National currencies and bonds were higher, commodities were lower, and stocks and digital tokens (cryptocurrencies) were mixed. The biggest gains and losses were both in digital tokens, as Bitcoin fell 9.8% to finish the week at 62.6 grams (about 2 troy ounces) while Ethereum rose 33.4% to close at 9.2 grams. In equities, the US markets rose, while Europe and Asia fell. Gold stocks also resumed their downward trend, falling 4.3%, the second largest drop after Bitcoin.

This week's table is a little different from past weeks. I have broken out Bitcoin (and added Ethereum) to create a new "Digital Tokens" section. Although there is a strong case to be made for these tokens as free market currencies, they are much more than just a new form of money. Unlike stocks, bonds, and currencies, they have no centralized issuing authority, and require no intermediaries (such as banks, brokerages and clearing houses). Like physical commodities, tokens eliminate counter-party risk; but being digital, they have no mass, require no physical vaulting, and so are instantly accessed from anywhere the internet reaches: around the world, and even into space. While digital tokens can represent simple monetary value, they can also represent rights to storage space, computation power, share ownership, title to property, proof of identity, contracts between parties, and much more. As this asset class matures I look forward to adding additional tokens to this list.

The Canadian Dollar was this week's strongest national currency, rising 2.8%. The Japanese Yen rose the least, gaining 0.2%. Bonds favored the longer maturities, with the 20+ year TLT gaining 2.5% while the 1-3 year SHY and USD cash each added 0.9%.

Bitcoin started the week by rising to set a new all-time high of 74.1 grams on Sunday 11-June, but had pulled back sharply to 60.8 grams by Wednesday 14-June. Since then, Bitcoin has been working its way higher, closing the week at 62.6 grams, and continuing to climb though the weekend, trading on Monday at 65.8 grams. Ethereum, the token with the second largest market capitalization, hit an all-time high of 9.9 grams on 12-June, but closed the week at 9.2 grams, for a gain of 33.4%.

Gold stocks fell this week, giving up all of last week's gains, dropping 4.3% to close at 4.6 grams. Among the major markets indexes, US stocks were higher, with the Dow Jones Industrials gaining 1.4%, while the Euro STOXX lost 1.4% and the Nikkei 225 fell 0.1%.

Commodities were all lower this week, led by cotton, which fell 4.2%. Silver was the next weakest commodity, falling 2.5%. Platinum was the least weak, dropping 0.8% to close at 22.9 grams, less than 1% above its all-time low.

Priced in Gold Weekly Summary

Click for PDF version

Most currencies, equities and commodities were higher this week, with crude oil, down 3.2%, being the biggest exception. The largest gains were once again in cryptocurrencies like Bitcoin, which rose 13.0% to close at 69.4 grams. The largest losses were in crude oil, but cotton, the Chinese Yuan, European stocks, and long term bonds were also lower. Gold stocks rebounded, gaining 3.2% and reversing the trend of recent weeks.

The Japanese Yen was this week's strongest currency, rising 1.5%. The Chinese Yuan was the only declining currency, falling 0.8%.

Bitcoin was once again the strongest of all currencies tracked in this table, and the strongest asset class overall, rising 13.0%. Bitcoin set a new all-time high of 70.1 grams on 6-June, but closed the week at 69.4 grams. Bitcoin continued to climb through the weekend, hitting 74.1 grams on Sunday 11-June, but has pulled back sharply since then, and is currently trading around 62 grams. Not shown in the table, Ethereum, the second largest cryptocurrency, seems to be the biggest beneficiary of Bitcoin's recent weakness, as it continued to rise while Bitcoin pulled back. ETH closed the week at 6.21 grams, up 13.8%, but is currently trading at around 9 grams. It will be interesting to see how things finish up for the week of 16-June.

Bonds were mixed, favoring short maturities this week, with the long term TLT off 0.3%, while the short term SHY rose 0.5% and USD cash gained 0.7%.

Gold stocks were the star equities this week, as the HUI rose 3.2% to close at 4.8 grams. The Dow Jones Industrials outperformed other major indexes, gaining 1.0%. The only market index to fall was the Euro STOXX FEZ, which lost 0.7%.

