Precious metals and gold stocks rose while all other assets declined. The largest gains were in platinum, up 8.5%, palladium, up 6.6%, and gold stocks, up 2.8%. The largest losses were all in crypto, as Ethereum fell 16.5%, the CCi30 index fell 13.9%, and Bitcoin lost 12.7%. Outside of crypto, the worst performers were cotton, down 8.0%, coffee, down 7.9%, and the Dow Industrials, down 7.3%. Cotton and coffee both closed at new-all-time lows.

Every major national currency dropped to a new all-time low. The Chinese Yuan was the worst currency to be holding, falling 7.2%, while the Euro fell the least, "just" 5.6%. The US Dollar fell 6.8%, while long term bonds fell 6.6%.

The first full week of the new year brought an abrupt trend reversal, as precious metals, copper and gold stocks rose while all other assets declined. The largest gains were in palladium, up 8.9%, platinum, up 7.2%, and gold stocks, up 5.0%. The largest losses were in Ethereum, down 4.7%, the Canadian Dollar, down 4.5%, and the Euro, down 4.3%.

The Chinese Yuan was the best performing national currency, falling only 2.9%. The US Dollar and short term treasuries fell 3.5%, while long term bonds fell 2.5%. The EUR, CAD, and CHF all closed at new all-time lows. The Russian Ruble (not in table) fell to a new all-time low on Tuesday, but recovered to finish the week down 5.3%.

Once again, the Dow Industrials and S&P 500 index made new all-time highs when measured in Dollars, but fell 1.3% and 2.0% respectively when measured in gold. The Dow has fallen 75.4% since reaching its high in 1999, while the S&P is down 72.1%.

The New Year has brought a mostly upbeat week, with only three assets declining: platinum, down 7.2%, palladium, down 6.8%, and gold stocks, down 2.2%. The largest gains were in cryptocurrencies, as Ethereum and the CCi30 rose 11.2% and 9.4% respectively, while Bitcoin gained 7.4%. Outside of crypto, coffee, up 6.4%, and crude oil and the Euro STOXX50, up 5.3% each, made the largest gains.

The US Dollar was the best performing national currency, rising 4.3%. Long term bonds matched this gain, but short term treasuries did a bit better, adding 4.4%.

Wishing everyone a very happy and profitable New Year!

Commodities were mixed; all other assets declined. The largest gains were in platinum, up 19.3%, silver, up 9.4%, and palladium, up 4.0%. The largest losses were in cryptocurrencies, as Ethereum and the CCi30 fell 5.9% each, while Bitcoin dropped 5.2%. Outside of crypto, the Japanese Yen, down 4.6%, and the US Dollar, down 4.3%, saw the biggest declines.

Stocks fared better than currencies and bonds. The Dow Industrials (down 3.1%) and the S&P 500 (down 2.9%) both made new all-time highs in Dollar terms, but are down 76% and 73% respectively from their all-time highs in gold terms. The best performing equities were the gold mining stocks, off just 0.2%. Long term treasury bonds closed at 604 mg, down 4.1% to a new all-time low… this means that every owner of TLT is now in a loss position.

Silver has broken out of its recent down trend, reaching its highest price since 2013, and doubling in price since its April 2025 low.

Wishing everyone a very happy and profitable New Year!

Gold stocks and precious metals advanced; other assets declined. The largest gains were in silver, up 7.5%, gold stocks, up 3.3%, and palladium, up 1.4%. The largest losses were in coffee, down 4.4%, copper, down 4.0%, and the Japanese Nikkei index, down 3.1%.

Cryptocurrencies declined along with national currencies, bonds, and major stock indexes, but Bitcoin, off 1.1%, fared better than most, outperforming JPY, USD, EUR, treasury bonds, and the S&P 500.

Cryptocurrencies moved lower, but other asset classes were mixed. The largest gains were in coffee, up 4.5%, and the Japanese Yen, up 1.1%. The largest declines were in Ethereum, down 10.3%, and the broader CCi30 crypto index, down 7.2%. Outside of crypto, the largest losses were in palladium, down 4.3%, and Japanese stocks, off 3.1%. The US Dollar rose 0.4%, outpacing treasuries; short term notes rose 0.3% and long term treasuries fell 0.4%.

Although large cap cryptos were in the red, some of the cryptocurrencies focused on privacy had a great week. Zcash (ZEC) and Monero (XMR), not in table, rose 60.4% and 10.4% respectively.

Another up week for the markets; the only decliner was coffee, off 0.5%. The largest gains were in Japanese stocks, up 7.9%, cotton, up 4.5%, and silver, up 4.4%. The Canadian Dollar was the hottest currency, rising 2.4%, followed by the US Dollar and the Chinese Yuan, each up 2.3%. USD cash outperformed treasuries; short term notes rose 2.2% and long term treasuries gained 0.5%.

On Tuesday the Dow Industrials and the S&P 500 both hit new all-time highs when measured in US Dollars, but even after this week's gains, when measured in gold, they are down from their all-time highs 74% and 69% respectively.

This week, markets reversed course, putting most assets in the green. The only decliners were silver, down 8.7%, gold stocks, down 4.7%, and palladium, down 3.7%. The largest gains were in crude oil, up 10.0%, the CCi30 crypto index, up 7.5%, and Bitcoin, up 7.3%. The US Dollar hit a new all-time low of 7.24 mg on Monday, then rallied to end the week up 2.9%. All other major currencies followed a similar trajectory, with the CNY rising the most, closing up 5.8%. Bonds outperformed USD cash; long term treasuries rose 3.2%.

The Dow Industrials and the S&P 500 both closed the week at new all-time highs when measured in US Dollars, but even after this week's gains, they have lost over 70% from their all-time highs measured in gold.

Once again, commodities were mixed, but all other asset classes were in the red. The week's best performers (and only gainers) were silver, up 0.3%, and coffee, up 0.2%. The largest losses were in Bitcoin, down 11.5%, the Chinese Yuan down 9.5%, and the CCi30 crypto index, down 9.3%. The US Dollar hit a new all-time low of 7.3 mg on Thursday, then bounced to end the week down 5.9%. All other major currencies also made new all-time lows, with the CNY hit especially hard.

Many commodities made new all-time-lows, including copper, natural gas, coffee, and gasoline. Many securities, including long and short term treasury bonds, the UK FTSE 100, the Canadian TSX Composite Index, and the Australian ASX 200 index also hit new 30 year lows.

Commodities were mixed, but all other asset classes were in the red. The week's best performers (and only gainers) were palladium, up 12.5%, and silver, up 4.2%. The largest losses were all in crypto, with the CCi30 crypto index down 18.1%, Ethereum down 17.0%, and Bitcoin down 9.5%. The US Dollar hit a new all-time low of 7.7 mg on Wednesday, then bounced to end the week down 2.2%. All other major currencies also made new all-time lows, but the Japanese Yen was singled out for a special beating, closing down 6.0%.

Platinum, off just 0.2%, cotton down 0.7%, and long dated treasuries, down 0.9%, were relative out-performers.