Cryptocurrencies, national currencies and bonds fell, equities rose, and commodities were mixed. The largest gains and losses were all in commodities, with copper, crude oil, cotton and gasoline making new all-time lows. The largest gains were in palladium and platinum; they rose 27.3% and 11.7% respectively. Cotton took the biggest hit, falling 12.8%. Crude oil continued to collapse, dropping 12.6%.

National currencies all moved lower, led by the Chinese Yuan (down 7.9%) and the US Dollar (off 7.6%). The best performing currency was the British Pound (not in table) which fell just 2.8%. Bonds outperformed cash, as the short term SHY dropped 7.4% and the long term TLT declined 2.8%.

Bitcoin fell 3.6%, but outperformed all the national currencies in the table. On Sunday it fell to a low of 128.7 grams, then recovered to a high of 130.8 on Tuesday before sinking gradually to a close of 124.4 grams. Ethereum followed a similar pattern, dropping 6.8%.

Equities had their time in the sun this week. The Japanese Nikkei index led the charge higher, gaining 11.4%. US indexes under-performed; the S&P 500 rose 1.9% and the Dow Industrials added 4.3%. Gold stocks gained 7.9%.

Commodities were crazy again this week. Cotton and crude oil were the biggest losers, falling 12.8% and 12.6% respectively, and ending the week at new all-time lows. Copper and US retail gasoline (not in table) also hit new all-time lows this week. On the other side of the coin, palladium and platinum were the best performing of all assets in the table, rising 27.3% and 11.7% respectively. Silver (up 4.7%) was the only other commodity in the black, making a clean sweep for the precious metals.

Priced in Gold Weekly Summary

Click for PDF version

Cryptocurrencies, national currencies, bonds and gold stocks moved higher, major stock indexes fell, and commodities were mixed. The largest gains were in coffee and Bitcoin; they rose 18.9% and 16.5% respectively. Crude oil fell the most, collapsing 25.1%. Platinum and silver were also hit hard, falling 17.9% and 16.2% respectively. Many commodities made new all-time lows this week, including silver, platinum, copper, crude oil, and cotton.

National currencies were led higher by the Chinese Yuan, up 4.8% and the US Dollar, up 4.6%. The Japanese Yen and the Euro trailed behind, gaining 0.7% and 1.0% respectively. Bonds outperformed cash, with the short term SHY rising 4.8% and the long term TLT climbing 8.3%.

Bitcoin slumped lower early in the week, then began a gradual recovery that sprinted higher on Thursday, hitting a high of 130.6 grams before settling back to close at 129.0 grams, up 16.5%. Ethereum followed a similar path, but ended up just 4.2%. DASH (not in table) also dipped before rising at the end of the week, but skyrocketed 45.9% to close at 1.48 grams. Although this makes DASH an outstanding gainer this week, this price increase is a bounce from a very low level.

In the equity space, gold stocks rose 6.2% while all major stock indexes fell. US markets dropped the most, with the Dow Jones leading the way lower by falling 13.5%, while the S&P 500 slid 11.1%. The Japanese Nikkei outperformed, but still gave up 4.4%.

Commodities were wild, as the group included both the best performing asset (coffee, up 18.9%, and the only rising commodity) and the worst performing asset (crude oil, down 25.1%). Platinum and silver were particularly hard hit, falling 17.9% and 16.2% respectively. As mentioned earlier, many commodities made new all-time lows this week: copper and crude oil on Wednesday, silver and platinum on Thursday, and cotton on Friday.

Priced in Gold Weekly Summary

Click for PDF version

Cryptocurrencies and stocks fell, national currencies soared, and commodities and bonds were mixed. The largest gains were in 1-3 year bonds and their zero maturity sibling, the USD; they rose 7.8% and 7.7% respectively. Coffee wasn't far behind, gaining 7.1%. Ethereum suffered the most, collapsing 41.1%. Bitcoin dropped 34.3%, while palladium and gold stocks vied for third place, falling 26.9% and 26.6%.

The market action this week was dominated by a move into cash, and national currencies were huge beneficiaries of this. Even the weakest currency, the Canadian Dollar, rose 3.4%. The US Dollar, still being the world's reserve currency, gained the most, rising 7.7%. SHY, the 1-3 year bond ETF, rose slightly more than cash, closing up 7.8%. Long term bonds finished down 0.6%.

Cryptos fell hard, led by Ethereum, which hit a low of 2.22 grams on Thursday, then rallied to finish the week at 2.65 grams, down 41.1%, and 92% below its all time high. Bitcoin followed a similar pattern, making a low of 98.4 grams before recovering to close at 110.7 grams, down 34.3% for the week, and 77% below its all-time high. Despite these reverses, only Bitcoin and long term bonds are still higher today than they were a year ago, up 19.1% and 8.1% respectively.

