In bonds there is truth – at least there was until political campaigners realised what a powerful tool they might be to amplify political failure. Destabilising markets by roiling bonds is unlikely to end well. The consequences could be fearful.

Gold Prices stumbled earlier this week. It is a bursting bubble? Nope. Markets will remain uncertain – while the world’s geopolitical polarity is shifting Gold remains the safe-haven play. That shift is being accelerated by events as the stability that fuelled the last 80 years of growth is undermined by bad politics and division.

We’ve seen all the signs of crisis to come. Exuberant markets priced for perfection, valuations at mindboggling levels, AI spending trillions to make millions. Yet Gold, the universal risk-off asset just hit $4000. Wake up, smell the coffee…. While you still can..

There are no thin summer markets – just an overload of improbable factors to process. How can you value the price of a stock market when the basis behind it – the economy, its financial system and its society - is under intolerable stress?

Markets and the global economy are subject to how the world is changing – get used to it. Trump is not the cause – he just one symptom of how geopolitics, politics and technology are all undergoing periodic change.