Weekly Update 26 Jul 2019

Currencies, bonds, and major stock indexes moved higher, while cryptos and commodities were mixed. Cotton and the S&P 500 made the largest gains, rising 3.7% and 3.0% respectively. The biggest losses were in Coffee, which fell 5.8%, and Bitcoin, which dropped 5.0%.

All national currencies rose, but the largest gains were in the Chinese Yuan, up 1.5%, and the US Dollar, up 1.4%. The Pound Sterling (not in chart) rose the least, gaining 0.4%. USD cash outperformed bonds, as short term bonds were up 1.3% and 20+ year bonds rose 1.2%.

Bitcoin fell early in the week, hitting a low of 213.9 grams on Wednesday, then recovered to close at 216.1 grams, down 5.0%. Ethereum followed a similar trajectory, hitting a low of 4.6 grams on Tuesday, but recovered to close the week little changed, up 0.6%. DASH (not shown on the chart below) took a beating in the prior week, but recovered a bit this week, rising 3.4%.

Gold stocks were this week's only equity loser, sliding 0.6%. The S&P 500 saw the largest gains, rising 3.0%. The Nikkei rose the least of the major market indexes, adding 1.4%.

Commodities were mixed, with a 5.8% loss in coffee and a 3.7% gain in cotton being the extreme price moves for the week. Crude oil added 2.4%, a reversal of the prior week's 9.7% drop. Copper and palladium were lower, off 2.1% and 0.4% respectively, while platinum and silver were higher by 1.1% and 0.6%.

Priced in Gold Weekly Summary

Click for PDF version