Equities all moved lower, led by the HUI gold stocks which closed down 26.6%. The best performer was the S&P 500, which rose and fell repeatedly, hitting a low of 49.1 grams on Thursday, but recovered to finish the week at 54.0 grams, down 1.7%. The European STOXX 50 ended down 11.4%, while the UK FTSE 100 index (not in table) dropped 14.1%.

Commodities were some of the week's best and worst performers: coffee gained 7.1%, and palladium plummeted 26.9%. Several commodities made new all-time lows on Monday, including copper, crude oil, and cotton; but copper and cotton rebounded to finish the week up 3.6% and 3.8% respectively. Platinum fell 5.9% to a new all-time low of 15.6 grams/oz, and silver declined 2.8% to 314 mg/oz, hovering just above its all-time low of 309 mg/oz.

Priced in Gold Weekly Summary

Click for PDF version

National currencies, commodities, and most stocks fell, while cryptocurrencies rose, and bonds were mixed. Gold stocks scored the largest gains, rising 6.6%, but all major stock indexes closed lower. Long bonds (TLT) and Ethereum vied for second place, gaining 2.8% and 2.7% respectively. Crude oil once again registered the largest loss, falling 11.8% to a new four year low. Natural gas (not in table) recorded a new all-time low.

The US and Canadian Dollars led the national currencies lower, falling 4.4% each. The Chinese Yuan dropped the least, giving up 1.3%. Bonds did better than cash, as the short term SHY fell 3.7% and the long term TLT rose 2.8%.

Cryptocurrencies, gold stocks and long bonds were the week's only winners. Ethereum worked its way higher, rising 2.8%. Bitcoin see-sawed back and forth, hitting a low of 165.4 grams and a high of 172.5 grams before closing at 168.5 grams, up 0.6%.

Although gold stocks scored the week's largest gain, rising 6.6%, all major stock indexes lost ground. The Euro STOXX fell the most, dropping 5.3%, to a level not seen since 2013. The next largest drops were in the Japanese Nikkei 225 and the S&P 500, which declined 3.9% and 3.8% respectively. The Dow Industrials "outperformed", falling 2.7%.

The worst performers were all commodities; crude oil collapsed 11.8% to 760 mg, while palladium fell 9.6% to 47.5 grams/oz. The best performing commodity was cotton, which gave up 2.4%. Silver was the second best performer, falling 2.7% to close at 323 mg/oz.

Priced in Gold Weekly Summary

Click for PDF version

Stocks and cryptocurrencies fell, bonds and most national currencies rose, and commodities were mixed. The big winner was 20+ year treasury bonds, which soared 7.1%; the Japanese Yen came second, gaining 5.7%. Crude oil registered the largest loss, falling 14.4% to a four year low. Ethereum dropped 12.8%, leaving it about where it was three weeks ago. Platinum closed at a new all-time low, and silver saw its lowest close since October of 1992.

The only declining national currency was the Chinese Yuan, which fell just 0.2%; all other major currencies were higher, led by the Japanese Yen which soared 5.7%. The Euro came second, gaining 3.3%. USD cash rose 2.1%, but its short term bonds added 2.9% and its long term bonds spiked 7.1% higher scoring the week's largest gain.

Ethereum fell 12.8%, wiping out its gains for the last three weeks. Bitcoin rose early in the week to 187.8 grams, then declined to a low of 165.4 grams on Thursday before rallying to close at 167.6 grams, down 8.6%. Some smaller cryptos were hit even harder than Ethereum; for instance, DASH (not in table) fell 16.9%.

The best performing stock index was the Japanese Nikkei; it fell "only" 4.4%, boosted by the super-strong Yen. Gold stocks registered the largest loss, falling 11.9%, but the Dow Industrials were close on its heels, dropping 10.5%. The DOW's recent decline may be related to concerns over the COVID-19 outbreak, but it is part of a downward pattern of lower highs and lower lows that began in late 2018.

Commodities were a very mixed bag, with huge losses for crude oil, cotton and platinum, combined with solid gains for palladium and coffee. Crude oil fell 14.4% to 865 mg/bbl, the week's biggest drop and a four year low. Platinum closed at 16.8 grams, down 8.9%, a new all-time low. Palladium continued to climb, adding 3.2%, while coffee rose 3.1%, reversing the prior week's loss. Silver fell 5.5% to 332 mg, its lowest price since 8-Oct-1992 and only 7.4% above its all-time low of 309 mg set on 25-Feb-1991. Natural gas (not in table) also hit a new all-time low this week, closing at 32.5 mg per million BTU.

