PricedInGold.com: Recent Episodes
Charles Vollum
National currencies, cryptos, and bonds fell, but equities and commodities were mixed. The largest gains were in crude oil, up 6.4%, gold stocks, up 3.9%, and silver, up 3.6%. The largest losses were in coffee, down 6.2%, the CCi30 crypto index, down 3.7%, and long term bonds, down 3.2%.
USD cash outperformed bonds, dropping 1.8% while short term notes fell 2.0% and long term bonds dropped 3.2%. The S&P 500 fell 2.4% while the Nikkei 225 index gained 0.8%.
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[Due to a spreadsheet update error, the previous post contained errors in stock, bond and commodity prices]
Cash was king this week, as national currencies and bonds rose, cryptos declined, and equities and commodities were mixed. The largest gains were in crude oil, up 7.9%; tied for second place were the US Dollar and Japanese stocks, up 4.1%, and in third place, a tie between the the Euro and the Dow Jones Industrials, up 3.8% each. The largest losses were in Ethereum, down 18.2%, the CCi30 crypto index, down 13.6%, and Bitcoin, down 13.5%.
Bonds trailed USD cash, as short term notes rose 3.6% and long term bonds advanced 3.3%. The S&P 500 rose 1.4% while gold stocks fell 2.5%.
The precious metals all declined; palladium lost 1.7%, and silver was down 0.2%.
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Cash was king this week, as national currencies rose, cryptos and bonds declined, and equities and commodities were mixed but mostly lower. The largest gains were in the US Dollar, up 4.1%, the Euro, up 3.8%, and the Japanese Yen, up 3.7%. The largest losses were in Ethereum, down 18.2%, the CCi30 crypto index, down 13.6%, and Bitcoin, down 13.5%.
Short term notes fell 0.5% and long term bonds dropped 0.8%. The Nikkei 225 added 0.4% while the S&P 500 fell 2.6%.
Crude oil rose 3.6% while coffee fell 7.2%, the largest moves in commodities. Palladium lost 5.6%, and silver was down 4.1%.
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Stocks and bonds rose, cryptos declined, and national currencies and commodities were mixed. The largest gains were in gold stocks, up 5.0%, Japanese stocks, up 4.7%, and the S&P 500 and palladium, up 1.4% each. The largest losses were in crude oil, down 9.6%, Bitcoin, down 3.6%, and Ethereum, down 3.4%.
The US Dollar fell 0.9% while the Chinese Yuan gained 0.9%. Short term notes advanced 0.2% and long term bonds rose 1.3%. The Dow Industrials added 0.9%.
The S&P 500 and Dow Jones Industrial Average both closed the week at new all-time highs (when measured in US Dollars), but they are down 69.9% and 74.8% respectively, from their all-time highs when priced in gold.
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National currencies and bonds fell, but all other assets were mixed. The largest gains were in silver, up 7.8%, the CCi30 crypto index, up 4.4%, and Japanese stocks, up 3.2%. The largest losses were in crude oil, down 11.2%, palladium, down 6.7%, and coffee, down 6.2%.
The US Dollar fell 2.2%, outpacing short term notes, down 2.1%, and long term bonds, down 1.7%. Bitcoin gained 0.3%, and Ethereum fell 1.7%. The S&P 500 advanced 0.1% while the Dow Industrials dropped 2.0%.
Looking back at values five years ago, only silver, up 14.1%, is worth more than simply holding gold coins or bars in a safe. Gold stocks deserve an honorable mention, almost breaking even, with a 0.2% loss. Every other asset is down double digits. The worst were the CCi30 crypto index, down 85.7%, palladium, down 80.0%, and Ethereum, down 74.4% (tied for third place with long term treasuries, down 74.0%.)
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Precious metals, gold mining stocks, and Ethereum fell, but all other assets rose. The largest gains were in coffee, up 10.7%, crude oil, up 8.9%, and Japanese stocks, up 5.5%. The largest losses were in palladium, down 4.3%, platinum, down 3.8%, and gold stocks, down 3.1%.
The US Dollar rose 3.4%, outpacing short term notes, up 3.3% and long term bonds, up 2.9%. Bitcoin gained 3.8%, and Ethereum fell 1.1%. The S&P 500 advanced 3.9%.
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National currencies and bonds fell, cryptos and stocks rose, and commodities were mixed. The largest gains were in Ethereum, up 6.2%, Bitcoin, up 5.9%, and Japanese stocks, up 4.3%. The largest losses were in crude oil, down 15.9%, long term treasuries, down 3.2%, and the US Dollar cash and short term treasuries, down 2.8%.
Silver rose 3.4%, and copper gained 2.6%. US stocks were little changed, as the Dow Industrials added 0.1%, and the S&P 500 gained 0.6%.
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National currencies fell while other asset classes were mixed. The largest gains were in gold mining stocks, up 10.5%, crude oil, up 8.7%, and palladium, up 5.1%. The largest losses were in coffee, down 4.9%, the Chinese Yuan, down 4.1%, and the Canadian Dollar, down 3.4%.
The US Dollar fell 2.9%, matching the Euro. Treasuries outperformed USD cash, as short term notes were little changed and long term bonds gained 1.3%.
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National currencies rose, cryptocurrencies declined, and other asset classes were mixed. The largest gains were in gold mining stocks, up 7.1%, the Chinese Yuan, up 5.4%, and cotton, up 4.5%. The largest losses were in Ethereum, down 6.0%, silver, down 5.1%, and Bitcoin, down 4.8%.
The US Dollar rose 1.3%, outpacing the Euro, but trailing the Yuan by a large margin. Treasuries failed to keep up with USD cash, as short term notes gained 0.1% and long term bonds fell 0.2%.
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Currencies, bonds and cryptos rose, while stocks and commodities were mixed. The largest gains were in coffee, up 18.0%, Ethereum, up 13.4%, and cotton, up 13.0%. The largest losses were in gold stocks, down 5.7%, silver, down 4.4%, and palladium, down 2.0%.
The US Dollar rose 10.6%, but was outshone by the Yen and the Euro. Treasuries failed to keep up with USD cash, as short term notes gained 10.2% and long term bonds added 9.7%.
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National currencies and bonds moved lower, while other asset classes were mixed, but mostly lower as well. The week's best performers were crude oil, up 9.9%, platinum, up 3.5%, and Ethereum, up 1.0%. The largest losses were in coffee, down 5.0%, the Euro STOXX, down 4.3%, and the Dow Industrials, down 4.1%. The US Dollar fell 2.8%, and Bitcoin closed off 1.3%.
The Euro, down 1.6%, was the strongest national currency, followed by the Chinese Renminbi, which lost 1.7%. The Japanese Yen was the weakest national currency, dropping 3.1%, while the US Dollar dropped 2.8%. USD cash was outperformed by short term notes, which fell 2.5%, and by long term bonds, which gave up 1.7%.
Equity indexes, with the exception of gold stocks, were all lower, led by the Euro STOXX, down 4.3%, and the Dow Jones Industrials, down 4.1%. Outside of gold stocks, which rose 0.2%, the Nikkei 225 index was the strongest, falling "only" 2.9%.
Once again, commodities saw the most violent price action, both positive and negative. Crude oil rose 9.9%, and platinum advanced 3.5%, while coffee fell 5.0% and copper dropped 3.3%. Silver closed the week down 3.1%.
Bitcoin fell 1.3%, outperforming all national currencies, bonds, and major stock indexes. Ethereum did even better, rising 1.0%.
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National currencies and bonds moved decisively lower, while other asset classes were mixed. The week's best performers were platinum, up 4.7%, gold stocks, up 3.5%, and the CCi30 "altcoin" index, up 2.6%. The largest losses were in coffee, down 8.6%, US stocks (S&P 500 down 7.3% and Dow Industrials down 7.1%), and long term bonds, down 6.7%. The US Dollar fell 4.8%, and Bitcoin closed off 1.4%.
The Chinese Yuan, down 3.1%, was the strongest national currency, followed by the Japanese Yen, which lost 3.4%. The US Dollar was the weakest national currency, dropping 4.8%. It was only slightly outperformed by short term notes, which fell 4.7%, but massively outperformed long term bonds, which crashed 6.7%.
