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Whilst the economic calendar this week has been fairly quiet, the party across various markets continued in full swing.
Equity markets have started the year strongly, with both the FTSE 100 and the S&P 500 reaching new highs and the Nikkei 225 returning to levels last seen in 1991. A key catalyst for the continued momentum in equities from 2017 has been the release of Purchasing Managers' Index surveys (PMI) for December which indicate that the pick-up in global activity continues to become increasingly synchronised.
With much investor and media focus on the phenomenal rise in Bitcoin and how much it should be worth, it is time to review the drivers of a true alternative currency, gold. Numerous academic thought pieces and Market commentaries have tried to pin down gold's fundamental drivers and fair value.
Data released this week by the Office for National Statistics revealed that UK Consumer Price Inflation unexpectedly rose to 3.1% in November, ahead of the 3.0% expected. This was the highest reading since March 2012, and being more than one percentage point above the Bank of England’s (BoE) 2% inflation target, the Governor of the Bank, Mark Carney, is required to write a letter to Chancellor Philip Hammond to explain why it is so high. The letter will be published alongside the BoE's policy decision in February.