Weekly Update 15 Nov 2019: New Dow High?

Cryptocurrencies declined, stocks and bonds moved higher, and currencies and national commodities were mixed. The largest gains were in gold stocks and long term bonds, which rose 2.4% and 1.9% respectively. The largest losses were in Bitcoin, which fell 3.7%, and coffee, which declined 3.2%.

National currencies were led by the British Pound and Swiss Franc (not shown in table), which gained 0.67% and 0.56% respectively. The largest losses were in the US and Canadian Dollars, which fell 0.2% each. Bonds did better than USD cash, as short term bonds were unchanged and long term bonds rose 1.9%.

Cryptocurrencies had a rough week. Bitcoin started out strong, rising to a high of 192.4 grams on Sunday, then sank as the week went on, finishing at 180.1 grams, down 3.7%. Ethereum and DASH (not in table) followed a similar course, although they held onto their highs until Wednesday before declining to finish down 2.2% and 2.4% respectively.

The big headlines this week covered the Dow Industrials breaking the 28,000 barrier for the first time. This hoopla was a non-event in the Priced in Gold world, however. Measured in gold grams, the Dow had a good week, rising 1.0%, but is down 5.6% from one year ago, down 15% from its 2018 high, and is 57% below its 1999 all-time high. Gold stocks performed much better, adding 2.4%, and now sit 18.5% higher than they did one year ago. The Japanese Nikkei was the weakest major stock index, declining 0.2%.

Commodities were mixed, but mostly lower, led by coffee, off 3.2%, and palladium, down 2.6%. The strongest commodity was crude oil, which gained 0.6%. Silver also rose, adding 0.2%.

Priced in Gold Weekly Summary

Click for PDF version