Key occasions
Will we get a Santa Rally?
As we speak is historically the beginning of the Santa Rally interval, the interval on the finish of the 12 months when inventory markets are inclined to rise.
Nevertheless, Santa could also be late this 12 months – FTSE futures are down 0.07% this morning, a day after the UK’s inventory market closed close to to a report excessive.
Introduction: Gold, silver and platinum hit report highs
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Gold has climbed over the $4,500 per ounce mark for the primary time ever, on the ultimate buying and selling day earlier than Christmas.
As buyers search for indicators of a Santa Rally in the present day, bullion has risen as excessive as $4,525 per ounce. Gold has risen for 11 of the final 12 days, taking its positive factors in 2025 to over 70%, its greatest 12 months since 1979.
There’s a normal frenzy within the treasured metals market. Silver and platinum have additionally hit report highs, with silver reaching $72.16 an oz. and platinum climbing to $2,333.80 per ounce.
Buyers try to hedge towards geopolitical and commerce dangers, and in addition anticipate additional US rate of interest cuts in 2026; weakening the US greenback.
Ipek Ozkardeskaya, senior analyst at Swissquote, says:
We will say it: it’s been a golden 12 months. Gold has renewed report highs greater than 50 instances this 12 months and rose greater than 70%, whereas silver’s positive factors have been much more spectacular. The gray steel is up round 150% since January, pushed by the so-called debasement commerce — the concept fiat currencies lose buying energy over time on account of heavy debt, persistent deficits, free financial coverage and monetary repression (charges beneath inflation). Add rising demand for silver and copper to restricted provide, and the efficiency of those metals turns into simpler to elucidate.
The affordable reply is that the forces pushing steel costs larger stay firmly in place: heavy authorities debt into 2026 — examine; persistent and widening deficits in developed markets — examine; free financial coverage and low actual yields — examine; geopolitical uncertainty — examine; tight provide and rising demand — examine. In principle, the medium- to long-term outlook stays optimistic.
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