Over the last three weeks, our table has gone from green to mixed to red. The only asset in the green this week is the HUI gold stock index, up 2.4%. Besides gold stocks, the week's best performers were silver, down 0.7%, followed by copper and coffee, down 1.2% each. The largest losses were in cryptos, as Ethereum fell 12.1%, and the CCi30 fell 10.6%. Outside of crypto, the worst performers were palladium, down 5.4%, and the Euro STOXX, down 5.3%. The US Dollar fell 2.8% to a new all-time low, and Bitcoin dropped 9.7%.

For the second week in a row, the S&P 500 and the DJIA both hit all-time highs when priced in depreciating dollars, but remain far below their all-time highs when priced in gold, down 66% for the SPX and down 70% for the Dow.

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In the previous week, every asset class was in the green; this week, only bonds were rising, while other asset classes were mixed. The week's best performers were coffee, up 14.4%, Ethereum, up 9.0%, and the CCi30 crypto index, up 5.5%. The largest losses were in the Nikkei 225, down 2.1%, followed by copper and the Canadian Dollar, down 0.6% each. The US Dollar was little changed, and Bitcoin declined 0.4%.

The Chinese Yuan, up 0.1%, was the only rising national currency. The Canadian Dollar fell the most, dropping 0.6%. Treasuries outperformed USD cash, as short term notes added 0.3% and long term bonds rose 0.8%.

Gold stocks rose 2.9%, beating all other equity indexes. The only falling index was Japan's Nikkei, down 2.1%. The Dow Industrials rose 1.6% and the Euro STOXX added 0.7%.

The best performing commodities were coffee, up 14.4%, and crude oil, up 1.4%, followed by silver, up 0.8%. Copper, down 0.6%, and palladium, down 0.1%, saw the only losses.

The S&P 500 and the DJIA both closed the week at all-time highs when priced in depreciating dollars, but remain far below their all-time highs when priced in gold, down 65% for the SPX and down 70% for the Dow.

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Bonds fell, cryptocurrencies advanced, national currencies were mixed but mostly lower, while stocks were mixed but mostly higher. The week's best performers were Ethereum, up 13.6%, the HUI gold stocks, up 8.6%, and coffee, up 7.3%. The largest losses were in palladium, down 8.4%, and crude oil, down 6.4%, followed by the Chinese Yuan, down 2.1%. The US Dollar fell 1.4%, and Bitcoin rose 1.6%.

The Japanese Yen, up 0.7%, was the only rising national currency. The Chinese Renminbi fell the most, dropping 2.1%. USD cash and short term notes, down 1.4% each, outperformed long term bonds, which fell 2.0%.

Gold stocks rose 8.6%, beating all other equities. The only equity losses were in the Dow Jones Industrials, down 0.1%. European and Asian market indexes strongly outperformed their US counterparts.

The best performing commodities were coffee, up 7.3%, and silver, up 3.5%. Palladium, down 8.4%, and crude oil, down 6.4%, saw the largest losses.

The S&P 500 closed the week up 1.0% at 58.6 grams, 66.2% below its 1999 all-time high of 173.1 grams, despite hovering near its all-time high when priced in depreciating dollars. Similarly, Bitcoin closed the week at 1.06 kg, 14.5% below its all-time high of 1.25 kg, even though it is just 2.7% shy of its all-time high when priced in dollars.

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Bonds fell, cryptocurrencies advanced, national currencies and stocks were mixed but mostly lower, and commodities were mixed but mostly higher. The week's best performers were Ethereum, up 17.2%, the CCi30 crypto index, up 12.6%, and copper, up 8.5%. The largest losses were in coffee and long term bonds, down 2.0% each, followed by platinum and the Japanese Yen, down 1.7% each. The US Dollar fell 0.6%, and Bitcoin rose 8.2%.

The Japanese Yen, down 1.7%, was the weakest national currency, followed by the Euro, down 1.4%. The Chinese Renminbi was the only national currency in the green, rising 0.8%. USD cash and short term notes, down 0.6% each, outperformed long term bonds, which fell 2.0%.

Gold stocks rose 0.2%, the only equity market in the green. The largest equity losses were in the Dow Jones Industrials, down 1.6%, and the S&P 500, down 0.9%. European equities outperformed their US counterparts, falling just 0.3%.

The best performing commodities were copper, up 8.5%, and palladium, up 3.4%. Coffee, down 2.0%, and platinum, down 1.7%, saw the largest losses. Silver finished the week up 1.1%.

The S&P 500 closed the week at 58.1 grams, 66.4% below its 1999 all-time high of 173.1 grams, despite reaching a new all-time high when priced in depreciating dollars. Similarly, Bitcoin closed the week at 1.09 kg, 12.8% below its all-time high of 1.25 kg, even though it is also trading at new all-time highs when priced in dollars.

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The US Dollar, down 1.8%, was the weakest national currency, followed by the Japanese Yen, down 1.6%. The Chinese Renminbi was the strongest national currency, down 0.5%, followed by the Canadian Dollar, which dropped 1.3%. USD cash outperformed treasury securities, as short term notes and long term bonds each fell 2.3%.

