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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