Equity indexes, with the exception of gold stocks, were all lower, led by the S&P 500, down 7.3%, and the Dow Jones Industrials, down 7.1%. Outside of gold stocks, which rose 3.5%, the Euro STOXX50 index was the strongest, falling "only" 4.8%.
Commodities saw the most violent price action, both positive and negative. Platinum rose 4.7%, and copper advanced 0.5%, while coffee fell 8.6% and crude oil dropped 6.2%. Silver closed the week off 1.9%.
Bitcoin fell 1.4%, outperforming all national currencies, bonds, and major stock indexes. It spent most of the week above 1 kg, and made a new all-time high in USD terms on Thursday before pulling back on Friday to close at 998 grams. Priced in gold, it sits about 20% below its all-time high of 1,251 grams. The privacy coin Monero (symbol XMR, not in table) had a fantastic week, rising 11.7%, more than any other asset I track.
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This week was a massive up-move for almost all markets. The week's only losers were gold stocks, down 4.5%, and coffee, off 1.0%. The largest gains were in Ethereum, up 13.5%, followed by the S&P 500, up 10.0%. The US Dollar finished up 4.4%, and Bitcoin gained 5.1%.
The Chinese Yuan, up 4.9%, was the strongest national currency, followed by the Japanese Yen, which rose 4.8%. The weakest currency was the Euro, which rose 3.9%. USD cash outperformed bonds, as short dated US Treasury notes advanced 4.3%, and long term bonds added 3.5%.
Equity indexes, with the exception of gold stocks, were all higher, led by the S&P 500, up 10.0%, and the Dow Jones Industrials, up 8.0%. Outside of gold stocks, the Nikkei 225 index was the weakest, adding 5.5%.
Commodities ex-coffee were all higher, with crude oil seeing the largest gains, rising 7.0%. Platinum rose 4.3%, while silver and copper finished the week up 3.2%.
Bitcoin rose 5.1% to close back above the 1 kg level.
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Cryptos rose; other asset classes were mixed, with the largest changes in commodities. The week's biggest loser was crude oil, down 6.7%, followed by copper, off 3.5%. The largest gains were in cotton, up 5.9%, followed by the Dow Jones Industrials, up 3.9%. The US Dollar finished up 0.8%, and Bitcoin gained 3.1%.
The Japanese Yen, which fell 0.9%, was once again the weakest national currency, followed by the US Dollar, which rose 0.8%. The strongest currency was the Euro, which rose 1.0%. Long dated US Treasury bonds fell 0.5%, and short term notes rose 0.5%.
Most equity indexes were in the green, with the exception of gold stocks, which dropped another 2.4%. The Dow Industrials, up 3.9%, led the way higher, followed by the S&P 500, up 3.8%, and the Euro SSTOXX50, up 2.6%.
Commodities were mostly lower, although cotton made the largest gains of any asset in the table, rising 5.9%. Platinum and palladium also moved higher, adding 1.0% and 2.0% respectively. Copper fell 3.5% and silver finished the week down 2.1%.
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Cryptos and bonds rose; other asset classes were mixed, but mostly higher. The week's biggest loser was the HUI gold stock index, down 2.6%, followed by crude oil, off 1.7%. The largest gains were in cryptocurrencies, as Ethereum rose 13.5%, and Bitcoin gained 13.2%. Outside of crypto, the best gains were in coffee, up 9.7%, followed by the Euro STOXX50, up 4.9%. US Dollar cash closed up 0.9% after it (and most other major national currencies) made new all-time lows early in the week.
The Japanese Yen, which fell 0.3%, was the weakest national currency, followed by the Chinese Yuan, which gave up 0.1%. The strongest currency (not in table) was the Pound Sterling, which rose 1.3% (after hitting an new all-time low on Tuesday). Long dated US Treasury bonds rose 1.6%, USD cash gained 0.9%, and short term notes added 0.1%.
As mentioned above, equities saw some of the week's largest price swings, as gold stocks dropped 2.6%, and the Euro STOXX rose 4.9%. The Dow Industrials, up 2.5%, underperformed the S&P 500, which gained 4.6%.
Commodities rose, with the exception of crude oil, which dropped 1.7%. Coffee, up 9.7%, was the strongest commodity, followed by silver, up 4.1%. Copper gained 3.1% and platinum rose 2.0%, but palladium just broke even.
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Commodities were mixed but mostly higher, equities were also mixed, but mostly lower; everything else was in the red. The week's biggest loser was the Dow Jones Industrial Average, down 4.9%, followed by the S&P 500 and the Chinese Yuan, which each dropped 3.7%. The largest gains were in the Nikkei 225 Index, up 3.4%, and crude oil, up 2.8%. US Dollar cash fell 2.3% to a new all-time low of 9.4 mg.
Most major currencies, including the USD, EUR, JPY, CNY, and GBP traded at new all-time lows during the week. The 'strongest' national currency was the Japanese Yen, which fell 1.0%. The Canadian Dollar was next strongest, falling 1.6%. US Treasury bonds fell 1.6% and short term notes dropped 1.9%; both outperformed USD cash, which declined 2.3%.
As mentioned above, the Dow Industrials declined more than any other asset, closing at 368 grams, down 4.9% for the week, 2.8% below their Covid crash lows, and 73.6% below their all-time highs. The S&P 500, down 3.7% for the week, still sits 9.0% above its Covid low, but 71.3% down from its all-time high. The Nikkei 225 rose 3.4%, the best gain of any asset. Gold stocks were also in the green (barely) rising 0.1%.
Commodities were mostly higher, led by crude oil, up 2.8%, followed by copper and coffee, up 2.6% each. The only commodities in the red were cotton, down 1.6%, and platinum, down 0.2%. Silver finished the week up 1.0%.
Cryptocurrencies also moved lower, as the CCi30 crypto index fell 2.5%, and Bitcoin fell 1.1%. Bitcoin outperformed most major national currencies, treasury bonds, and US stock markets.
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The only asset in the green this week was the HUI gold stock index, up 13.2%; everything else moved lower. The week's biggest loser was Ethereum, down 18.3%, followed by long term bonds, which plunged 11.5% to a new all-time low of 837 mg. National currencies all moved lower, led by the US Dollar, which fell 5.4% to a new all-time low of 9.6 mg.
The 'strongest' national currency in the table was the Chinese Yuan, which fell 1.9%, but it was outdone by the Swiss Franc (not in table) that gave up only 0.3%. The Euro was next strongest, falling 2.3%. As mentioned above, the US Dollar fell more than any other currency, closing down 5.4%. USD cash still outperformed bonds, though, as short term notes fell 5.7% and long term bonds cratered 11.5%, seriously tarnishing their reputation as a 'safe haven'.
Equity markets did well compared to other asset classes, with gold stocks, up 13.2%, the week's superstar, followed by the S&P 500, which gave up just 0.1%. The Dow Industrials and Euro STOXX50 each closed down 0.8%. The Nikkei 225 index dropped the most, falling 4.2%.
Commodities were also a sea of red. The 'strongest' commodities were cotton, down 1.7%, and copper, down 2.8%. The worst performers were coffee, down 7.5%, and crude oil, down 6.2%. Silver closed down 5.7%.
Cryptocurrencies also moved lower, but given the macro environment, it was interesting to see Bitcoin, down 5.9%, fall only slightly more than USD cash, and only half as much as long term treasury bonds!
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Stocks and commodities were taken out to the woodshed for a severe beating and cryptocurrencies got off with a slap on the wrist. National currencies saw new all-time lows early in the week, but rebounded by week's end. The biggest gains were in long bonds, up 3.6%, followed by the Japanese Yen, up 3.2%. The largest losses were in copper, down 13.8%, followed by crude oil, down 10.1%. The US Dollar ended the week up 0.6%.
