You are here

Priced in Gold

Subscribe to Priced in Gold feed Priced in Gold
True Prices Measured in Gold
Updated: 8 hours 10 min ago

Weekly Update 11 Aug 2017

Wed, 08/16/2017 - 20:27

Most asset classes were lower, but digital tokens shot much higher. Ethereum rose 38.2% and Bitcoin gained 24.8%, continuing to rise after the successful Bitcoin hard fork on August 1st. Bonds, major stock indexes, and commodities were all lower.

The Chinese Yuan was the best performing national currency this week, falling 0.6%. The Canadian Dollar fell the most, dropping 3.0%. Bonds continued to favor the longer maturities, as the 20+ year TLT fell 1.0%, while the 1-3 year SHY lost 2.0% and USD cash (notes of zero maturity) dropped 2.2%.

Bitcoin rose all through the week, closing on Friday at 89 grams, a new all-time-high, and has continued to rise strongly since, trading at another new all-time high of 106.3 grams on August 14th. Ethereum followed a similar pattern, ending the week at 7.6 grams, a new high for the month, but still well below it's all-time high of 9.8 grams set on June 12th.

Gold stocks gained 0.9% this week, but all the major market indexes were lower. The Euro STOXX was the weakest index, falling 4.9%. The DJIA was off 3.2% while the S&P 500 fell 3.6%.

Commodities were all lower except for silver, which was virtually unchanged (up 0.1%). Cotton and crude oil fell the most, dropping 5.5% and 3.7% respectively.

Click for PDF version

Weekly Update 4 Aug 2017

Wed, 08/09/2017 - 20:12

I want to apologize for the rash of junk emails sent out last week, and thank you for your kindness and patience. Due to a change of server configuration, another site began sharing my server's IP address, and all of his posts were echoed out as emails by my list server. My site also became unavailable as Cloudflare, my DDOS prevention service, could not access the underlying web server properly. This is all sorted out now, and hopefully will stay that way for many years to come!

Server issues aside, this was a good week for most asset classes, with only gold stocks moving significantly lower (the HUI was off 1.8%). The strongest gains were in the cryptocurrencies, as Ethereum rose 14.5% and Bitcoin gained 3.4%, following a week of volatility caused by concern over the Bitcoin hard fork that occurred on August 1st. Bonds, major stock indexes, and commodities were all higher.

The Euro was the best performing national currency this week, rising 1.5%. The Chinese Yuan and Canadian Dollar were the only falling currencies, and they only dropped 0.2% and 0.3% respectively. Bonds continued to favor the longer maturities, as the 20+ year TLT rose 1.4%, while the 1-3 year SHY gained 0.5% and USD cash (notes of zero maturity) added 0.6%.

Bitcoin rose early in the week, hitting 70.5 grams on July 31st, just prior to the hard fork, but fell about 5% following the fork, closing at 66.7 grams on August 2nd. Since then it has rallied, reaching 71.3 grams on Friday the 4th, and has continued to rise strongly since, trading at a new all-time high of 85.1 grams on August 8th. Ethereum followed a similar pattern, ending the week at 5.5 grams, up 14.5%.

Gold stocks fell 1.8% this week, but all the major market indexes were higher. The Euro STOXX was the strongest index, adding 2.0%. The DJIA was up 1.8% while the S&P 500 rose 0.8%.

Commodities were all higher, as platinum surged 4.8%, while palladium gained 1.6% and silver rose 1.4%. Cotton and coffee also made strong gains, rising 3.2% and 2.3% respectively.

Click for PDF version

Weekly Update 21 Jul 2017

Wed, 07/26/2017 - 19:32

Digital tokens rebounded this week, as Bitcoin rose 18.9%. Stocks and currencies were mostly lower, while bonds and commodities were mixed. Outside of digital tokens, the biggest gains were in silver, which rose 4.0%; the largest losses were in crude oil, which fell 3.1%, reversing much of the prior week's gains.

The Euro was the only national currency in the black this week, rising 0.4%. The Chinese Yuan was the weakest currency, falling 1.8%. Bonds again favored the longer maturities, as the 20+ year TLT rose 0.4%, while the 1-3 year SHY dropped 1.4% and USD cash (notes of zero maturity) fell 1.5%.

Bitcoin started the week by dropping sharply over the weekend, but on Monday stabilized and began rising. By Thursday it reached a high of 72.3 grams before settling to close at 67.1 grams on Friday, up 18.9%. Ethereum followed a similar pattern, ending the week up 9.0%.

Gold stocks rose 1.7% this week, but all the major market indexes were lower. The Nikkei was the strongest major index, falling just 0.3%. The Euro STOXX and the DJIA fell the most, down 1.9% and 1.7% respectively.

Commodities were mixed, as crude oil fell 3.1%, while silver gained 3.1%. Palladium was 2.4% lower, while platinum was 0.6% higher.

Click for PDF version

Weekly Update 14 Jul 2017

Mon, 07/17/2017 - 16:50

This week's big news was the continued drop in digital tokens, as both Bitcoin and Ethereum retreat after their recent huge runups. Bonds were also lower, stocks were generally higher, while currencies and commodities were mixed. The biggest gains were in crude oil, which rose 4.0%; the largest losses were in the Ethereum token, which fell 19.5%.

