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.


Click for PDF version

Filed under monetary universe by  #

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%.


Click for PDF version

Filed under monetary universe by  #

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.


Click for PDF version

Filed under monetary universe by  #

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.


Click for PDF version

Filed under monetary universe by  #

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.


Click for PDF version

Filed under monetary universe by  #

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!


Click for PDF version

Filed under monetary universe by  #

Stocks and commodities were mixed but all other asset classes were in the green. Ethereum was the best performing asset, gaining 19.8%, followed by the broad crypto index, up 16.3%. Largest losses were in palladium, down 10.2%, and platinum, off 5.9%.

The US Dollar led the way higher for national currencies, rising 2.7%. It was followed by the Euro, which gained 2.2%. The Japanese Yen and Chinese Yuan lagged behind, adding 1.2% and 1.4% respectively. Short term notes underperformed USD cash, rising 2.5%, but long term bonds outperformed, gaining 3.1%.

Cryptocurrencies had a very strong week, led by Ethereum's 19.8% rise which puts it back above gold ounce parity. Bitcoin lagged behind, but still posted a strong 10.4% gain. The CCi30 index of 30 cryptos added 16.3%.

Major stock market indexes were all in the green; only gold stocks saw losses, with the HUI falling 5.3%. The S&P 500 rose the most, gaining 4.1%.

Commodities were very mixed. Within the metals, palladium and platinum fell 10.2% and 5.9% respectively, while silver and copper rose 2.1% and 0.2%. Coffee gained 4.9% while cotton fell 0.2%. Even crude oil was in the red, dropping 1.5%.

Over every time frame – week, month, year, or five years – crpyto has been the place to be. If you had sold a kilogram of gold five years ago (on 10-Nov-2018) and held the proceeds in any major currency, or in treasury bonds of any duration, or invested in a stock market index fund in the US, Europe or Japan, or in a basket of gold mining stocks, or in any major commodity including platinum, silver, copper or crude oil, and sold that investment today and used the proceeds to buy gold, you would find yourself holding less gold than you started with… from 1% less to 53% less. On the other hand, had you used the proceeds of the gold sale to buy Bitcoin, and sold it today, you could buy back not just 1kg of gold but 3.6kg! And if you had chosen to invest in ETH instead, you could now buy over 6kg of gold!

Fun Fact: Despite all its extreme volatility, wild moonshots and 90% crashes, there is no day in the last 10 years on which you could have bought Bitcoin, held it for 4 years, and sold it without turning a profit as measured in gold.


Click for PDF version

Filed under monetary universe by  #

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%.

  • US Dollar cash fell 1.1%, but long term treasuries rose 0.4%.
  • The only stocks in the green were gold stocks, up 2.0%. The Dow Industrials fell 1.6%.
  • Crude oil fell 2.9%.

Over the last five years, only cryptocurrencies and silver are in the green.

  • Ethereum and bitcoin were the best performers, rising 266% and 141% respectively. Silver added 3.4%.
  • The largest losses were in the Yen, down 52.5%, and long term treasuries, down 47.1%.
  • The US Dollar fell 37.5%, but still managed to outperform all other major currencies.


Click for PDF version

Filed under monetary universe by  #

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%.

Most national currencies moved higher, with the major exceptions being the Ruble (not in table, down 3.3%), and the Canadian Dollar and Japanese Yen, down 0.1% each. Long term treasuries declined 2.7%, but cash and short term notes rallied 0.6% and 0.8% respectively.

Cryptocurrencies fell this week, led by the smaller coins. The CCi30 index dropped 3.2%, while Ethereum fell 0.7% and Bitcoin closed off 0.2%.

Stocks were lower across the board, led by the Euro STOXX, which fell 3.2%. Gold miners also had a rough week, declining 2.9%. The best performer was the Dow Jones Industrial Average, which lost just 0.5%.

Commodities had all the best gains, with crude oil up 3.4% and coffee up 2.8%, but also had some of the worst losses, as silver dropped 2.6% and copper gave up 1.2%.

Over the last five years, only major cryptos like Ethereum, up 175.8%, and Bitcoin, up 159.0%, have made any gains. All other assets in the table are trading at a loss, led by the Japanese Yen, down 50.9%, and long term bonds, down 44.7%. The US Dollar did outperform other national currencies, but that is faint praise, as it has fallen 37.4%. Outside of crypto, the strongest performers were the S&P 500, down 1.3%, and silver, down 4.4%.


Click for PDF version

Filed under monetary universe by  #

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%.

National currencies were all in the red, led by the Japanese Yen, which fell 2.5%. The Euro also declined sharply, dropping 1.4%. The US Dollar slid 0.4%, as did short term notes, but long term bonds outperformed, rising 0.1%.

Most cryptocurrencies pulled back, led by Ethereum, down 2.6%, and Bitcoin, down 1.7%. The broader CCi30 index declined 0.3%. Some smaller cryptos like Monero (not in table, up 0.7%) did make gains.

US stock markets did well, as the Dow Industrials rose 1.7%, and the S&P 500 advanced 0.3%; but the Nikkei 225 fell 2.7%, and the Euro STOXX closed down 1.0%. Gold stocks also declined, giving up 1.4%.

Some of the week's best gains and worst losses were in commodities. Cotton rose 2.6% and palladium gained 2.1%, but copper fell 3.4%, and platinum dropped 2.0%. Crude oil rose 1.8%.

Over the last 5 years, most assets are strongly in the red. The main exceptions are Ethereum, up 163.0%, and Bitcoin, up 152.7%. The S&P 500 also managed a gain of 1.5%, and silver has held its head above water with a 0.8% gain. The worst losses are concentrated in national currencies and bonds, led by the Japanese Yen, down 50.5%, long term US treasuries, down 42.4%, and the Chinese Yuan, down 41.8%.


Click for PDF version

Filed under monetary universe by  #