Currencies, bonds and major stock indexes were higher, commodities were mixed, and digital tokens fell hard again this week. The largest losses were in digital tokens, as Ethereum fell 14.2% and Bitcoin dropped 12.1%. The biggest gains were in coffee and crude oil, which added 10.1% and 6.9% respectively.

The US Dollar was the best performing currency in this chart, rising 1.8%, but it was trounced by the Pound Sterling, which gained 4.9%. The Japanese Yen was the only declining currency, dropping 0.9%. Bonds were up, with the 20+ year TLT adding 0.1%, while the 1-3 year SHY gained 1.6%. Neither rose as much as USD cash, however.

Bitcoin continued falling through most of the week, hit hard by an order from the Chinese central bank to close all cryptocurrency exchanges. After bottoming at 72.8 grams on Thursday, it rallied to end the week at 87.7 grams, down 12.1%. Ethereum followed a similar pattern, hitting a low of 5.2 grams on Thursday (47% below its all-time high), but recovered to close the week at 6.1 grams, down 14.2%. Both BTC and ETH continued to rally over the weekend, with ETH trading at 6.9 grams and BTC trading at 96.4 grams on Monday.

Stocks were higher, with the exception of gold stocks, which dropped 2.8%. The Dow Jones Industrials gained the most, rising 4.0%. The Japanese Nikkei rose 2.4%, the least of the major indexes.

Coffee was the strongest of the commodities, rising 10.1%. Cotton fell the most, dropping 5.8%. Crude oil was also strong, gaining 6.9%. Silver was down 1.1% while platinum was off 2.0%.

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Currencies and commodities were mixed, while bonds, and stocks, and digital tokens were all lower this week. In a major reversal, the largest losses were in digital tokens, as Ethereum fell 23.4% and Bitcoin dropped 14.5%. The biggest gains were in silver and cotton, which added 2.1% and 1.8% respectively.

The Canadian Dollar was the best performing national currency, rising 0.6%. The US Dollar fell the most, dropping 1.9%. Bonds were down, with the 20+ year TLT falling 0.2%, while the 1-3 year SHY dropped 1.8%.

Bitcoin set a new all-time high of 116.6 grams at the end of last week, but was hit hard by the Chinese ban on ICOs over the weekend, falling to 100.8 grams on Monday. It rallied into Wednesday, closing at 107.66 grams, then sold off to end the week at 99.8 grams, down 14.5%. Ethereum followed a similar pattern, ending last week at 9.2 grams, falling to 7.0 grams on Monday, recovering to 7.9 grams on Wednesday, and finally selling off to close the week at 7.1 grams, down 23.4%.

Ethereum was hit harder than Bitcoin in part because its blockchain supports the smart contracts used by many of the new tokens covered by the Chinese central bank ban. Once the dust settles, I expect both of these tokens to exceed their old highs; I see this sell-off as an excellent buying opportunity.

Stocks were down, but gold stocks fell less than the major indexes, dropping 0.3%. The Dow Jones Industrials dropped the most, falling 2.8%. The Euro STOXX were off 0.7%.

Silver was the strongest of the commodities, rising 2.1%. Copper fell the most, dropping 4.3%. Crude oil was also weak, falling 1.5%. Palladium was down 2.3% while platinum was off just 0.4%.

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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.

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Almost all asset classes were higher this week, with the exceptions of crude oil and platinum, which dropped 0.5% and 0.2% respectively. The largest gains were in digital tokens, as Ethereum rose 11.3% and Bitcoin gained 6.8%. Copper was also strong, adding 4.0% for the week.

The Canadian Dollar and the Euro were the best performing national currencies, rising by 1.8% and 1.6% respectively. The Chinese Yuan was weakest, gaining just 0.2%. Bonds were up, with the 20+ year TLT rising 1.4%, the 1-3 year SHY adding 0.9% and USD cash (notes of zero maturity) gaining 0.8%.

Bitcoin spent most of the week trading near 100 grams, then moved up to close the week at 106.7 grams, up 6.8%, and just 1.4% below it's all-time high. Ethereum rose gradually throughout the week, ending up 11.3% at 8.0 grams, it's highest level since June.

All equities rose, but gold stocks outpaced the major indexes, gaining 3.2%. The best of the big indexes was the Euro STOXX, which added 2.1%. The Nikkei was the weakest, rising 0.5%.

Copper was the strongest of the commodities (up 4.0%). Crude oil fell the most, dropping 0.5%. Coffee recovered a bit from the prior week's massive 9.4% drop, rising 3.5% this week. Platinum and silver were little changed, off 0.2% and up 0.1% respectively.

