David Taylor

It's about 16%, 17% down from its all-time high.

And it's consistently now in a bear market.

So central banks and other major investors are liquidating gold in order to cash up their positions.

So you've got a premium in the price of oil.

You've got gold being sold off to cover margin calls or any kind of leverage position where people need cash.

And the equity market still is down.

Any equity market across the globe is still down between 7% and 10%.

So there is hope that things will work out.

But there is a broader thematic that Donald Trump doesn't have control over this situation anymore.

And I think that premium is being placed in the oil market.

I think markets need to believe there is some semblance of normality here and that there is some sense of getting out of this.

And so whenever I look at this, forget TACO, when I look at this and I see a massive news event

that is clearly bearish, you know, clearly sends the price of oil up, clearly sends equity markets down and a bond sell off.

The second there is even a whiff of relief in terms of news, a Truth Social post by Donald Trump or something indicating that a ship has sailed through the Strait of Hormuz under relative safety, whatever it is, there is an enormous rush of buying back into the market.

So when that changes, I don't know.

But I think markets are genuinely frightened of what will happen if the truth is revealed.

Oh, that's... It's a lot.

It's a lot.

Look, in terms of the government's response, I mean, the classic example is the halving of the petrol exercise and the fuel exercise and then coming on top of that with an extra tax cut.

It's a pragmatic, practical solution.