The weakest national currency was the Chinese Yuan, which fell 3.4%. Its apparent performance was hurt by the Shanghai Gold Exchange closure for Qingming Festival on Friday. The USD was next weakest, gaining 0.6%. The Japanese Yen was strongest, rising 3.2%. Short term notes tracked USD cash, adding 0.6%, but long term bonds soared 3.6%, the largest gain of any asset class, as investors ran for safe havens.
Equity markets got thrashed, with gold stocks, down 8.8%, and the S&P 500, down 8.6%, taking the worst of it. The Nikkei 225 index dropped the least, giving up 6.1%, followed by the Dow Industrials, which finished the week down 7.3%.
Commodities were also a sea of red. The 'strongest' commodities were coffee, down 3.2%, and platinum, down 4.6%. The worst performers were copper, down 13.8%, and crude oil, down 10.1%. Silver closed down 8.4%.
Cryptocurrencies moved lower, but showed strength relative to other risk assets like stocks and commodities. Bitcoin was little changed, while Ethereum closed down 3.8%.
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Commodities were mixed, and gold stocks rose slightly, but everything else was in the red. The biggest gains were in silver, up 1.7%, followed by cotton, which rose 0.6%. The largest losses were in Ethereum, down 5.3%, followed by coffee and the Nikkei 225 index, down 4.8% each. The US Dollar (along with every other major currency) made new all-time lows this week, finishing down 1.9% at 10.1 mg.
The weakest national currency was the Japanese Yen, which fell 3.3%. The Chinese Yuan, Euro, and Loonie tied for the title of "least weak" currency, falling 1.8%. US Dollar cash (down 1.9%) underperformed long term bonds (down 2.5%) but not short term notes, which 'only' fell 1.8%.
The HUI gold stocks, up 0.1%, were the only equities in the green. The Nikkei 225 index dropped the most, giving up 4.8%, followed by the S&P 500 and the Euro STOXX50, which each closed down 3.4%. The Dow Industrials finished the week down 2.8%, the best showing among the major stock indexes.
The strongest commodities were silver, up 1.7%, and cotton, up 0.6%. The worst performers were coffee, down 4.8%, and copper, off 1.4%. Platinum fell 0.8% but palladium rallied 0.4%. Crude closed off 0.3%.
Cryptocurrencies moved lower, with alts falling much more than Bitcoin. Bitcoin ended down 1.5%, while Ethereum finished down 5.3%.
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National currencies and bonds fell, while stocks, commodities and cryptos were mixed. The biggest gains were in copper, up 3.2%, followed by Japanese large cap stocks, which rose 1.7%. The largest losses were in cotton, down 4.3%, and silver, down 3.3%. The US Dollar (along with the Yen and Yuan, among others) made new all-time lows this week, finishing down 1.2% at 10.3 mg.
The strongest national currency was the Canadian Dollar, which fell 0.8%. The Chinese Yuan and Euro tied for the weakest currency, falling 1.7%. US Dollar cash (down 1.2%) underperformed long term bonds (off 0.6%) and short term notes (down 1.0%).
The Nikkei 225 was the strongest equity index, up 1.7%, followed by the HUI gold stocks, up 1.5%. The Euro STOXX50 dropped the most, giving up 2.0%, followed by the S&P 500, which closed down 0.7%. The Dow Industrials finished the week little changed.
The strongest commodities were copper, up 3.2% and coffee, up 1.2%. The worst performers were cotton, down 4.3%, and silver, off 3.3%. The whole precious metals complex was lower, with platinum falling 2.9% and palladium down 2.6%.
Cryptocurrencies had a relatively quiet week, mostly trading sideways. Bitcoin ended down 1.1%, while Ethereum finished up 1.6%.
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Stocks and commodities were mixed but mostly lower; all other assets were in the red. The worst losses were in cryptocurrencies as Ethereum fell 22.1% and the broad CCi30 dropped 19.6%. Bitcoin outperformed, falling 7.7%. Outside of crypto, the largest drops were in palladium, down 4.6%, and crude oil, down 4.2%. The only gains were in copper, up 5.2%, and coffee, up 4.7%, followed by gold stocks, up 2.4%.
The strongest national currency was once again the Yen, which declined 0.2%. (Note that the Chinese Yuan is shown as unchanged because the Shanghai Gold Exchange is closed for Lunar New Year. Based on FX rates, I estimate the CNY is down about 2.8%.) The Euro was the weakest currency, falling 3.1%. The US Dollar was down 2.2% to a new all-time low of 10.8 mg. USD cash was outperformed by long term treasury bonds which dropped 0.5% to their lowest level since August 2011. Note that most major currencies, including the USD, EUR, JPY, CHF, GBP, AUD, CNY, INR and CAD made new all-time lows this week.
The only rising equities were gold stocks, which gained 2.4%. The Dow Industrials fared the worst, falling 2.7%, followed by the S&P 500, which closed down 2.4%.
Platinum and cotton made new all-time lows again this week. Cotton fell 2.5% to close at 7.1 mg/lb. Platinum hit a new all-time low on Wednesday, but rallied to finish the week down 0.4%. Palladium fell 4.6% to it's lowest level since November 2011.
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National currencies, cryptocurrencies, and bonds fell; stocks and commodities were mixed. The worst losses were in crude oil, down 4.1%, and cotton, down 3.8%, followed by Bitcoin and the CCI30, down 3.6% each. The largest gains were in coffee, up 7.4%, and platinum, up 1.3%, followed by silver, up 1.2%.
The strongest national currency was the Yen, which declined 0.6%. (Note that the Chinese Yuan, shown in green, only traded for one day this week, before the Shanghai Gold Exchange closed for Lunar New Year.) The Euro was the weakest currency, falling 2.1%. The US Dollar was down 1.3% to a new all-time low of 11.1 mg. USD cash was outperformed by treasury notes, down 1.1%, and treasury bonds, off 0.6%.
The only rising equities were the gold stocks, which gained 1.0%. The S&P 500 fared the worst, falling 2.2%, followed by the Nikkei 225, which closed down 1.5%.
Platinum and cotton made new all-time lows again this week. Cotton fell 3.8% to close at 7.3 mg/lb. Platinum hit a new all-time low on Tuesday, but rallied to finish the week up 1.3%. Silver added 1.2% to close at 350 mg/oz.
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National currencies, cryptocurrencies, and bonds fell; stocks and commodities were mixed. The worst losses were in the CCi30 index, down 7.5%, and Ether, down 6.9%, followed by crude oil, down 6.3%. The largest gains were in coffee, up 3.5%, and palladium, up 2.9%, followed by the Nikkei 225 index, up 1.9%.
US Dollar cash, down 2.2%, underperformed long term bonds, which fell 2.1%, while short term notes tracked cash with a 2.2% decline. The strongest national currency was the Euro, which was little changed for the week.
US stock markets fell, while overseas markets rallied. The Dow Industrials, off 0.1%, outperformed the S&P 500 index, which despite making a new "all-time high" in US Dollar terms, fell 0.5% to close 60% below it's all-time high as measured in gold. The best performing stock index was the Nikkei 225, up 1.9%.
Platinum and cotton made new all-time lows again this week. Cotton fell 2.2% to close at 7.6 mg/lb. Platinum ended the week at a new low of 10.6 g/oz, down 1.3%. Silver fell 1.5% to close at 0.345 g/oz.
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National currencies fell, cryptocurrencies rose, and stocks, bonds and commodities were mixed. The worst losses were in platinum, down 3.2%, and the Nikkei 225 index, down 2.0%, followed by the Canadian Dollar, down 1.2%. The largest gains were in the CCi30 crypto index, up 12.0%, and Bitcoin, up 8.8%.
US Dollar cash, down 1.0%, underperformed short term notes, which declined 0.7%, and long term bonds, which rose 1.0%. The strongest national currency was the Yen, which fell just 0.1%.
Outside of crypto, the largest gains were in stocks, as the Dow Industrials rose 2.6%, and the Euro STOXX50 gained 2.5%, followed by the S&P 500 index, up 1.9%.
Platinum and cotton made new all-time lows this week. Cotton hit 7.6 mg/lb on Thursday, but bounced to finish the week at 7.7 mg/lb, down 0.2%. Platinum ended the week at a new low of 10.8 g/oz, down 3.2%. The best performing commodity was crude oil, up 0.7%.