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Bonds, stocks, and currencies were lower, but digital tokens and commodities were mixed. Bitcoin rose 12.2% while Ethereum dropped 5.2%. Coffee was the weakest asset class, falling 9.4%.

The Canadian Dollar and Chinese Yuan were the best performing national currencies, off by 0.1% and 0.2% respectively. The Euro fell the most, dropping 1.1%. Bonds were lower, with the 20+ year TLT off 0.6%, the 1-3 year SHY losing 0.8% and USD cash (notes of zero maturity) dropping 0.7%.

Bitcoin rose to a new all-time-high of 108.1 grams on Wednesday the 16th, then pulled back to close the week at 99.8 grams, up 12.8%. Ethereum fell gradually throughout the week, ending down 5.2%. Considering that it was up 38.2% the prior week, this is a modest pullback.

All stock indexes fell, but the Nikkei 225 was the weakest index, dropping 2.2%. The Euro STOXX was almost unchanged, off just 0.1%. The DJIA was off 1.6% while the S&P 500 fell 1.4%. Gold stocks were down 1.5%.

Palladium was the strongest of the commodities (up 3.0%). Coffee fell the most, dropping 9.4%. Platinum and silver dropped 0.6% and 0.4% respectively.

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Most asset classes were lower, but digital tokens shot much higher. Ethereum rose 38.2% and Bitcoin gained 24.8%, continuing to rise after the successful Bitcoin hard fork on August 1st. Bonds, major stock indexes, and commodities were all lower.

The Chinese Yuan was the best performing national currency this week, falling 0.6%. The Canadian Dollar fell the most, dropping 3.0%. Bonds continued to favor the longer maturities, as the 20+ year TLT fell 1.0%, while the 1-3 year SHY lost 2.0% and USD cash (notes of zero maturity) dropped 2.2%.

Bitcoin rose all through the week, closing on Friday at 89 grams, a new all-time-high, and has continued to rise strongly since, trading at another new all-time high of 106.3 grams on August 14th. Ethereum followed a similar pattern, ending the week at 7.6 grams, a new high for the month, but still well below it's all-time high of 9.8 grams set on June 12th.

Gold stocks gained 0.9% this week, but all the major market indexes were lower. The Euro STOXX was the weakest index, falling 4.9%. The DJIA was off 3.2% while the S&P 500 fell 3.6%.

Commodities were all lower except for silver, which was virtually unchanged (up 0.1%). Cotton and crude oil fell the most, dropping 5.5% and 3.7% respectively.

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I want to apologize for the rash of junk emails sent out last week, and thank you for your kindness and patience. Due to a change of server configuration, another site began sharing my server's IP address, and all of his posts were echoed out as emails by my list server. My site also became unavailable as Cloudflare, my DDOS prevention service, could not access the underlying web server properly. This is all sorted out now, and hopefully will stay that way for many years to come!

Server issues aside, this was a good week for most asset classes, with only gold stocks moving significantly lower (the HUI was off 1.8%). The strongest gains were in the cryptocurrencies, as Ethereum rose 14.5% and Bitcoin gained 3.4%, following a week of volatility caused by concern over the Bitcoin hard fork that occurred on August 1st. Bonds, major stock indexes, and commodities were all higher.

The Euro was the best performing national currency this week, rising 1.5%. The Chinese Yuan and Canadian Dollar were the only falling currencies, and they only dropped 0.2% and 0.3% respectively. Bonds continued to favor the longer maturities, as the 20+ year TLT rose 1.4%, while the 1-3 year SHY gained 0.5% and USD cash (notes of zero maturity) added 0.6%.

Bitcoin rose early in the week, hitting 70.5 grams on July 31st, just prior to the hard fork, but fell about 5% following the fork, closing at 66.7 grams on August 2nd. Since then it has rallied, reaching 71.3 grams on Friday the 4th, and has continued to rise strongly since, trading at a new all-time high of 85.1 grams on August 8th. Ethereum followed a similar pattern, ending the week at 5.5 grams, up 14.5%.

Gold stocks fell 1.8% this week, but all the major market indexes were higher. The Euro STOXX was the strongest index, adding 2.0%. The DJIA was up 1.8% while the S&P 500 rose 0.8%.

Commodities were all higher, as platinum surged 4.8%, while palladium gained 1.6% and silver rose 1.4%. Cotton and coffee also made strong gains, rising 3.2% and 2.3% respectively.

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Digital tokens rebounded this week, as Bitcoin rose 18.9%. Stocks and currencies were mostly lower, while bonds and commodities were mixed. Outside of digital tokens, the biggest gains were in silver, which rose 4.0%; the largest losses were in crude oil, which fell 3.1%, reversing much of the prior week's gains.

