A bit too precious?

02 February 2026 | Julian Howard

Precious metals’ surge was partly driven by the softer dollar, stubborn US inflation and hopes of fresh fiscal support. These factors haven’t gone away, despite the sudden correction over the last few days, suggesting the sell-off from a ‘crowded trade’ may tell us more about market structure and liquidity than the underlying macro story.

Davos 2026: Hard Truths, Hard Power

30 January 2026 | David Barker

Davos 2026: Reinforcing the Case for European Real Assets and Strategic Equities

Market stress: Should I be worried?

21 January 2026 | Julian Howard

With unpredictable US government policy making for a volatile investment environment, US equities’ searing post-Liberation Day progress appears to have stalled, while gold market fever could be a symptom of stress in global capital markets. But history suggests that equities tend to reward the patient.

Venezuela: where’s the shock?

21 January 2026 | Julian Howard

Oil used to matter a lot. High oil prices could bring countries almost to a standstill, as occurred in the US during the 1973 Arab oil embargo and the 1979 Iranian revolution, and in the UK with the fuel strikes of 2000 and, to an extent, 2005 and 2007.