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Weekly Update 15 May 2020

Stocks and commodities were mixed, but all other assets moved lower. The largest gains were in crude oil, which rose 17.2%, and silver, which gained 6.5%. The worst losses were in the cryptos, as Ethereum fell 9.8%, and Bitcoin declined 6.9%.

All national currencies fell, led by the Canadian Dollar, down 2.9%, and the Japanese Yen, off 2.6%. The Chinese Yuan dropped the least, giving up 1.3%. The US Dollar slid 1.8%, as did its short term notes. Long term bonds did better, falling just 0.2%.

Cryptocurrencies got hammered. Bitcoin plunged to a low of 157.1 grams on Monday, then worked higher to close the week at 167.2 grams, off 6.9%. Ethereum followed a similar pattern, hitting a low of 3.40 grams on Monday, and finishing the week at 3.51 grams, down 9.8%.

Gold stocks rallied 2.2%, but all other equity indexes fell. The European STOXX dropped the most, closing down 6.0%. The Nikkei outperformed other major markets, giving up 3.3%. The Dow Jones Industrial Average closed down 4.4%.

Crude oil continued to rebound, rising 17.2%. Silver also made large gains, adding 6.5%. Coffee and copper were the worst performing commodities, falling 6.0% and 4.9% respectively.

Looking back over the last year, gold stocks are the clear winner, gaining 46.4%. Palladium is up 5.1%, and long bonds are up just 1.0%. All other assets are lower by double digits, led by crude oil, which in spite of its gains over the last few weeks, is still down 64.4%. European stocks are the runner-up, trading 40.8% below their prices of one year ago.

Priced in Gold Weekly Summary

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