Gold stocks rose 3.0%, and the Dow Jones Industrials gained 0.5%. The largest equity losses were in the Nikkei index, down 2.5%, and the Euro STOXX, off 1.1%.

The best performing commodities were platinum, up 2.0%, and silver, up 0.7%. As mentioned above, coffee, down 7.3%, and cotton, down 4.5%, saw the largest losses.

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The Chinese Yuan, up 0.7%, was the weakest national currency, followed by the US Dollar, up 2.9%. The Euro was the strongest national currency, rising 4.9%, followed by the Yen and the Canadian Dollar, which rose 3.3% each. USD cash was outperformed by treasury securities, as short term notes rose 3.3% and long term bonds climbed 4.0%.

Equity indexes, with the exception of gold stocks, all moved higher, led by the Nikkei 225, up 8.0%, and the Dow Jones Industrials, up 6.9%. Outside of gold stocks, which dropped 0.6%, the S&P 500 was weakest, rising 6.5%.

Once again, commodities saw the most violent price action, both positive and negative. Crude oil rose collapsed 10.0%, and palladium rose 10.2%. Copper gained 8.1% and silver closed the week up 2.5%.

Bitcoin rose 6.7%, and Ethereum rose 3.7%. The broader CCi30 index advanced 4.7%.

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The Chinese Yuan, up 2.2%, was the strongest national currency, followed by the US Dollar, up 2.0%. The Japanese Yen was the weakest national currency, rising 0.6%, followed by the Canadian Dollar, which added 1.3%. USD cash was outperformed by treasury securities (both short term and long term) which rose 2.2%.

Equity indexes, with the exception of gold stocks, all moved higher, led by the Nikkei 225, up 2.1%, and the Dow Jones Industrials, up 2.0%. Outside of gold stocks, which dropped 0.5%, Euro STOXX50 was weakest, rising 0.8%.

Once again, commodities saw the most violent price action, both positive and negative. Crude oil rose 4.7%, and platinum advanced 3.8%, while coffee fell 6.9% and cotton dropped 0.1% to a new all-time low. Silver closed the week up 2.1%.

Ethereum fell 4.8% and Bitcoin slid 0.7%, but some smaller cryptos made gains, including the privacy coin Monero (symbol XMR, not in table) which rose 1.8%.

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The Euro, down 1.6%, was the strongest national currency, followed by the Chinese Renminbi, which lost 1.7%. The Japanese Yen was the weakest national currency, dropping 3.1%, while the US Dollar dropped 2.8%. USD cash was outperformed by short term notes, which fell 2.5%, and by long term bonds, which gave up 1.7%.

Equity indexes, with the exception of gold stocks, were all lower, led by the Euro STOXX, down 4.3%, and the Dow Jones Industrials, down 4.1%. Outside of gold stocks, which rose 0.2%, the Nikkei 225 index was the strongest, falling "only" 2.9%.

Once again, commodities saw the most violent price action, both positive and negative. Crude oil rose 9.9%, and platinum advanced 3.5%, while coffee fell 5.0% and copper dropped 3.3%. Silver closed the week down 3.1%.

Bitcoin fell 1.3%, outperforming all national currencies, bonds, and major stock indexes. Ethereum did even better, rising 1.0%.

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The Chinese Yuan, down 3.1%, was the strongest national currency, followed by the Japanese Yen, which lost 3.4%. The US Dollar was the weakest national currency, dropping 4.8%. It was only slightly outperformed by short term notes, which fell 4.7%, but massively outperformed long term bonds, which crashed 6.7%.

Equity indexes, with the exception of gold stocks, were all lower, led by the S&P 500, down 7.3%, and the Dow Jones Industrials, down 7.1%. Outside of gold stocks, which rose 3.5%, the Euro STOXX50 index was the strongest, falling "only" 4.8%.

Commodities saw the most violent price action, both positive and negative. Platinum rose 4.7%, and copper advanced 0.5%, while coffee fell 8.6% and crude oil dropped 6.2%. Silver closed the week off 1.9%.

Bitcoin fell 1.4%, outperforming all national currencies, bonds, and major stock indexes. It spent most of the week above 1 kg, and made a new all-time high in USD terms on Thursday before pulling back on Friday to close at 998 grams. Priced in gold, it sits about 20% below its all-time high of 1,251 grams. The privacy coin Monero (symbol XMR, not in table) had a fantastic week, rising 11.7%, more than any other asset I track.

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The Chinese Yuan, up 4.9%, was the strongest national currency, followed by the Japanese Yen, which rose 4.8%. The weakest currency was the Euro, which rose 3.9%. USD cash outperformed bonds, as short dated US Treasury notes advanced 4.3%, and long term bonds added 3.5%.

Equity indexes, with the exception of gold stocks, were all higher, led by the S&P 500, up 10.0%, and the Dow Jones Industrials, up 8.0%. Outside of gold stocks, the Nikkei 225 index was the weakest, adding 5.5%.

Commodities ex-coffee were all higher, with crude oil seeing the largest gains, rising 7.0%. Platinum rose 4.3%, while silver and copper finished the week up 3.2%.

Bitcoin rose 5.1% to close back above the 1 kg level.

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