Weekly Update 10 May 2019

Cryptocurrencies continued to rise, but most other assets were lower, led by cotton, which fell 10.7%. Bitcoin gained 9.9% to close at another new high for the year. Gold stocks had the second largest losses, closing down 4.8%.

Among national currencies, only the Japanese Yen closed higher, adding 0.8%. The British Pound Sterling (not shown on the chart) dropped 1.3%, while the Chinese Yuan fell 1.1%. The Euro dropped the least, falling 0.2%. The USD was off 0.7%, while its short term bonds did worse, dropping 1.1%, and its long term bonds did a bit better, giving up 0.4%.

Cryptocurrencies again had the largest gains of any asset class, as Bitcoin rose 9.9% to 154.2 grams, a new high for the year, and Ethereum added 2.4% to close at 4.2 grams. This week, though, the smaller cryptos did not participate; DASH, for example, was down 7.5%. The rally continued over the weekend, and as of Monday the 13th, Bitcoin was up another 21.7% and many other cryptos were rising in its wake.

Among equities, gold stocks were hit the hardest, falling 4.8%, but all the stock exchanges I track were lower. The UK FTSE fell 3.7%, the Euro STOXX fell 3.6%, and in the US, the Dow Industrials and the S&P 500 were each off 3.4%. The Nikkei fell the least, closing down 2.6%.

Silver was the best performing commodity, rising 0.3%. All others were lower, led by cotton which plummeted 10.7%. Palladium also saw large declines, falling below the price of gold on Thursday, before recovering to finish the week at 31.7 grams, off 4.1%.

Priced in Gold Weekly Summary

Click for PDF version