg. Long term bonds rose 1.8% while short term bonds dropped 0.1%. Notes of zero maturity (USD cash) were unchanged for the week at 24.2 mg.

Bitcoin started the week by declining over the weekend, hitting a low of 141.8 grams on Sunday, then began a strong rally that carried it to a new all-time high of 190.6 grams on Thursday before settling at 186.2 grams on Friday, up 17.0%. The rising momentum has continued, setting new record highs and leaving Bitcoin at 199.2 grams as of Monday the 20th. Ethereum worked it's way higher over the course of the week, ending up 10.8% at 8.0 grams.

Gold stocks were 0.4% higher for the week, but all the major indexes were lower. The Dow Industrials and the Japanese Nikkei fell the most, dropping 0.3% each. The S&P 500 and the Euro STOXX each fell 0.1%.

Coffee reversed course this week, falling 2.9% and giving up all of the prior week's gains. Cotton was the strongest commodity, rising 1.1%. Crude oil, palladium and copper each fell 0.3%, while silver gained 0.5% and platinum was unchanged.

All asset classes were higher this week except for crude oil, which fell 3.0%. The largest gains were in Bitcoin and Ethereum, which rose 6.7% and 6.8% respectively. Platinum made new lows this week but closed up 0.7%, while palladium rose 2.8% to 23.25 grams per ounce, making it more valuable than platinum's 22.5 grams per ounce. More on this later.

The Chinese Yuan was the best performing currency, rising 3.0%. The Canadian Dollar was the weakest, gaining 0.8%. Bonds rose again, and continued their bias toward the shorter maturities with the 20+ year TLT adding 0.7%, the 1-3 year SHY gaining 1.6% and notes of zero maturity (USD cash) rising 1.7%.

Ethereum worked its way higher to close the week at 7.5 grams, up 6.8%. Bitcoin followed a similar pattern, closing at 107.7 grams, up 6.7%.

Stocks were higher, led by gold stocks, which gained 4.6%. The Dow Jones Industrials were the best performing major index, rising 3.0%. The Euro Stoxx FEZ rose 1.5%, the least of the major indexes.

Crude oil was the only falling commodity, giving up 3.0%. Silver was the next weakest, gaining just 0.1%. Copper rose the most, adding 4.3%.

On Tuesday, platinum set a new all-time low of 22.2 grams, then rallied to close the week at 22.5 grams, up 0.7%. Palladium rose 2.6% to close at 23.25 grams, making it more valuable than platinum. Gold > Palladium > Platinum is a rarely (as in, never before?) seen arrangement for precious metals prices… The last time palladium was more expensive than platinum was in September of 2001, at which time both metals were significantly more valuable than gold. I think there could be a good long-term speculation in long platinum/short palladium as low platinum prices drive increased substitution for palladium in catalytic converters and other industrial applications.

Commodities were mixed, and digital tokens were very strong, but bonds, currencies, and major stock indexes were all lower this week. The largest gains were in digital tokens, as Ethereum rose 16.1% and Bitcoin gained 9.3%. Gold stocks were also strong, adding 3.1% for the week. The biggest losses were in coffee and crude oil, which dropped 4.4% and 3.8% respectively.

The Chinese Yuan was the best performing national currency, only falling 1.1%. The Japanese Yen fell the most, dropping 3.2%. Bonds were down, with the 20+ year TLT falling 3.1%, while the 1-3 year SHY and USD cash (notes of zero maturity) dropped 2.7% apiece.

Bitcoin rose each day to close the week at 116.6 grams, up 9.3%, and setting a new all-time high. Ethereum followed a similar pattern, ending up 16.1% at 9.2 grams, just 6.3% below its all-time high.

Over the weekend, however, an earthquake hit the cryptocurrency world as the Chinese central bank announced a ban on ICOs (Initial Coin Offerings). This has sent many digital currencies tumbling, especially Ethereum, upon which many of the new tokens are built. On Monday the 4th, Ether was trading just below 7 grams, down 24% from Friday's close. Bitcoin was less affected, dropping about 14% over the weekend. With the US SEC proposing to regulate many tokens as securities, and China imposing an outright ban, many blockchain companies are looking to relocate to Switzerland or the UK, where regulators are taking a more crypto-friendly stance.

Gold stocks outpaced the major indexes, gaining 3.1%. All of the big indexes fell, led by the Euro STOXX, which dropped 2.8%. The S&P 500 fell the least, down 1.3%.

Cotton was the strongest of the commodities, rising 2.7%. Coffee fell the most, dropping 4.4%. Crude oil was also weak, falling 3.8%. Platinum and silver were little changed, off 0.3% and up 0.1% respectively.