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National currencies, cryptos and bonds fell, while stocks and commodities were mixed. The worst losses were in Ethereum, down 10.7%, and the CCi30 index, down 9.0%, followed by Bitcoin, down 4.9%. The largest gains were in copper, up 4.2%, and crude oil, up 2.0%.
US Dollar cash, down 1.5%, outperformed short term notes, down 1.7%, and long term bonds, down 3.6%. The weakest national currency was the Euro, which dropped 2.0%, while the Chinese Yuan was the strongest, giving up 1.1%.
Outside of crypto, the largest losses were in long term bonds and the Japanese Nikkei stock index, which lost 3.6% each. Gold stocks were the best performing equities, rising 1.5%.
Cotton closed the week at a new all-time low of 7.8 mg/lb, down 2.5%.
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This post takes a similar form to the weekly updates, but covers a longer time period, looking back 1, 2, 5, and 10 years. Ethereum and the CCi30 Crypto Index have no entry for 10 years ago, as their price data starts in 2015, but they will be included next year. Most of the table is red, meaning that just holding gold would have outperformed those assets over that time period. Green areas indicate the assets have outperformed gold. These are in crypto currencies, US stocks, and coffee.
Among the national currencies, the US Dollar as been the least bad of a rotten bunch, falling 20.3% in 2024, and 53.8% since 2014. The Japanese Yen has fared the worst, dropping 28.4% in 2024 and 64.7% over the last 10 years. Short term US treasuries did a bit better than cash, while long dated bonds did much worse.
Cryptocurrencies are in the green over all time periods,led by Bitcoin, which finished 2024 up 76.5%, and has risen 13,420% over the last 10 years. The Dow Industrials are up 9.7% from 2014, but down over all shorter time horizons. The S&P 500 lost 1.8% in 2024, but is in the green as we go back further, and is up 31.3% since 2014. Coffee is down 11.3% from 2014, but has been in profit in more recent years, including a 35.3% gain in 2024.
The worst performers for 2024 are palladium, down 36.3%, and cotton, down 32.7%. Over the last 10 years, the worst losses have been in platinum, down 65.1%, and the Yen, down 64.7%.
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National currencies rose, cryptos and stocks fell, and bonds and commodities were mixed. The worst losses were in the CCi30 index, down 10.7%, and Ethereum, down 9.8%, followed by silver, down 4.8%. The largest gains were in coffee, up 2.9%, and the Chinese Yuan, up 2.2%.
The US Dollar and short term notes rose 1.6%, but long term bonds fell 0.4%. The weakest national currency was the Yen, which advanced 0.1%.
Gold stocks led equities lower, falling 4.4%, followed by the Nikkei 225, down 2.3%. The S&P 500 outperformed, dropping just 0.4%.
Bitcoin continues to trade above the 1kg level, making a new all-time high of 1,251 grams on Wednesday and finishing the week at 1,161 grams, off 2.0%. Platinum rose 2.0%, but palladium closed down 3.0% at 10.95 grams, its lowest level since 2012.
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Only Crude oil, up 5.2%, and Bitcoin, up 0.5%, made gains this week, all other assets were in the red. The worst losses were in long term bonds, down 5.3%, and coffee, down 4.3%, followed by the CCi30 crypto index, off 3.9%.
The US Dollar outperformed other major currencies, falling 0.8%. USD cash also outperformed treasuries, including 1-3 year notes, which fell 1.0%. The weakest national currency was the Yen, which closed down 3.2%.
Stocks fell, led lower by the Dow Industrials, down 2.6%, and the Nikkei 225, down 2.3%. Gold stocks outperformed, giving up just 0.3%.
Bitcoin continues to trade above the 1kg level, making a new all-time high of 1,194 grams on Sunday and finishing the week at 1,186 grams, just 0.7% short of that high. Platinum made another all-time low of 10.78 grams on Wednesday, but recovered to close the week at 10.84 grams, down 1.8%.
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Cryptocurrencies and bonds advanced, while all other asset classes were mixed but mostly higher. The largest gains were in the CCi30 crypto index, up 13.3%, Ethereum, up 12.1%, and the Euro STOXX 50, up 3.9%. The worst losses were in cotton, down 2.2%, followed by palladium and gold stocks, down 1.1% each.
The US Dollar outperformed other major currencies with the exception of the Russian Ruble (not in table). The Ruble rose 6.5%, while the USD gained 0.5%. Short term notes advanced 0.4%, but long term bonds did much better, rising 1.0%.
US stocks made new Dollar all-time highs this week (the Dow on Wednesday and the S&P 500 on Friday) despite trading more than 58% below their ATHs when priced in gold. The Euro STOXX 50 index, up 3.9%, and the Japanese Nikkei 225 index, up 2.6%, were the best performing equity indexes.
Bitcoin remained above the 1kg mark this week, closing at 1,179 grams, a new all-time high. Platinum rose 0.1% but continues to hover just above its all-time low of 10.97 grams.
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National currencies, bonds, and major stock indexes declined, while cryptocurrencies advanced and commodities were mixed. The largest gains were in the CCi30 crypto index, up 10.1%, Bitcoin, up 3.8%, and coffee, up 3.4%. The worst losses were in the Euro and the Nikkei 225 index, down 5.7% each, followed by the Euro STOXX 50 index, down 5.5%.
The US Dollar outperformed all other major currencies with the exception of the Canadian Dollar. The Loonie fell 3.9%, while the USD dropped 4.6%. Short term notes traded in line with USD cash, but long term bonds did slightly better, dropping 4.2%.
Gold stocks were the only equities in the green, rising 3.2%. The Dow Jones Industrial Average outperformed other major indexes, falling 2.7% this week, despite making a new all-time high when priced in dollars; priced in gold, the Dow is 63.3% below its all-time high set back in August of 1999.
Bitcoin remained above the 1kg mark this week, closing at 1,142 grams. This is just 1.1% below its all-time high. Platinum, on the other hand, closed the week down 2.5% to a new all-time low of 11.1 grams per ounce.
Happy Thanksgiving to all our US readers, and a grateful "Thank You" to all our readers, everywhere in the world!
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Most markets continued to rally this week. National currencies, cryptos, bonds, and most stock indexes were in the green, while commodities were mixed. The largest gains were in the CCi30 crypto index, up 28.8%, Bitcoin, up 24.3%, and coffee, up 16.4%. The worst losses were in gold stocks, down 4.4%, and palladium, off 1.8%.
All major currencies bounced higher, led by the US Dollar. USD cash rose 4.6%, along with its short term notes, but long term bonds added only 1.9%.
The Dow Jones Industrial index gained 3.3% this week, and now sits 1.9% below its all-time high priced in dollars, but 62.3% below its all-time high priced in gold. Bitcoin rose above the 1kg mark this week, closing at 1,100 grams. This is 4.7% below its all-time high.
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This was a major up-week for most markets following the election of Donald Trump in the US, putting all but three assets into the green. The only losses were in palladium, down 8.3%, silver, down 1.9%, and the Euro STOXX, off 0.2%. The largest gains were in Ethereum, up 20.1%, the CCi30 crypto index, up 12.4%, and Bitcoin, up 12.3%. Outside of crypto, the best performing assets were US stocks, which gained 6.7%, followed by coffee, up 6.3%, and Japanese stocks, up 6.0%.
All major currencies bounced higher. US Dollar cash was up 2.0%, but was outperformed by short term notes which gained 2.4%, and long term bonds, which rose 3.8%.
Although cryptos and stocks have risen to record breaking highs in dollar terms, when measured in gold, they still have a ways to go to reach record levels. Bitcoin closed the week 23% below its all-time high of 1,154 grams, while the S&P 500 is 60% below its old high of 173.1 grams. This puts Bitcoin within striking distance, especially considering its recent strength; but the S&P could double in price from here, and still fall 20% short of making a new all-time high.
