‘Petty grievances’ and an alleged troublemaker: unsealed Murdoch court documents give rare glimpse into bitter succession battle

Spot gold touches almost $4,700 an ounce and Bitcoin tops $80,000 while oil prices fall despite threat of heavy US sanctions on Iran and any country trading with it Ipek Ozkardeskaya, senior analyst at Swissquote, has sent us her thoughts on gold. Renewed appetite for gold despite elevated long-term US yields is striking and sends a clear message: investors are moving back to the precious metal as: A hedge against unclear US fiscal plans and the lack of conviction in the US administration’s capacity to rein in exploding debt when military expenses are adding to already heavy bills. A hedge against inflation, amid questions over the Fed’s willingness, or ability (!), to fight inflation independently. A hedge against a potential rout across global risk assets on worries about high valuations, massive AI spending and the growing financing web around the companies involved in building the AI ecosystem – the circularity. The question is: will gold gather enough momentum to return sustainably above the $5,000 mark? Possibly, yes. The broad de-dollarization trade that’s quietly building in the background, justified by global institutions’ efforts to diversify away from US Treasuries and toward gold, remains supportive of gold in the longer run. In the shorter run, overbought conditions could lead to downside corrections, giving dip-buying opportunities to long-term bulls. Well, we are giving everyone the opportunity to remedy bad behaviour. Why would I want to blow up the global financial system? We believe that it is important to level set and give people a cure period, but they should know that that will move very quickly and that we are serious...

Trump ally should cut budget deficit rather than try to suppress bond yields, says billionaire Stanley Druckenmiller Scott Bessent’s attempt to calm the bond markets and push down America’s cost of borrowing have attracted a rebuke from the US Treasury secretary’s former mentor. Billionaire investor Stanley Druckenmiller, who worked with Bessent at George Soros’s fund management firm in the 1990s, has warned that his former pupil is courting danger by trying to suppress US bond yields...

Experts have warned that he and Chancellor John Healey will have little room to manoeuvre in their first Budget.