The Market Call - Week Ending 23rd January 2026

The Market Call returns to analyse market volatility, geopolitical tensions, and the impact of the Trump administration on the global economy and markets.

Jeremy and Gareth explore U.S. GDP hitting 4.4%, and a historic precious metals boom with gold nearing $5,000 and silver approaching $100 an ounce. Discover key insights on the U.S. real economy, bond yields, and six critical investment themes for the year ahead, including the Space Economy, Robotics, and the "Great Rotation" of capital.

Key Topics & Highlights:

• Geopolitics & Trump 2.0: Analysis of the Trump administration's aggressive stances toward NATO and Europe, and its impact on global relations.
• Market Volatility: How the "Davos circus" and recent fears have driven investors into a risk-off mode, with strategies for navigating the uncertainty.
• The Commodities Boom: Discussion on the dramatic ascent of precious metals, driven by a weakening dollar and rising geopolitical insurance premiums.
• The Inflation vs. Growth Debate: An exploration of a hot U.S. economy (near 5% growth) versus moderating Western consumer price inflation, and its bond market implications.
• Six Themes for ’26: A breakdown of top investment themes for the year:
  • Robotics and Autonomous Driving.
  • The Space Economy.
  • The Rise of the Chinese Consumer.
  • Healthcare Catch-up.
  • Energy will join the Commodities Party.
  • The Ongoing "Great Rotation" (Capital moving from Dollar assets/Treasuries to gold and other geographies).