The weakest asset class this week was crude oil, which dropped 3.2%. Cotton was also lower, by 0.5%, but all others were higher. The biggest commodity gains were once again in palladium, which rose 7.8%. Copper also had a good week, rising 3.6%. Silver and platinum were up 1.6% and 1.4% respectively.

Priced in Gold Weekly Summary

Click for PDF version

Government-issued currencies and commodities were mostly lower this week, while bonds were mixed, and stocks were mostly higher. The biggest gains were once again in cryptocurrencies like Bitcoin, which rose 11.1% to close at 61.4 grams. The largest losses were in crude oil and coffee, which fell 5.0% apiece. Gold stocks also fell, dropping 2.4%, continuing the trend of the last few weeks.

The US Dollar and Japanese Yen were the weakest of the currencies, declining 0.8% and 0.6% respectively. The strongest national currency (and the only government-issued currency to show a gain for the week) was the Chinese Yuan, which rose 0.5%.

Bitcoin was the strongest of all currencies tracked in this table, and the strongest asset class overall, rising 11.1%. Bitcoin closed the week at 61.4 grams, just 0.1 grams short of its all-time high, and has continued to climb since, setting new all-time highs each day. Not shown in the table, Ethereum, the second largest cryptocurrency, rose far more than Bitcoin, closing the week at 5.5 grams, up a whopping 21.9% from the prior week's close of 4.5 grams.

Bonds were mixed, favoring the longer maturities this week, with the long term TLT up 0.9%, while the short term SHY and USD cash were down 0.8% apiece.

Japanese stocks were strong, rising 1.9%. Gold stocks continue to retreat, with the HUI falling 2.4% to close at 4.7 grams. US stock indexes were little changed, with the S&P 500 gaining 0.2%, and the Dow Jones Industrials losing 0.2%.

The weakest commodities were crude oil and coffee, which dropped 5.0% each. The biggest commodity gains were in palladium, which rose 6.5%. Platinum fell 3.8% to close the week at 22.7 grams, just 0.3% above its all-time low. Silver and copper were lower this week, giving up 0.6% and 0.3% respectively.

Priced in Gold Weekly Summary

Click for PDF version

Government-issued currencies and bonds were lower this week, while stocks and commodities were mixed. The biggest news and the biggest gains were once again in Bitcoin, which rose 13.0% to close at 55.3 grams (more on this below). The largest drop was in cotton, which fell 4.0%. Gold stocks continued to fall, dropping 2.2% on the heels of last week's 1.7% loss.

The Japanese Yen and the US Dollar were the weakest of the currencies, declining 1.0% each. The strongest national currency was the Chinese Yuan, which fell just 0.1%.

Bitcoin was the strongest of all currencies, and the strongest asset class overall, rising 13.0%. Bitcoin made a new all-time high every day this week until Wednesday, when it closed at 61.5 grams. On Thursday, trading continued higher, peaking at 69.0 grams before falling sharply to close the day at 58.3 grams. On Friday, the slide continued, ending the week at 55.3 grams, still up 13.0% for the week, and up 74.5% in the last month.

This stunning rise is just part of the story, though. Bitcoin is not the only cryptocurrency out there, though it is the largest by market cap. Many others, including Ethereum, with the second-largest market cap, also set new all-time highs this week. Lots of money is moving into this space… and while prices will undoubtedly continue to be highly volatile, many feel that these free market currencies are going to move much higher as they become more broadly adopted and enter the mainstream of finance.

Bonds were lower, favoring the shorter maturities, with the long term TLT down 1.2%, the short term SHY down 1.1% and USD cash down 1.0%.

After a strong showing 2 weeks ago, gold stocks have been pulling back. This week the HUI fell 2.2% to close at 4.8 grams. The Euro STOXX fell 1.5%, but US stock indexes were higher, with the S&P 500 gaining 0.4%, and the Dow Jones Industrials 0.3%.

The weakest commodities were cotton and crude oil, which dropped 4.0% and 2.1% respectively. The biggest commodity gains were in silver, which rose 1.3%, and platinum, which rose 0.9%.