The Euro was the only national currency in the black this week, rising 0.4%. The Chinese Yuan was the weakest currency, falling 1.8%. Bonds again favored the longer maturities, as the 20+ year TLT rose 0.4%, while the 1-3 year SHY dropped 1.4% and USD cash (notes of zero maturity) fell 1.5%.

Bitcoin started the week by dropping sharply over the weekend, but on Monday stabilized and began rising. By Thursday it reached a high of 72.3 grams before settling to close at 67.1 grams on Friday, up 18.9%. Ethereum followed a similar pattern, ending the week up 9.0%.

Gold stocks rose 1.7% this week, but all the major market indexes were lower. The Nikkei was the strongest major index, falling just 0.3%. The Euro STOXX and the DJIA fell the most, down 1.9% and 1.7% respectively.

Commodities were mixed, as crude oil fell 3.1%, while silver gained 3.1%. Palladium was 2.4% lower, while platinum was 0.6% higher.

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This week's big news was the continued drop in digital tokens, as both Bitcoin and Ethereum retreat after their recent huge runups. Bonds were also lower, stocks were generally higher, while currencies and commodities were mixed. The biggest gains were in crude oil, which rose 4.0%; the largest losses were in the Ethereum token, which fell 19.5%.

The Canadian Dollar and Chinese Yuan were the strongest currencies, rising 0.7% each. The US Dollar was the weakest currency, falling 1.2%. Bonds favored the longer maturities, as the 20+ year TLT fell 0.7%, while the 1-3 year SHY dropped 1.1% and USD cash (notes of zero maturity) fell 1.2%.

Bitcoin traded near 60 grams for most of the week, then dropped sharply on Friday, closing at 56.4 grams, down 12.5%. Ethereum started the week sharply lower, then was highly volatile, trading between 5 and 6 grams, and ending the week at 5.0 grams, down 19.5%.

The Euro STOXX were the strongest major stock index, rising 1.1%. The HUI gold stocks rose even more, adding 2.7%. The other stock indexes were little changed, with the DJIA down 0.2% and the S&P 500 up 0.2%.

Commodities were mixed, with crude oil rising 4.0%, while cotton fell 4.1%. In the metals, silver and platinum were lower (off 2.0% and 0.4% respectively) while palladium and copper were higher (rising 1.9% and 0.5% respectively).

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This was a holiday week in North America, so I will summarize both the last week of June and the first week of July by saying that national currencies and major stock indexes were rising, digital tokens were falling, and bonds and commodities were mixed. The biggest gains were in coffee, which rose 5.9% during the last week of June, and a further 4.8% this week. Crude oil was a close second, rising 8.2% for W/E 30 June, but pulling back 1.8% this week. The largest losses were in the Ethereum token, which fell 14.6% in the prior week, and another 14.1% this week, to settle at 6.25 grams. Although this is a very significant drop, it needs to be seen in the context of a gain of over 2000% for the last year.

The Japanese Yen was the weakest national currency, rising just 0.3% for the last week in June, and 0.6% this week. The Canadian Dollar, up 3.3% last week and another 3.1% this week, was the strongest currency. Bonds favored the shorter maturities, as the 20+ year TLT fell 1.0% during the last week in June, and added just 0.4% this week, while the 1-3 year SHY rose 1.0% and 2.2% in the same periods. But USD cash gained even more, rising 1.1% last week and 2.2% this week.

Bitcoin spent the last two weeks trading very close to 2 ounces of gold. It fell to 61.6 grams on July 1st, then rallied to 67.0 grams July 5th, and finally settled at 64.5 grams, up 3.1% for the week. Ethereum started the last week in June by rallying to 8.2 grams on June 28th, but slid lower each day thereafter, closing at 6.2 grams this week, a loss of 26.7% for the two week period. Keep in mind that this is less than the 33.4% gain seen in the single week ending Jun 6th, and a fairly small pullback in the context of the last year's gains.

The major markets indexes all moved higher over the last two weeks, but gold stocks tumbled, with the HUI falling 4.1% for the last week in June, and a further 0.9% this week. The Dow Jones Industrials had the largest gains, while the Nikkei 225 showed the least luster, dropping 0.2% in the last week of June and recovering 0.5% this week.

Commodities were mixed, with coffee making strong gains each week, while silver fell a bit each week, closing at 405 mg. Crude oil rose 8.2% during the last week of June, but pulled back 1.8% this week. Platinum also made small gains each week (up 0.5% and 1.0%), while palladium fell 4.2% last week, but recovered 1.3% this week.

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