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Cryptocurrencies and copper rose, but all other assets in the table moved lower. The largest gains were in Bitcoin, up 4.3%, Ethereum, up 3.7%, and the CCi30 crypto index, up 3.1%. The only other asset in the green was copper, which gained 0.1%. The largest losses were in palladium, down 4.3%, and gold stocks, down 4.2%, followed by crude oil, down 3.3%. The S&P 500 dropped 1.5%.
Most major currencies made new all-time lows mid-week, then recovered on Thursday and Friday. This includes the US Dollar, Chinese Yuan, Japanese Yen, Euro, Swiss Franc, and Pound Sterling. US Dollar cash, down 0.1%, outperformed both short term notes, down 0.5%, and long term bonds, down 1.5%.
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Commodities were mixed, but all other asset classes moved lower. The largest gains were in palladium, up 9.8%, crude oil, up 3.0%, and silver, up 2.5%. The only other asset in the green was platinum, which gained 0.2%. The largest losses were in Ethereum, down 9.0%, and Japanese stocks, down 5.2%, followed by gold stocks, down 4.6%. Coffee dropped 4.1% while the Dow Jones Industrials and Bitcoin each fell 3.4%.
Most major currencies made new all-time lows, including the US Dollar, Chinese Yuan, Japanese Yen, Euro, Swiss Franc, and Pound Sterling. Cotton also continues to fall, making a new all-time low of 8.0 mg/lb.
US Dollar cash, down 0.7%, outperformed both short term notes, down 0.9%, and long term bonds, down 2.5%.
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National currencies, bonds, and stock markets (other than gold stocks) all closed the week lower; cryptocurrencies moved higher, and commodities were mixed but mostly lower. Bitcoin and Ether had the largest gains, rising 7.2% and 6.0% respectively, followed by gold stocks, up 5.4%. The largest losses were in crude oil, down 10.5%, and copper, down 4.7%, followed by Japanese stocks, down 4.5%, and cotton, down 4.0%.
Most major currencies made new all-time lows, including the US Dollar, Chinese Yuan, Japanese Yen, Euro, Swiss Franc, and Pound Sterling. Cotton made a new all-time low of 8.1 mg/lb, and is now 39% cheaper than it was a year ago.
Once again, the Dow Jones Industrial Average and the S&P 500 each hit new all-time highs in US Dollar terms, but both are more than 60% below their all-time highs when measured in gold.
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Stocks and cryptos rose, while other asset classes were mixed. Palladium and Japanese stocks had the largest gains, rising 6.5% and 2.5% respectively, followed by the crude oil, up 1.6%, and the Dow Jones Industrials, up 1.3%. The largest losses were in silver, down 2.7%, and coffee, down 2.0%, followed by long term treasury bonds, down 1.9%, and platinum, down 1.5%.
The Dow Jones Industrial Average and the S&P 500 each hit new all-time highs in US Dollar terms; both are more than 60% below their all-time highs when measured in gold.
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Continuing the pattern of the last two weeks, national currencies and bonds moved lower and cryptos rose, while stocks and commodities were mixed. The broad CCi30 crypto index and coffee had the largest gains, rising 6.0% and 5.1% respectively, followed by the Nikkei 225 index, up 4.3%, and copper, up 3.8%. The largest losses were in crude oil, down 6.0%, and palladium, down 5.4%, followed by gold stocks, down 2.8%, and long dated treasury bonds, down 2.4%.
Many national currencies made new all-time lows this week, including the US and Canadian Dollars, the Euro, the Pound, the Swiss Franc, and the Chinese Renminbi. The only major exception was the Japanese Yen; the Yen hit bottom earlier this year, and currently sits 2.2% above its all-time low.
The Dow Jones Industrial Average and the S&P 500 fell 1.5% each. This in contrast to their US Dollar prices reaching new all-time highs; both are more than 60% below their all-time highs when measured in gold.
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Once again, national currencies and bonds moved lower and cryptos rose, while stocks and commodities were mixed. Ethereum and silver had the largest gains, rising 3.4% and 3.3% respectively, followed by Bitcoin, up 2.9%, and cotton, up 2.7%. The largest losses were in coffee, down 5.4%, the Japanese Yen, down 3.2%, and the long dated treasury bonds, down 2.7%.
Many national currencies made new all-time lows this week, including the US and Canadian Dollars, the Euro, the Swiss Franc, and the Chinese Renminbi. Exceptions were the Japanese Yen and the Pound Sterling; the Yen hit bottom earlier this year, and the Pound (not in chart) bucked the trend, rising 0.23% after making a new all-time low last week.
The Dow Jones Industrial Average and the S&P 500 rose slightly, but despite reaching new all-time highs when measured in US Dollars, they are more than 60% below their all-time highs when measured in gold. Gold mining stocks were the week's worst performing equities, with the HUI falling 1.1%.
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National currencies and bonds moved lower and cryptos rose, while stocks and commodities were mixed. Bitcoin and the 30 crypto index had the largest gains, rising 9.4% and 9.1% respectively. Outside of crypto, gold stocks rose 9.0% and palladium advanced 8.1%. The largest losses were in national currencies, with the Canadian Dollar down 2.8%, The US Dollar down 2.7%, and the Euro down 2.6%. Bonds were also down; short term treasuries fell 2.5% and long term treasuries were off 1.8%.
Many national currencies closed at new all-time lows, including the US, Canadian, and Australian Dollars, the Euro, the Pound Sterling, and the Chinese Renminbi. Exceptions were the Japanese Yen and the Swiss Franc; they hit bottom earlier this year, but still sit close to their all-time lows.
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National currencies, cryptos, and bonds all moved lower this week, while stocks and commodities were mixed, but mostly lower. Palladium had the largest gains, rising 3.9%. The only other assets in the green were the Dow Jones Industrials, up 0.9%, the S&P 500, up 0.2%, and silver, which closed unchanged. The largest losses were in cryptos, with the broad CCi30 index down 9.1%, and Ethereum down 8.6%. Outside of crypto, the worst losses were in cotton, off 2.2%, and long term treasuries and gold stocks, off 2.0% each.
Other notable losses were in crude oil, down 1.8%, and the Euro, down 1.2%. The USD finished 0.1% lower. The best performing national currency was the Canadian Dollar, which was little changed.
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Stocks moved higher; national currencies, bonds, and cryptos declined, and commodities were mixed. The best performers were gold stocks, up 6.1%, and Japanese stocks, up 5.1%. The largest declines were in Bitcoin, down 5.6%, and the CCi30 crypto index, down 5.2%. Cotton and the Japanese Yen were tied for third place, down 3.3% apiece. The US Dollar fell 2.4% to a new all-time low of 12.5 mg.
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National currencies rallied, but other asset classes were mixed. The best performers were all commodities: crude oil, up 6.3%, palladium, up 3.8%, and coffee, up 3.3%. The largest declines were in Ethereum, down 11.2%, platinum, down 3.2%, and silver, down 3.1%.
The US Dollar rose 1.8%, and the S&P 500 gained 1.7%. Long term treasuries fell 0.3%.
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This was a generally down week, with all cryptos and stocks moving lower, and most national currencies and commodities falling. The best performer was long term treasuries, up 2.1%, followed by the Japanese Yen (the only rising currency), up 1.2%. There were two advancing commodities, silver, up 0.8%, and platinum, up 0.3%. The largest declines were in cryptos, especially the broad CCi30 index, down 13.4%, and Bitcoin, down 12.7%. Outside of crypto, the largest losses were in the Crude Oil, down 7.9%, and the Euro STOXX, down 7.2%.
The US Dollar fell 3.4%, and the Dow Industrials and S&P 500 each dropped 5.4%.
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National currencies and bonds closed higher, commodities moved lower, and stocks and cryptos were mixed. The brightest spots were the CCi30 crypto index, up 3.3%, the Japanese Yen, up 3.1%, and Bitcoin up 2.6%. The Russian Ruble, not in chart, rose 3.0%. The week's biggest losses were in Ethereum, down 5.8%, cotton, down 4.9%, and silver, down 3.9%. The US Dollar rose 0.7%, and the Chinese Renminbi rose 1.9%.