Priced in Gold Weekly Summary

Click for PDF version

National currencies, cryptocurrencies, bonds, and major stock indexes fell while commodities were mixed. The big winners were gold stocks, which rose 6.6%, and palladium, which gained 5.3%. Cryptocurrencies took the biggest hits, as Ethereum dropped 10.1% and Bitcoin fell 9.6%. Although Ethereum registered the largest loss in absolute terms, I see it as a healthy correction following last week's massive 26.9% gain.

National currencies were all down hard, led by the Japanese Yen, which fell 5.4%. The British Pound (not in table) came in second, dropping 4.2%. The Canadian Dollar and Swiss Franc (not in table) declined the least, closing down 3.5%. The US Dollar, off 3.8%, was outperformed by its bonds; the short term SHY fell 3.5%, and the long term TLT dropped 1.4%.

Bitcoin declined only slightly through Tuesday the 18th, then fell hard on the 19th, and continued to slide into the end of the week, finishing down 9.6%. Ethereum followed a similar pattern, losing 10.1%. Some smaller cryptos slid much more, for example, DASH closed down 21.7%.

Although gold stocks scored the largest gains of the week, rising 6.6%, all major indexes closed much lower. The Japanese Nikkei fell 6.6%, while the Dow Industrials and S&P 500 closed down 5.1% and 5.0% respectively.

Commodities were all lower except for palladium and silver. Palladium gained 5.3%, second only to gold stocks. Silver was up 0.9%. Platinum and copper shared last place, falling 3.4% each.

Many national currencies are now at their all-time record lows, including the Euro, Canadian Dollar, British Pound, Australian Dollar, Russian Ruble, and the Chilean and Argentinian Pesos. Other major currencies are approaching their all-time lows: The Swiss Franc is 4.1% above, the Chinese Yuan 4.7% above, and the Japanese Yen is 10.8% above. Even the mighty US Dollar sits just 13.4% above its all-time low set back in September of 2011.

Looking back one year, only five assets are in the black: Bitcoin, up 98.5%, Palladium and Ethereum, up 47.1% and 45.2% respectively, gold stocks, up 15.8%, and long bonds, up 1.7%. The largest losses are all in commodities, as copper dropped 27.1%, cotton fell 24.5%, and crude oil declined 24.1%. But national currencies weren't far behind; the Euro in particular has lost 22.5%. Gold is the safe haven form of cash, while cryptos and gold stocks have been good holdings for growth.

Priced in Gold Weekly Summary

Click for PDF version

Cryptocurrencies rose again, stocks and commodities were mixed, and national currencies and bonds moved lower. Similar to last week, Ethereum soared 26.9% and Bitcoin gained 4.7%… but that was only enough to put Bitcoin in 4th place behind coffee (up 10.3%) and palladium, which added 6.4%. The largest losses were in the Euro, which fell 1.6%. In a three-way tie for second place were the Nikkei index, the HUI gold stocks, and cotton, each down 1.1%.

All the national currencies in our table were down, but the British Pound (not in table) was a hidden gem, managing to finish the week unchanged. As mentioned above, the Euro had the week's largest drop, falling 1.6%. The Swiss Franc (not in table) dropped 1.1%. The US Dollar had the next biggest currency decline, closing down 0.6%. Bonds did slightly better than USD cash, as both the short term SHY and the long term TLT finished 0.5% lower.

Ethereum rose steadily through the week, jumping higher on Wednesday the 12th and finishing at 5.59 grams, up 26.9% for the week, and 110% higher for year to date. Bitcoin also rose, peaking at 205.4 grams on the 12th, then settling back to close at 202.8 grams, up 4.7%. Ethereum was not alone in outpacing Bitcoin. Bitcoin Dominance (Bitcoin market capitalization as a percentage of the total cryptocurrency market cap) fell from 65.3% to 62.3%, indicating that the broader crypto market rose much faster than Bitcoin did this week.

The S&P 500 was the winningest stock index this week, rising 1.0%. The HUI gold stocks and the Japanese Nikkei index saw the largest losses, dropping 1.1% apiece. The Dow Industrials rose 0.5%.

Commodities had the largest gains outside of the cryptocurrencies. Coffee soared 10.3%, reversing the losses of the past 3 weeks. Palladium also made strong gains, rising 6.4%, but silver and platinum declined, falling 0.9% and 0.5% respectively. Cotton made the poorest showing in the commodity space, dropping 1.1%. Although not in the table, natural gas prices, which have been declining since last September, hit a new all-time low of 34.9 grams on Monday the 10th, then rallied to close the week at 36.1 grams, down 1.7%.