Priced in Gold Weekly Summary

Click for PDF version

Stocks, commodities and currencies were mixed, while bonds were lower this week. The biggest gains were once again in Bitcoin, which rose 10.6% to close at 42.4 grams. The largest drop was in the Euro STOXX, which fell 1.9%, giving back much of the prior week's gains. Crude oil also reversed course, rising 3.2%, and recouping most of the prior week's losses.

The Japanese Yen continues to be the weakest of the currencies, declining 1.3%. The strongest national currency was the Chinese Yuan, which rose just 0.1%. Bitcoin was the strongest of all currencies, and the strongest asset class overall, rising 10.6%. Bitcoin made a new all-time high every day this week until Thursday, when it peaked at 46.0 grams before falling sharply to close at 42.4 grams on Friday.

Bonds were lower, but favored the longer maturities, with the long term TLT and short term SHY down 0.2% while USD cash fell 0.3%.

The gold stocks rose more than any other equities, gaining 5.7%. The Japanese Nikkei index rose 2.8%, the strongest showing of any major index, while the Euro STOXX fell 1.9%. The Dow Jones Industrials lost 0.8%.

The weakest commodities were coffee and palladium, which dropped 0.8% and 0.4% respectively. The biggest commodity gains were in crude oil, which rose 3.2%, and platinum, which rose 1.2%. Silver ended the week down 0.1%.

Priced in Gold Weekly Summary

Click for PDF version

Commodities were mixed, while currencies, bonds and major stock indexes were higher this week. The biggest gains were in Bitcoin, which rose a whopping 18.1% to close at 38.3 grams. European stocks also soared, rising 8.2% in anticipation of a Macron victory in the French elections this weekend. The Euro was also the strongest government-issued currency, gaining 4.0%. Crude oil was down 3.4%, the largest drop for any asset class.

Even the Japanese Yen, the weakest of the currencies, gained 2.1%. Bitcoin was the strongest of all currencies, and the strongest asset class overall, rising 18.1%. Bitcoin made a new all-time high every day this week until Thursday, when it peaked at 38.4 grams before settling at 38.3 grams on Friday.

Bonds were higher, and continued to favor the shorter maturities, with the long term TLT up 2.2%, short term SHY up 3.0% and USD cash up 3.1%.

The only equities to close lower were the gold stocks: the HUI fell 0.1%. The Japanese Nikkei index rose 1.5%, the weakest showing of any major index, while the Euro STOXX gained a massive 8.2%. The S&P 500 added 3.8%.

The weakest commodities were crude oil and silver, which dropped 3.4% and 2.3% respectively. Platinum fell to a new all-time low of 22.7 grams on Wednesday, then recovered a bit to finish the week at 23.0 grams, down 0.9%. The biggest commodity gains were in coffee, which rose 4.9%, and cotton, which rose 1.6%.

Priced in Gold Weekly Summary

Click for PDF version

Currencies and commodities were mixed, while bonds and major stock indexes were higher this week. The biggest gains were in European stocks, which rose 6.5% on news that the first round of presidential elections in France have left open the option for France to stay in the EU. The Euro was also the strongest government issued currency, gaining 2.9%. Gold stocks were down 5.5%, the largest drop for any asset class.

The only currency to fall was the Japanese Yen, which was down 0.7%. Bitcoin was the strongest of all currencies, and the second strongest asset class overall, rising 6.3% to close at 32.4 grams, well above parity with an ounce of gold. Bitcoin also made a new all-time high of 32.7 grams on Thursday, before retreating a bit on Friday. This rally seems to be fueled by news that Bitcoin is set become a legal form of payment in Japan, as well as news that the SEC will take a second look at its position on Bitcoin ETFs. As these stories unfold they could spark a rush into Bitcoin, pushing it to much higher levels.

Bonds were higher, but favored the shorter maturities, with the long term TLT up 0.2%, short term SHY up 1.1% and USD cash up 1.2%.

The only equities to close lower were the gold stocks: the HUI fell 5.5%. The Japanese Nikkei index rose 2.3%, the weakest showing of all the major indexes, while the Euro STOXX gained a massive 6.5%. The Dow Jones Industrials added 3.2%.

