US Treasury’s Scott Bessent ‘making mistake’ interfering with bond markets, former mentor warns

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...

Rupert Murdoch said in newly released correspondence that it would be a disaster if his media empire fell into the ‘wrong hands’ A year ago, Rupert Murdoch resolved the long-running fight over which of his children would control his sprawling media empire, ending a bitter legal battle and anointing his eldest son, Lachlan, as his successor. Now, court documents have offered a rare glimpse into the family’s clashes before the decision, revealing the patriarch’s view of son James as a troublemaker who had to be ousted from the business and detailing tensions between Murdoch’s four eldest children and their airing of “petty grievances” about their father...

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