Over the last two weeks, US stocks have hit a series of new all-time highs in dollar terms. However the USD itself has depreciated so much that the Dow Jones Industrial Average, measured in gold, at 529.1 grams, is 62% below its August 1999 all-time high of 1,393.2 grams. Similarly, the S&P 500 is 59% below its all-time high.
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Cryptocurrencies advanced while other asset classes were mixed, stocks mostly higher, and currencies and commodities mostly lower. The brightest spots were coffee, up 7.5%, gold stocks, up 4.7%, and the CCi30 crypto index, up 4.1%. The week's biggest losses were in palladium, down 6.8%, and platinum, down 4.2%. The US Dollar fell 1.2%, and the Japanese Yen rose 0.7%.
This week, it was the Dow Jones Industrial Average that hit a new all-time high of $40,000.90 depreciating US dollars, but measured in gold, at 516.9 grams, it now sits 63% below its August 1999 all-time high of 1,393.2 grams.
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Stocks and commodities were mixed, but other asset classes closed lower. The brightest spots were copper, up 4.0%, gold stocks, up 3.9%, and palladium, up 3.4%. The week's biggest losses were in Ethereum, down 13.4%, and the CCi30 crypto index, down 11.1%. The US Dollar fell 2.0%, while silver rose 2.0%.
Although the S&P 500 closed at a new all-time high in US dollar terms, it finished the week down 0.1%, and at 72.8 grams, now sits 58% below its 1999 all-time high of 173.1 grams. Also of note, the Japanese Yen closed at a new all-time low this week.
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Cryptocurrencies fell, and other asset classes were mixed but mostly lower. The brightest spots were crude oil, up 3.0%, the Chinese Yuan, up 2.7%, and long term treasuries, up 2.6%. The week's biggest losses were in the CCi30 crypto index, down 8.0%, Ethereum, down 6.2%, and the Euro STOXX, down 5.7%. The US Dollar fell 0.8%, and silver declined 4.3%.
Although most cryptos saw losses, the privacy coin Monero (XMR, not in table) was one of the week's outstanding performers, rising 9.8%. This is the latest in an 8 week string of gains that has boosted XMR 44.2% over the last two months.
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Bonds rose and other asset classes were mixed; commodities were mostly lower, but stocks, cryptos and national currencies were mostly higher. The largest losses were in platinum, down 4.9% and the HUI gold stocks, off 4.2%. The week's biggest gains were in Bitcoin, up 4.4%, and the S&P 500, up 3.0%. Long term treasuries rose 2.8% while USD cash gained 1.6%. The only falling national currency was the Chinese Yuan, down 1.2%.
Over the longer term, crypto remains the place to be, with high double digit gains over the last year and triple digit gains over the last five years.
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This week the markets have shifted into bull mode; except for gold stocks and a few commodities, assets are broadly in the green. There were only four falling assets, with the largest losses in copper, down 3.1%; platinum and the HUI gold stocks were each off 1.3%. Crude oil retreated 0.4%. The week's biggest gains were in Ethereum, up 23.5%, and cotton, up 8.8%. Coffee and silver also made strong gains, rising 7.5% and 5.7% respectively.
Over the longer term, crypto remains the place to be, with high double digit gains over the last year and triple digit gains over the last five years.
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After two generally "up" weeks, the table has turned mostly red, with national currencies, cryptos, and bonds all down, and stocks and commodities mixed. There were only four rising assets, with the largest gains in silver, up 4.5%, and gold stocks, up 1.4%. Palladium added 0.8%, and the Euro STOXX inched ahead 0.2%. The week's worst losses were in crypto, as Ether fell 9.7% and Bitcoin dropped 6.3%. The Japanese Yen fell 5.1% to a new all-time low. Coffee dropped 4.0% and crude oil closed down 3.1%.
Over the longer term, crypto remains the place to be, with double digit gains over the last year and triple digit gains over the last five years.
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Most assets were in the green, including stocks, bonds, cryptos, and most national currencies; commodities were mixed. The largest gains were in stocks, as the Euro STOXX rose 4.7% and the S&P 500 gained 4.3%. Gold mining stocks advanced 4.0%. The largest losses were all in commodities: coffee fell 3.0%, palladium dropped 2.0%, and silver declined 0.6%. Platinum, although little changed for the week, is hovering near its all-time lows. The Japanese Yen fell 0.4% to a new all-time low.
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Commodities were mixed and gold stocks rose, but all other assets moved lower. The largest gains were in coffee, up 8.4%, and silver, up 5.1%. The worst losses were in the CCi30 crypto index, down 10.3%, and cotton, off 9.1%. Gold mining shares rose 3.3%, while the Nikkei fell 7.1% and the Dow Industrials dropped 5.8%. The US Dollar fell 3.7%, as it and every other major national currency (except the Ruble) hit new all-time lows.
Over the last 5 years, only cryptocurrencies and coffee have made significant gains. ETH is the leader, up 1,073%, followed by BTC, up 657%. Coffee is up 28%. The S&P 500 stocks have retained their value, just barely, adding 0.8%. All other assets are in the red, with the worst losses coming from the Japanese Yen, down 58.7%, palladium, down 58.5%, and long dated treasury bonds, down 52.9%. USD cash has lost 43.9% of it's value.
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Treasury bonds moved lower, as did all national currencies except the US Dollar, which managed a 0.4% gain. Other asset classes were mixed. The largest gains were in copper, up 6.2%, and crude oil, up 4.3%. The worst losses were in coffee, down 4.1%, and Ethereum, off 3.6%. Precious metals did well, as palladium gained 3.7%, silver rose 3.3%, and gold mining stocks added 2.1%. Bitcoin also gained 2.1%, closing just under 1 kg.
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Only cryptocurrencies, precious metals and gold stocks advanced, other assets declined. The 30 crypto index was the best performing asset, rising 8.0%, followed by Ethereum, up 7.1%. Palladium rose 5.3% and Bitcoin gained 3.3%. The worst losses were in crude oil, down 7.9%, and cotton, down 7.8%. The US Dollar dropped 5.6% to a new all-time low of 14.3 mg (the EUR, JPY, CAD, CHF, GBP, and AUD, among others, also made new all-time lows this week.)
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National currencies and bonds fell, cryptocurrencies charged higher, and stocks and commodities were mixed. Bitcoin was the best performing asset, rising 21.4%, followed by the CCi30 crypto index, up 17.9%. Palladium fell 5.0% and crude oil rose 3.4%. The US Dollar dropped 1.1% and sits just 1.4% above it's all-time low. The Russian Ruble (not in table) was the only major currency to see gains, rising 2.3% for the week.
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Most assets moved higher; the only exceptions were coffee, down 1.5%, and gold stocks, off 0.2%. Ethereum was the best performing asset, rising 14.3%, followed by Bitcoin, up 12.1%, and the CCi30 crypto index, up 9.9%. Palladium rallied 9.4% and copper added 5.5%. The US Dollar led other national currencies, gaining 1.3%, and cash outperformed treasuries as well. CNY shows as unchanged because the Shanghai Gold Exchange is closed for Lunar New Year.
Over the last five years, only crypto, coffee, and the S&P 500 have outperformed gold.
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Cryptocurrencies were mixed, but other asset classes were in the green or unchanged. Crude oil was the best performing asset, rising 6.8%, followed by coffee, up 5.2%, and the Euro STOXX, up 3.7%. The largest losses were in Ethereum, down 8.4% and the CCI30 crypto index, off 2.0%. The US Dollar finished the week up 0.5%, while Bitcoin gained 1.1%. The S&P 500 rose 1.6%.
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Stocks and bonds rose, but other asset classes were mixed. Ethereum was the best performing asset, shooting 11.4% higher on ETF speculation, followed by the Nikkei 225, up 6.5%, and the S&P 500, up 1.9%. The largest losses were in palladium, down 4.2%, platinum, down 2.9%, and Bitcoin, off 2.7%. The US Dollar finished the week unchanged (the CNY also shows unchanged, but that is due to the Shanghai Gold Exchange being closed for a long New Years celebration.) Not shown on the chart is the Russian Ruble, which outpaced other currencies to rise 2.9% this week.