The Canadian Dollar and Chinese Yuan were the strongest currencies, rising 0.7% each. The US Dollar was the weakest currency, falling 1.2%. Bonds favored the longer maturities, as the 20+ year TLT fell 0.7%, while the 1-3 year SHY dropped 1.1% and USD cash (notes of zero maturity) fell 1.2%.

Bitcoin traded near 60 grams for most of the week, then dropped sharply on Friday, closing at 56.4 grams, down 12.5%. Ethereum started the week sharply lower, then was highly volatile, trading between 5 and 6 grams, and ending the week at 5.0 grams, down 19.5%.

The Euro STOXX were the strongest major stock index, rising 1.1%. The HUI gold stocks rose even more, adding 2.7%. The other stock indexes were little changed, with the DJIA down 0.2% and the S&P 500 up 0.2%.

Commodities were mixed, with crude oil rising 4.0%, while cotton fell 4.1%. In the metals, silver and platinum were lower (off 2.0% and 0.4% respectively) while palladium and copper were higher (rising 1.9% and 0.5% respectively).

Click for PDF version

Weekly Update 7 July 2017

Tue, 07/11/2017 - 02:33

This was a holiday week in North America, so I will summarize both the last week of June and the first week of July by saying that national currencies and major stock indexes were rising, digital tokens were falling, and bonds and commodities were mixed. The biggest gains were in coffee, which rose 5.9% during the last week of June, and a further 4.8% this week. Crude oil was a close second, rising 8.2% for W/E 30 June, but pulling back 1.8% this week. The largest losses were in the Ethereum token, which fell 14.6% in the prior week, and another 14.1% this week, to settle at 6.25 grams. Although this is a very significant drop, it needs to be seen in the context of a gain of over 2000% for the last year.

The Japanese Yen was the weakest national currency, rising just 0.3% for the last week in June, and 0.6% this week. The Canadian Dollar, up 3.3% last week and another 3.1% this week, was the strongest currency. Bonds favored the shorter maturities, as the 20+ year TLT fell 1.0% during the last week in June, and added just 0.4% this week, while the 1-3 year SHY rose 1.0% and 2.2% in the same periods. But USD cash gained even more, rising 1.1% last week and 2.2% this week.

Bitcoin spent the last two weeks trading very close to 2 ounces of gold. It fell to 61.6 grams on July 1st, then rallied to 67.0 grams July 5th, and finally settled at 64.5 grams, up 3.1% for the week. Ethereum started the last week in June by rallying to 8.2 grams on June 28th, but slid lower each day thereafter, closing at 6.2 grams this week, a loss of 26.7% for the two week period. Keep in mind that this is less than the 33.4% gain seen in the single week ending Jun 6th, and a fairly small pullback in the context of the last year's gains.

The major markets indexes all moved higher over the last two weeks, but gold stocks tumbled, with the HUI falling 4.1% for the last week in June, and a further 0.9% this week. The Dow Jones Industrials had the largest gains, while the Nikkei 225 showed the least luster, dropping 0.2% in the last week of June and recovering 0.5% this week.

Commodities were mixed, with coffee making strong gains each week, while silver fell a bit each week, closing at 405 mg. Crude oil rose 8.2% during the last week of June, but pulled back 1.8% this week. Platinum also made small gains each week (up 0.5% and 1.0%), while palladium fell 4.2% last week, but recovered 1.3% this week.

Click for PDF version

Weekly Update 23 June 2017

Wed, 06/28/2017 - 04:51

National currencies and major stock indexes were little changed, while commodities and digital tokens (cryptocurrencies) were mixed. The biggest gains and losses were both in digital tokens, as Bitcoin rose 8.3% to finish the week at 67.8 grams while Ethereum fell 7.2% to close at 8.5 grams. Most equities were changed, but the European STOXX dropped slightly, and gold stocks bounced higher, rising 4.4%, erasing the prior week's loss and showing the second largest gain after Bitcoin.

The Chinese Yuan was this week's weakest national currency, falling 0.4%, while most others were unchanged. Bonds again favored the longer maturities, with the 20+ year TLT gaining 1.1% while the 1-3 year SHY and USD cash were unchanged.

Bitcoin rose early in the week, hitting a high of 69.6 grams on Tuesday 20-June, but then pulled back, closing the week at 67.8 grams, up 8.3%. Ethereum, the token with the second largest market capitalization, dropped to 8.2 grams on Wednesday 21-June, but recovered to close the week at 8.5 grams, a loss of 7.2%.

Gold stocks bounced higher this week, recouping all of last week's loss, adding 4.4% to close at 4.8 grams. Among the major markets indexes, US stocks were little changed, while the Euro STOXX lost 0.3% and the Nikkei 225 gained 0.7%.

Commodities were mixed, with crude oil and coffee declining 3.9% and 2.9% respectively, while copper rose 2.4% and palladium gained 1.9%. Silver was off 0.3%, while platinum added 0.4% to close at 23.0 grams, just 1% above its all-time low.

Click for PDF version

Join Forum

To prevent automated spam submissions leave this field empty.

Best of the Web