Commodities were mixed and gold stocks rose, but all other assets moved lower. The largest gains were in coffee, up 8.4%, and silver, up 5.1%. The worst losses were in the CCi30 crypto index, down 10.3%, and cotton, off 9.1%. Gold mining shares rose 3.3%, while the Nikkei fell 7.1% and the Dow Industrials dropped 5.8%. The US Dollar fell 3.7%, as it and every other major national currency (except the Ruble) hit new all-time lows.

Over the last 5 years, only cryptocurrencies and coffee have made significant gains. ETH is the leader, up 1,073%, followed by BTC, up 657%. Coffee is up 28%. The S&P 500 stocks have retained their value, just barely, adding 0.8%. All other assets are in the red, with the worst losses coming from the Japanese Yen, down 58.7%, palladium, down 58.5%, and long dated treasury bonds, down 52.9%. USD cash has lost 43.9% of it's value.

Treasury bonds moved lower, as did all national currencies except the US Dollar, which managed a 0.4% gain. Other asset classes were mixed. The largest gains were in copper, up 6.2%, and crude oil, up 4.3%. The worst losses were in coffee, down 4.1%, and Ethereum, off 3.6%. Precious metals did well, as palladium gained 3.7%, silver rose 3.3%, and gold mining stocks added 2.1%. Bitcoin also gained 2.1%, closing just under 1 kg.

Only cryptocurrencies, precious metals and gold stocks advanced, other assets declined. The 30 crypto index was the best performing asset, rising 8.0%, followed by Ethereum, up 7.1%. Palladium rose 5.3% and Bitcoin gained 3.3%. The worst losses were in crude oil, down 7.9%, and cotton, down 7.8%. The US Dollar dropped 5.6% to a new all-time low of 14.3 mg (the EUR, JPY, CAD, CHF, GBP, and AUD, among others, also made new all-time lows this week.)

National currencies and bonds fell, cryptocurrencies charged higher, and stocks and commodities were mixed. Bitcoin was the best performing asset, rising 21.4%, followed by the CCi30 crypto index, up 17.9%. Palladium fell 5.0% and crude oil rose 3.4%. The US Dollar dropped 1.1% and sits just 1.4% above it's all-time low. The Russian Ruble (not in table) was the only major currency to see gains, rising 2.3% for the week.

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.

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%.

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.

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.

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.

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!