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Stocks rose, cryptocurrencies fell, and other asset classes were mixed. Palladium was the best performing asset, rocketing 14.5% higher, followed by coffee, up 7.7%, and long term treasuries, up 4.0%. The largest losses were in Bitcoin, down 6.1%, the CCi30 crypto index, down 4.2%, and cotton, off 3.0%. The S&P 500 rose 1.3%, but was outdone by gold stocks, up 2.7%, and Japanese stocks, up 2.8%. The US Dollar finished the week down 1.2%, although most other national currencies managed small gains.
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National currencies fell, but other asset classes were mixed. Coffee was the best performing asset, gaining 6.2%, followed by gold stocks, up 5.7%. The largest losses were in crude oil, down 4.1%, and the Euro, off 2.7%. Silver gained 3.8% while Ethereum fell 2.6%. The US Dollar finished the week down 2.2%, but long term bonds rose 1.3%.
Over the last five years, cryptocurrency investing has been the best way, by far, to grow your wealth as measured in gold. Ethereum has returned 10 to 1 and Bitcoin has returned 5 to 1. Even a basket of smaller cryptos has returned more than 2 to 1. Outside of crypto, coffee and silver have risen 7.3% and 5.2% respectively. The S&P 500 and the gold stock index have about broken even, and everything else is down hard. Holding any major government currency or bonds has lost 40-50%. Major stock markets are down 15-30%.
I think an excellent defensive portfolio could be constructed with a large gold "cash" balance, some of which can be earning interest through Monetary Metals, along with some silver and platinum, and a small allocation to cryptocurrencies to provide growth. Such a portfolio would have very limited downside, very little counterparty risk, and could see substantial appreciation, measured in gold, over a 4-5 year time horizon.
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Cryptos moved higher, bonds moved lower, and other asset classes were mixed. Ethereum was the best performing asset, gaining 4.4%, followed by coffee, up 3.5%. Largest losses were in silver, down 2.2%, and crude oil, off 1.4%. Gold stocks gained 2.7% while the Nikkei 225 fell 0.8%. The US Dollar finished the week down 1.0%, as the Chinese Yuan climbed 1.7%.
This was a short week due to the US Thanksgiving holiday. I hope you enjoyed being with family and friends. Best wishes from Priced in Gold!
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National currencies and cryptocurrencies fell, while other asset classes were mixed. The largest gains were in silver, up 4.9%, and platinum, up 3.8%. The worst losses were in crude oil, down 2.9%, Ethereum, down 2.1%, and the Japanese Yen, down 2.0%.
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Stocks and cryptocurrencies fell, while other asset classes were mixed. The largest gains were in crude oil, up 3.4%, coffee, up 2.8%, and palladium, up 2.0%. The worst losses were in the CCi30 crypto index, down 3.2%, gold stocks, down 2.9%, and long term treasuries, down 2.7%. The US Dollar rose 0.6% and short term notes outperformed cash, rising 0.8%.
National currencies and cryptocurrencies fell, and other asset classes were mixed but mostly lower. The largest gains were in cotton, up 2.6%, palladium, up 2.1%, and crude oil, up 1.8%. The worst losses were in copper, down 3.4%, the Nikkei index, down 2.7%, and Ethereum, off 2.6%. The Yen was also hit hard, falling 2.5%. The US Dollar fell 0.4%, as did short term notes, but long term bonds outperformed, rising 0.1%.
Stocks and cryptocurrencies rose, but other asset classes were mixed. The largest gains were in silver, up 7.3%, gold stocks, up 6.3%, and platinum, up 6.0%. The worst losses were in coffee, down 2.1%, the US Dollar, down 1.6%, and the Canadian Dollar and short term treasuries, off 1.2% each. Cryptocurrencies were strong, with the broad CCi30 up 5.8%. Long term bonds outperformed cash and short term notes, rising 0.6%.
Note: Due to problems with FTP, charts have not been updated for a few weeks. I am working on this, but in the meantime, if you need an updated chart, please drop an email to editor@pricedingold.com
Stocks rose, cryptos pulled back, and other asset classes were mixed. The largest gains were in palladium, up 5.6%, the Euro STOXX index, up 4.1%, and the Nikkei index, up 2.9%. The worst losses were in Ethereum, down 9.2%, the CCi30 crypto index, down 7.4%, and coffee and cotton, down 3.0% each.
National currencies and bonds rose, cryptos pulled back, and stocks and commodities were mixed. The largest gains were in coffee, up 5.9%, the Nikkei 225 index, up 2.7%, and silver, up 2.0%. The worst losses were in the CCi30 crypto index, which fell 6.9%, palladium, down 6.6%, and Bitcoin, off 2.7%. US Dollar cash outperformed treasury debt, rising 0.2% while long term bonds gained 0.1% and short term notes were unchanged.
Cryptocurrencies rallied, but other asset classes were mixed. The largest gains were in the CCi30 crypto index, up 2.5%, silver and cotton, up 2.4% each, and the Nikkei 225 stock index, up 1.8%. The worst losses were in commodities, as platinum fell 2.5%, palladium dropped 2.4%, and crude oil declined 2.1%.
National currencies were mostly lower; only the Canadian Dollar managed a gain, rising 0.7%. The Chinese Yuan fell the most, dropping 1.6%. US Dollar cash underperformed its bonds, declining 0.8% while short term notes fell 0.6% and long term bonds gained 0.1%.
Cryptocurrencies had a good week, led by the broad CCi30 index, up 2.5%. Ethereum gained 1.7%, and Bitcoin added 1.2%.
Stocks also did well; only the Euro STOXX declined, falling 1.3%. The Japanese Nikkei saw the largest gains, rising 1.8%, followed by gold stocks, up 1.7%. The Dow Industrials added 1.2%.
Commodities were very mixed, with some of the week's largest gains and losses. Among the metals, silver rose 2.4%, while platinum fell 2.5%, and palladium dropped 2.4%. Coffee declined 1.5% while cotton rose 2.4%. Crude oil fell 2.1%.
Year over year, most assets are in the red. The only bright spots are the Euro STOXX, up 5.4%, silver, up 3.9%, and the Nikkei 225, up 0.5%. The worst loses are in crude oil, down 42.3%, cotton, off 41.9%, and coffee, down 28.9%.
Over the last 5 years most assets are also underwater, but the bright spots are different: Bitcoin is up 135.1%, Ethereum is up 110.5%, and the S&P 500 is showing a gain of 3.3%. The largest losses are in national currencies: the Japanese Yen, down 48.3%, the Chinese Yuan, down 40.5%, and the Euro, down 39.4%. The US Dollar has declined 34.1%.
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Stocks rose, commodities were mixed, and all other asset classes fell. The week's best performers were gold stocks, up 4.1%, followed by platinum, up 3.7%, and crude oil, up 2.7%. The largest losses were in coffee, down 7.0%, the CCi30 crypto index, down 6.0%, and Bitcoin, down 5.2%.
The US Dollar and the Japanese Yen fell more other national currencies, declining 1.6% each. The Chinese Yuan performed best, slipping 0.5%. Short term bonds declined 1.6%, but long term bonds held up well, sliding just 0.2%.
Major cryptocurrencies moved lower. Bitcoin fell 5.2% and the broader index of 30 cryptos dropped 6.0%. Ethereum outperformed, slipping just 0.8%.
US and Japanese stocks rose slightly, 0.1% to 0.2%. The Euro STOXX gained 2.0%, and gold stocks had the largest gains, rising 4.1%.
Commodities were very mixed. Coffee and cotton fell the most, dropping 7.0% and 2.5% respectively. Silver fell 1.6%, but the other metals rose, especially platinum, which gained 3.7%. Crude oil added 2.7%.
Over the last five years, Bitcoin (up 39.8%) and Ethereum (up 38.4%) are the best performing assets. The CCi30 crypto index (down 47.9%) and the Japanese Yen (down 44.4%) fell the most.
