Another up week for the markets; the only decliner was coffee, off 0.5%. The largest gains were in Japanese stocks, up 7.9%, cotton, up 4.5%, and silver, up 4.4%. The Canadian Dollar was the hottest currency, rising 2.4%, followed by the US Dollar and the Chinese Yuan, each up 2.3%. USD cash outperformed treasuries; short term notes rose 2.2% and long term treasuries gained 0.5%.

On Tuesday the Dow Industrials and the S&P 500 both hit new all-time highs when measured in US Dollars, but even after this week's gains, when measured in gold, they are down from their all-time highs 74% and 69% respectively.

This week, markets reversed course, putting most assets in the green. The only decliners were silver, down 8.7%, gold stocks, down 4.7%, and palladium, down 3.7%. The largest gains were in crude oil, up 10.0%, the CCi30 crypto index, up 7.5%, and Bitcoin, up 7.3%. The US Dollar hit a new all-time low of 7.24 mg on Monday, then rallied to end the week up 2.9%. All other major currencies followed a similar trajectory, with the CNY rising the most, closing up 5.8%. Bonds outperformed USD cash; long term treasuries rose 3.2%.

The Dow Industrials and the S&P 500 both closed the week at new all-time highs when measured in US Dollars, but even after this week's gains, they have lost over 70% from their all-time highs measured in gold.

Once again, commodities were mixed, but all other asset classes were in the red. The week's best performers (and only gainers) were silver, up 0.3%, and coffee, up 0.2%. The largest losses were in Bitcoin, down 11.5%, the Chinese Yuan down 9.5%, and the CCi30 crypto index, down 9.3%. The US Dollar hit a new all-time low of 7.3 mg on Thursday, then bounced to end the week down 5.9%. All other major currencies also made new all-time lows, with the CNY hit especially hard.

Many commodities made new all-time-lows, including copper, natural gas, coffee, and gasoline. Many securities, including long and short term treasury bonds, the UK FTSE 100, the Canadian TSX Composite Index, and the Australian ASX 200 index also hit new 30 year lows.

Commodities were mixed, but all other asset classes were in the red. The week's best performers (and only gainers) were palladium, up 12.5%, and silver, up 4.2%. The largest losses were all in crypto, with the CCi30 crypto index down 18.1%, Ethereum down 17.0%, and Bitcoin down 9.5%. The US Dollar hit a new all-time low of 7.7 mg on Wednesday, then bounced to end the week down 2.2%. All other major currencies also made new all-time lows, but the Japanese Yen was singled out for a special beating, closing down 6.0%.

Platinum, off just 0.2%, cotton down 0.7%, and long dated treasuries, down 0.9%, were relative out-performers.

National currencies and bonds fell, cryptocurrencies advanced, and equities and commodities were mixed. The week's best performers were Ethereum, up 8.5%, and Bitcoin, up 8.1%. Outside of Crypto, silver was the star, gaining 2.6%. The largest losses were in crude oil, down 9.7%, cotton, down 4.6%, and palladium, down 3.8%. The US Dollar fell 3.0% to a new all-time low; all other major currencies also made new all-time lows.

Once again, the S&P 500 and the Dow Jones Industrials both hit all-time highs when priced in depreciating dollars, but continued falling to levels far below their all-time highs when priced in gold, now down 69% for the SPX and down 74% for the Dow.

National currencies and bonds fell, cryptocurrencies advanced, and equities and commodities were mixed. The week's best performers were the CCi30 crypto index, up 7.7%, Ethereum, up 7.6%, and palladium, up 6.1%. The largest losses were in crude oil, down 2.8%, the Chinese Yuan, down 2.2%, and the Euro, down 1.8%. The US Dollar fell 1.5% to a new all-time low, while Bitcoin gained 3.3%.

For the second week in a row, every major national currency hit new all-time lows, while the S&P 500 and the Dow Jones Industrials both hit all-time highs when priced in depreciating dollars, but continued falling to levels far below their all-time highs when priced in gold, now down 68% for the SPX and down 72% for the Dow.

Over the last three weeks, our table has gone from green to mixed to red. The only asset in the green this week is the HUI gold stock index, up 2.4%. Besides gold stocks, the week's best performers were silver, down 0.7%, followed by copper and coffee, down 1.2% each. The largest losses were in cryptos, as Ethereum fell 12.1%, and the CCi30 fell 10.6%. Outside of crypto, the worst performers were palladium, down 5.4%, and the Euro STOXX, down 5.3%. The US Dollar fell 2.8% to a new all-time low, and Bitcoin dropped 9.7%.

