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Almost all asset classes were higher this week, with the exceptions of crude oil and platinum, which dropped 0.5% and 0.2% respectively. The largest gains were in digital tokens, as Ethereum rose 11.3% and Bitcoin gained 6.8%. Copper was also strong, adding 4.0% for the week. The Canadian Dollar and the Euro were the best performing national currencies, rising by 1.8% and 1.6% respectively. The Chinese Yuan was weakest, gaining just 0.2%. Bonds were up, with the 20+ year TLT rising 1.4%, the 1-3 year SHY adding 0.9% and USD cash (notes of zero maturity) gaining 0.8%. Bitcoin spent most of the week trading near 100 grams, then moved up to close the week at 106.7 grams, up 6.8%, and just 1.4% below it's all-time high. Ethereum rose gradually throughout the week, ending up 11.3% at 8.0 grams, it's highest level since June. All equities rose, but gold stocks outpaced the major indexes, gaining 3.2%. The best of the big indexes was the Euro STOXX, which added 2.1%. The Nikkei was the weakest, rising 0.5%. Copper was the strongest of the commodities (up 4.0%). Crude oil fell the most, dropping 0.5%. Coffee recovered a bit from the prior week's massive 9.4% drop, rising 3.5% this week. Platinum and silver were little changed, off 0.2% and up 0.1% respectively. Click for PDF version

Bonds, stocks, and currencies were lower, but digital tokens and commodities were mixed. Bitcoin rose 12.2% while Ethereum dropped 5.2%. Coffee was the weakest asset class, falling 9.4%. The Canadian Dollar and Chinese Yuan were the best performing national currencies, off by 0.1% and 0.2% respectively. The Euro fell the most, dropping 1.1%. Bonds were lower, with the 20+ year TLT off 0.6%, the 1-3 year SHY losing 0.8% and USD cash (notes of zero maturity) dropping 0.7%. Bitcoin rose to a new all-time-high of 108.1 grams on Wednesday the 16th, then pulled back to close the week at 99.8 grams, up 12.8%. Ethereum fell gradually throughout the week, ending down 5.2%. Considering that it was up 38.2% the prior week, this is a modest pullback. All stock indexes fell, but the Nikkei 225 was the weakest index, dropping 2.2%. The Euro STOXX was almost unchanged, off just 0.1%. The DJIA was off 1.6% while the S&P 500 fell 1.4%. Gold stocks were down 1.5%. Palladium was the strongest of the commodities (up 3.0%). Coffee fell the most, dropping 9.4%. Platinum and silver dropped 0.6% and 0.4% respectively. Click for PDF version

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

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

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

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%. More on Weekly Update 14 Jul 2017

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. More on Weekly Update 7 July 2017

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 unchanged, 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. More on Weekly Update 23 June 2017

National currencies and bonds were higher, commodities were lower, and stocks and digital tokens (cryptocurrencies) were mixed. The biggest gains and losses were both in digital tokens, as Bitcoin fell 9.8% to finish the week at 62.6 grams (about 2 troy ounces) while Ethereum rose 33.4% to close at 9.2 grams. In equities, the US markets rose, while Europe and Asia fell. Gold stocks also resumed their downward trend, falling 4.3%, the second largest drop after Bitcoin. More on Weekly Update 16 June 2017

Most currencies, equities and commodities were higher this week, with crude oil, down 3.2%, being the biggest exception. The largest gains were once again in cryptocurrencies like Bitcoin, which rose 13.0% to close at 69.4 grams. The largest losses were in crude oil, but cotton, the Chinese Yuan, European stocks, and long term bonds were also lower. Gold stocks rebounded, gaining 3.2% and reversing the trend of recent weeks. More on Weekly Update 9 June 2017

Government-issued currencies and commodities were mostly lower this week, while bonds were mixed, and stocks were mostly higher. The biggest gains were once again in cryptocurrencies like Bitcoin, which rose 11.1% to close at 61.4 grams. The largest losses were in crude oil and coffee, which fell 5.0% apiece. Gold stocks also fell, dropping 2.4%, continuing the trend of the last few weeks. More on Weekly Update 2 Jun 2017

Government-issued currencies and bonds were lower this week, while stocks and commodities were mixed. The biggest news and the biggest gains were once again in Bitcoin, which rose 13.0% to close at 55.3 grams (more on this below). The largest drop was in cotton, which fell 4.0%. Gold stocks continued to fall, dropping 2.2% on the heels of last week's 1.7% loss. More on Weekly Update 26 May 2017

Stocks, commodities and currencies were mixed, while bonds were lower this week. The biggest gains were once again in Bitcoin, which rose 10.6% to close at 42.4 grams. The largest drop was in the Euro STOXX, which fell 1.9%, giving back much of the prior week's gains. Crude oil also reversed course, rising 3.2%, and recouping most of the prior week's losses. More on Weekly Update 12 May 2017

Commodities were mixed, while currencies, bonds and major stock indexes were higher this week. The biggest gains were in Bitcoin, which rose a whopping 18.1% to close at 38.3 grams. European stocks also soared, rising 8.2% in anticipation of a Macron victory in the French elections this weekend. The Euro was also the strongest government-issued currency, gaining 4.0%. Crude oil was down 3.4%, the largest drop for any asset class. More on Weekly Update 5 May 2017

Currencies and commodities were mixed, while bonds and major stock indexes were higher this week. The biggest gains were in European stocks, which rose 6.5% on news that the first round of presidential elections in France have left open the option for France to stay in the EU. The Euro was also the strongest government issued currency, gaining 2.9%. Gold stocks were down 5.5%, the largest drop for any asset class. More on Weekly Update 28 Apr 2017

Currencies and commodities were mixed, while bonds and major stock indexes were slightly higher this week. The largest drop was in crude oil, which fell 6.5%. The biggest gains were in Bitcoin, which rose 6.4%. Gold stocks were down 3.3% after being up 3.0% in the prior week. More on Weekly Update 21 Apr 2017

Commodities were mixed, while national currencies, bonds, and major stock indexes were lower this week. The largest drop was in cotton, which fell 6.6%. The biggest gains were in Bitcoin, which rose 8.6% (on top of a 15.6% gain in the prior week) and gold stocks, which added 1.6%. More on Weekly Update 7 Apr 2017