The weakest commodities were silver and platinum, which dropped 3.3% and 2.2% respectively. Platinum closed at 23.2 grams, just 2% above its all-time lows. The biggest gains were in coffee, which rose 4.0%, and palladium, which rose 3.9%. Copper was also strong, rising 3.6% for the week. After last week's big 6.5% drop, the price of crude oil stabilized, gaining 0.6% this week.

One final comment on Gold and Bitcoin: They are truly at parity! Today I purchased four 1 ounce Canadian Maple Leaf coins, including FedEx shipping, for 3.996 BTC.

Priced in Gold Weekly Summary

Click for PDF version

Currencies and commodities were mixed, while bonds and major stock indexes were slightly higher this week. The largest drop was in crude oil, which fell 6.5%. The biggest gains were in Bitcoin, which rose 6.4%. Gold stocks were down 3.3% after being up 3.0% in the prior week.

The weakest national currency was the Canadian Dollar, which fell 1.0%. Of the currencies I show in this chart, the Euro was strongest, gaining 1.0%; but I also track many other currencies, and of those, the British Pound stands out, rising 2.3% this week. Bonds were slightly higher, with the long term TLT, short term SHY and USD cash all up 0.2%. Bitcoin continues to inch closer to parity with an ounce of gold, rising 6.4% this week to close at 30.5 grams.

The only equities to close lower were the gold stocks: the HUI fell 3.3%. The Japanese Nikkei index rose 1.5%, while the Euro STOXX gained 1.1%. The Dow Jones Industrials added 0.6%, the smallest gain among the major indexes.

The weakest commodities were crude oil and coffee, which dropped 6.5% and 6.3% respectively. The biggest gains were in cotton, which rose 4.6%. Silver fell 3.0% while platinum gained 0.6% to close at 23.8 grams.

Priced in Gold Weekly Summary

Click for PDF version

Commodities were mixed, while national currencies, bonds, and major stock indexes were lower this week. The largest drop was in cotton, which fell 6.6%. The biggest gains were in Bitcoin, which rose 8.6% (on top of a 15.6% gain in the prior week) and gold stocks, which added 1.6%.

The weakest national currencies were the Canadian Dollar and the Euro, which each fell 2.2%. The Japanese Yen fell least, giving up 0.8%. Bonds were also lower, with the long term TLT and USD cash down 1.7%, while the short term SHY fell 1.8%.

Bitcoin, which had risen to a price just above one ounce of gold in mid-March before tumbling on concerns about a possible split into two currencies, recovered strongly in the last two weeks and now stands just below gold ounce parity ounce again at 29.3 grams.

The only equities to close higher were the gold stocks: the HUI rose 1.6%. The Euro STOXX fell 2.4%, the most of any index. The Dow Jones Industrials fell the least, 1.7%.

The weakest commodities were cotton and silver, which dropped 6.6% and 2.2% respectively. The biggest gains were in crude oil, which rose 1.5%. Platinum rose 1.1% to close at 23.8 grams.

Priced in Gold Weekly Summary

Click for PDF version

Most asset classes continued to fall this week, but each group had a bright spot – and the brightest of all was palladium, which gained 3.4%. Bitcoin continued its tumble, falling another 13.8% to close at 23.3 grams on concerns over a possible split into two currencies, Bitcoin Classic and Bitcoin Unlimited. The next largest drop was in coffee, which fell 4.5%.

The Japanese Yen was the only rising currency, gaining 0.3%. The weakest national currency was the Canadian Dollar, which fell 1.7%. Bonds were mixed but continued to favor the longer maturities: the long term TLT was up 0.4%, while the short term SHY lost 1.3%, and USD cash was down 1.4%.

As in the prior week, the only equities to close higher were the gold stocks: the HUI was up 0.5%. The Dow Jones Industrials and the S&P 500 led the major indexes lower, falling 2.9% apiece. The Euro STOXX and Nikkei 225 each fell 1.0%.

Commodities were all lower except for palladium, which gained 3.4%. Coffee saw the largest losses, falling 4.5%. Crude oil continued its tumble, dropping another 3.1%. Platinum fell 1.0% while silver was little changed, off 0.1%.

Priced in Gold Weekly Summary

Click for PDF version