For the second week in a row, the S&P 500 and the DJIA both hit all-time highs when priced in depreciating dollars, but remain far below their all-time highs when priced in gold, down 66% for the SPX and down 70% for the Dow.

In the previous week, every asset class was in the green; this week, only bonds were rising, while other asset classes were mixed. The week's best performers were coffee, up 14.4%, Ethereum, up 9.0%, and the CCi30 crypto index, up 5.5%. The largest losses were in the Nikkei 225, down 2.1%, followed by copper and the Canadian Dollar, down 0.6% each. The US Dollar was little changed, and Bitcoin declined 0.4%.

The Chinese Yuan, up 0.1%, was the only rising national currency. The Canadian Dollar fell the most, dropping 0.6%. Treasuries outperformed USD cash, as short term notes added 0.3% and long term bonds rose 0.8%.

Gold stocks rose 2.9%, beating all other equity indexes. The only falling index was Japan's Nikkei, down 2.1%. The Dow Industrials rose 1.6% and the Euro STOXX added 0.7%.

The best performing commodities were coffee, up 14.4%, and crude oil, up 1.4%, followed by silver, up 0.8%. Copper, down 0.6%, and palladium, down 0.1%, saw the only losses.

The S&P 500 and the DJIA both closed the week at all-time highs when priced in depreciating dollars, but remain far below their all-time highs when priced in gold, down 65% for the SPX and down 70% for the Dow.

Bonds fell, cryptocurrencies advanced, national currencies were mixed but mostly lower, while stocks were mixed but mostly higher. The week's best performers were Ethereum, up 13.6%, the HUI gold stocks, up 8.6%, and coffee, up 7.3%. The largest losses were in palladium, down 8.4%, and crude oil, down 6.4%, followed by the Chinese Yuan, down 2.1%. The US Dollar fell 1.4%, and Bitcoin rose 1.6%.

The Japanese Yen, up 0.7%, was the only rising national currency. The Chinese Renminbi fell the most, dropping 2.1%. USD cash and short term notes, down 1.4% each, outperformed long term bonds, which fell 2.0%.

Gold stocks rose 8.6%, beating all other equities. The only equity losses were in the Dow Jones Industrials, down 0.1%. European and Asian market indexes strongly outperformed their US counterparts.

The best performing commodities were coffee, up 7.3%, and silver, up 3.5%. Palladium, down 8.4%, and crude oil, down 6.4%, saw the largest losses.

The S&P 500 closed the week up 1.0% at 58.6 grams, 66.2% below its 1999 all-time high of 173.1 grams, despite hovering near its all-time high when priced in depreciating dollars. Similarly, Bitcoin closed the week at 1.06 kg, 14.5% below its all-time high of 1.25 kg, even though it is just 2.7% shy of its all-time high when priced in dollars.

Bonds fell, cryptocurrencies advanced, national currencies and stocks were mixed but mostly lower, and commodities were mixed but mostly higher. The week's best performers were Ethereum, up 17.2%, the CCi30 crypto index, up 12.6%, and copper, up 8.5%. The largest losses were in coffee and long term bonds, down 2.0% each, followed by platinum and the Japanese Yen, down 1.7% each. The US Dollar fell 0.6%, and Bitcoin rose 8.2%.

The Japanese Yen, down 1.7%, was the weakest national currency, followed by the Euro, down 1.4%. The Chinese Renminbi was the only national currency in the green, rising 0.8%. USD cash and short term notes, down 0.6% each, outperformed long term bonds, which fell 2.0%.

Gold stocks rose 0.2%, the only equity market in the green. The largest equity losses were in the Dow Jones Industrials, down 1.6%, and the S&P 500, down 0.9%. European equities outperformed their US counterparts, falling just 0.3%.

The best performing commodities were copper, up 8.5%, and palladium, up 3.4%. Coffee, down 2.0%, and platinum, down 1.7%, saw the largest losses. Silver finished the week up 1.1%.

The S&P 500 closed the week at 58.1 grams, 66.4% below its 1999 all-time high of 173.1 grams, despite reaching a new all-time high when priced in depreciating dollars. Similarly, Bitcoin closed the week at 1.09 kg, 12.8% below its all-time high of 1.25 kg, even though it is also trading at new all-time highs when priced in dollars.