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Bonds fell, cryptocurrencies rallied, and other asset classes were mixed. Bitcoin, up 14.1%, and the broader CCi30, up 11.1%, were the best performers. The largest losses were in coffee, down 6.9%, and cotton, down 6.7%. Bright spots outside of crypto were crude oil, up 5.1%, and copper, up 4.5%. USD cash underperformed treasuries, falling 2.9% while short term notes fell 2.7% and long term bonds dropped 1.4%.
The Japanese Yen was the best performing national currency in the table, rising 0.9%. Not in the table, the Russian Ruble was also a winner, rising 2.9%. All other currencies I follow were in the red, led by the USD, which fell 2.9%, and the Swiss Franc (not in table), which declined 2.4%. As noted above, bonds fell, but still outperformed USD cash.
Bitcoin had a super week, rising gently on Tuesday but accelerating sharply as the week went on to close at 324.7 grams, up 14.1%. Ether and the broader crypto market followed a similar trajectory. ETH finished the week at 23.7 grams, up 11.1%.
Major stock indexes were split along US/International lines. The S&P 500 fell 1.5% and the the Dow Industrials dropped 0.9%, while the Euro STOXX50 rose 2.2% and the Nikkei gained 1.4%. Gold stocks also rose, adding 0.4%.
As mentioned above, commodities saw some of the week's best and worst returns. The only bright spots were crude oil, up 5.1%, and copper, up 4.5%; all others were in the red. Coffee and cotton fell 6.9% and 6.7% respectively, and the precious metals were down as well, with palladium falling 5.3%, platinum dropping 4.3%, and silver closing off 2.0%.
Year over year, only platinum, up 3.4%, is in the green; the worst losses are in crypto, with the CCi30 index down 65.4%. Over the last five years, only palladium is in the green, rising 10.2%. Next best performers are the S&P 500, down 1.4%, and Bitcoin, off 3.5%. The worst losses are again in the CCi30 crypto index, which has fallen 73.8%, followed by the Japanese Yen, down 39.3%.
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This week and next week are short trading weeks with generally low volumes as traders take time off for Christmas and New Years holidays.
Cryptocurrencies rose, bonds moved lower, and other asset classes were mixed. The largest drops were in long bonds, down 5.1%, and palladium, off 2.6%. The best performers were crude oil, up 6.6%, coffee, up 4.3%, followed by Ethereum and gold stocks, which each added 4.0%. USD cash fell 0.5% while the Japanese Yen rose 2.4% on interest rate hikes from the Bank of Japan.
Gold stocks dominated the equity category, rising 4.0%. US Equities were mixed, with the Dow Industrials adding 0.4% while the S&P 500 fell 0.6%. The Japanese Nikkei index fell 2.4%, probably due to the same rate hike that boosted the Yen.
Silver and cotton rose 3.5% each, while palladium dropped 2.6%, and platinum fell 1.8%.
Year over year, the gains were almost all in commodities as crude oil rose 8.1% and silver gained 4.3%. The largest losses were all in cryptos, exemplified by the CCi30 crypto index, which fell 74.2%. Outside of crypto, the long bond fund TLT had the worst performance, falling 29.8%.
Best wishes for the holiday season and the coming new year!
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Stocks, bonds, and cryptocurrencies moved lower; national currencies and commodities were mixed. The largest drops were in crude oil, down 11.8%, cotton, off 4.6%, and gold stocks, off 4.5%. The best performers were palladium, up 2.0%, silver, up 1.6%, and the Chinese Yuan, which added 1.3%. The cryptocurrency space continues to see fairly low volatility: Ethereum and the broader CCi30 dropped 2.9% each, while Bitcoin fell 0.4%. The US Dollar finished the week 0.6% lower.
Year over year, the only assets in the green are the precious metals: paladium is up 4.7%, platinum 4.6%, and silver 2.7%. All others are in the red, led by Ethereum, down 71.7% and the CCi30 crypto index, off 69.9%. Outside of cryptos, the worst losses were in coffee, down 35.1%, and long term treasury bonds, down 28.3%.
Interestingly, looking back 5 years, Ethereum is the biggest winner, rising 93.0%! Palladium is also a winner, gaining 32.7%. The worst losses were in the CCi30 crypto index, down 44.8%, and the Japanese Yen, down 42.1%.
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Cryptocurrencies and commodites moved lower; bonds were in the green, and national currencies and stocks were mixed. The largest drops were all in commodities: coffee, down 10.7%, crude oil, down 9.6%, and copper, off 7.7%. The best performers were long term bonds, up 2.2%, and the Euro STOXX, which rose 1.2%. Happy Thanksgiving!
Stocks fell, but all other asset classes were mixed. The largest drops were in the European STOXX, down 6.5%, crude oil, down 6.3%, and Ethereum, off 6.1%. The best performers were coffee and palladium, up 2.4% and 1.7% respectively, followed by the CCi30 crypto index, which rose 1.5%.
Equities, cryptocurrencies, and most commodities moved higher; bonds declined, and national currencies were mixed. The largest drops were in long term bonds, down 1.8%, and the US Dollar, off 1.1%. The best performers were ethereum, up 11.8% and cotton, up 11.4%. Coffee was in third place, rising 7.1%.
Cryptos moved up strongly, national currencies and bonds were mostly lower, and other asset classes were mixed, but mostly higher. ETH gained the most, rising 22.5%, follwed by the broader CCi30 crypto index, which closed up 10.8%. Outside of cryptocurrencies, the Nikkei index made the best showing, rising 4.3%. Crude oil, down 4.7%, and the HUI gold stock index, down 2.9%, were the week's worst performers.
National currencies and bonds rose, cryptos and most stocks moved lower, and commodities were mixed. The biggest gains were in palladium and long bonds, which advanced 4.5% each. The worst losses were in crypto, as Ethereum dropped 12.3% and the broader CCi30 fell 10.5%. Outside of crypto, the hardest hit were silver, down 4.0% and gold stocks, down 3.1%.
A big red week! Every asset in the table moved lower except silver, which managed a 0.6% gain. The worst losses were in crypto, as ether plunged 35.2% and bitcoin fell 30.1%. Outside of crypto, the hardest hit were crude oil, down 9.8% and gold stocks, down 8.3%.
Bonds and cryptocurrencies fell, while other asset classes were mixed. The largest gains were in the S&P 500, up 5.6%, and coffee, up 5.3%. The worst losses were in Ethereum, which plunged 12.9%, and the CCi30 crypto index, which fell 7.8%.
Bonds rose, stocks and cryptocurrencies fell, and other asset classes were mixed. The largest gains were in cotton, up 11.0%, and crude oil, up 4.2%. The worst losses were in the CCi30 crypto index, down 7.0%, and gold mining stocks, down 4.4%.
Most assets were in the red this week, especially the cryptocurrencies, where the broad CCi30 fell 10.9% and bitcoin dropped 9.2%. The brightest spots were in commodities, as palladium rose 4.5% and coffee added 0.8%. Outside of crypto, the largest losses were in long term bonds, as TLT fell 5.9%.
Commodities were mixed, stocks were mixed but mostly higher, and cryptocurrencies, national currencies and bonds were all on the rise. Ethereum gained the most, advancing 12.4%. The CCi30 crypto index was in second place, rising 10.9%. Outside of cryptos, coffee and long term bonds were the best performers. Crude oil fell the most, dropping 11.7%, followed by palladium, down 5.8%, and silver, off 2.4%.
Cryptocurrencies rallied, bonds and most national currencies fell, while stocks and commodities were mixed. Crude oil gained the most, rising 7.8%. The CCi30 crypto index was in second place, advancing 6.7%, and cotton was in third, adding 6.1%. Long bonds fell the most, dropping 4.5%, followed by the Japanese Yen, down 3.2%, and platinum, off 3.1%.
National currencies, cryptocurrencies, and bonds fell; stocks were mixed but mostly lower, and commodities were mixed but mostly higher. War in Ukraine and the resulting sanctions against Russia drove the Ruble (not in table) down 34.4% and the Euro STOXX50 down 15.7%. Gold mining stocks, metals, and crude oil made gains. Palladium and crude oil (major exports from Russia) rose 23.8% and 22.4% respectively.