Priced in Gold Weekly Summary

Click for PDF version

Cryptocurrencies continued to rise this week, but other asset classes were mixed. Ethereum soared 24.5% and Bitcoin gained 5.5%. The largest losses were in coffee, which fell a further 3.5%, and gold stocks, which dropped 2.7%. In contrast, other major stock markets did quite well, with the S&P 500 and Euro STOXX adding 3.9% apiece.

In the national currency space, the US Dollar outperformed, rising 0.7%. The Japanese Yen and the Euro were weakest, falling 0.5% and 0.3% respectively. This puts the Japanese Yen at its lowest point in 40 years! USD Cash outperformed its bonds; the short term SHY gained 0.6% while the 20+ year TLT fell 0.1%.

Cryptocurrencies were the week's best performers. Bitcoin spiked higher on the 5th, and ended the week at 193.7 grams, up a solid 5.5%. But the smaller altcoins saw even larger gains; Ethereum rose 24.5%, and DASH (not in table) gained 14.0%.

Although gold stocks fell 2.7%, all other major equity indexes moved higher. The S&P 500 and Euro STOXX50 closed up 3.9% each, but the Dow Industrials were close behind, gaining 3.8%. The Nikkei 225 added 2.1%.

Coffee continued to fall this week, dropping 3.5%, the week's largest loss. Crude oil also declined, falling 1.7%. Copper and platinum made the largest gains in the commodity sector, rising 2.2% and 2.0% respectively. Silver was little changed, closing up just 0.1%.

Priced in Gold Weekly Summary

Click for PDF version

The big news this week centered around the coronavirus outbreak, as total cases approached 12,000 (mostly in China) and the US declared a public health emergency and restricted travel to and from China. Big beneficiaries of the scare were cryptocurrencies and long term bonds. National currencies, stocks, and commodities all moved lower. The largest gains were in Bitcoin and Ethereum, which rose 9.3% and 9.1% respectively. Commodities took the biggest hits, as coffee dropped 8.0% and palladium fell 7.7%.

The Canadian Dollar was the hardest hit of the national currencies, falling 1.9%. The Japanese Yen fared best, giving up just 0.3%. The US Dollar and Chinese Yuan each fell 1.3%; but since the Shanghai Gold Exchange has been closed this week, the figure for the CNY is just an estimate. Bonds did better than USD cash, as the short term SHY fell 1.0% and the long term TLT rose 1.4%.

Cryptocurrencies worked their way higher, peaking on Thursday the 30th. Bitcoin hit 187.4 grams before closing at 183.6 grams, up 9.3% for the week. Ethereum followed a similar pattern, ending up 9.1%. Some smaller cryptos did even better; for instance, DASH (not in table) rose 14.0%.

Stock indexes all declined, led lower by the European STOXX, which fell 4.3%. Gold stocks dropped the least, closing down 2.1%. The Dow Industrials were off 3.8%.

As mentioned earlier, commodities saw the largest declines of the week. Coffee fell 8.0%, palladium was down 7.7%, and copper slid 7.4%. Silver outperformed other commodities, reasserting its monetary nature and giving up just 1.0%.

Priced in Gold Weekly Summary

Click for PDF version

Filed under monetary universe by  #

Most asset classes moved lower; the main exceptions were gold stocks, which rose 3.0%, and long term treasury bonds, which gained 2.5%. The largest losses were in crude oil, which dropped 7.8%, and copper, which fell 6.1%. Cryptocurrencies also pulled back, less than some commodities, but more than stocks or bonds.

Among the national currencies, only the Yen managed a gain, rising 0.2%. The Euro fell most, dropping 1.1%. The US Dollar declined 0.4%; its bonds did better than cash, as the short term SHY was off 0.3% and the long term TLT rose 2.5%.

Cryptos saw a broad decline; Bitcoin dropped 5.8% and Ethereum declined 4.9%. Some of the smaller cryptos fell much more. DASH (not in table) plummeted 12.2%, but to be fair, this gave back only a small part of the previous week's monumental 102% gain.

Gold stocks made the largest gains of any asset, rising 3.0%, but all the other equities in the table fell. The European STOXX index dropped the most, falling 2.2%. In the US, the Dow Jones 30 Industrials declined 1.6% and the broader S&P 500 gave up 1.4%.

Commodities all declined, led by crude oil and copper which fell 7.8% and 6.1% respectively. The precious metals fared the best, as Platinum dropped 0.7% and palladium pulled back 0.8%. Silver closed 1.7% lower.

Priced in Gold Weekly Summary

Click for PDF version