Sam Unsted

Disappointing.

So you would expect, or I would expect as someone who's covered the guild market for a while, that there would be a bit more risk signs to come in, at least a bit of uncertainty.

Because at the moment, you really don't have any great idea at all about what he would do.

And because we have actually got a pretty clear idea of who's going to be in charge next,

That question should be at the front of minds.

And it is.

People are asking that question, but they're not asking it very forcefully.

It's kind of just, they're just kind of waiting now to just see what happens, which is not how the gold market has acted for the last kind of two years or so.

It's actually quite sensible.

Anyway, but nonetheless, he's talking the correct game.

He's talking the correct game.

Where the uncertainty, I think, I would expect a little bit more uncertainty to be coming in is because they are talking already about flexibility in those fiscal rules.

And I don't really know what that means or what that's going to... We'll see what it actually looks like when we eventually get there.

that uncertainty doesn't seem to be a price.

But then there is actually a sort of counter argument to that, which is that already the UK pays a much higher premium to borrow money anyway.

So there may well be a feeling that that's already priced in there for now.

So as far as we're aware, this is all already in there.

And as you kind of mentioning there, the fact is, once he actually gets there,

a lot of these kind of initial question or these initial policies or these maybe slightly more popular policies that are coming out now, he probably won't be able to do because everyone is constrained by the same fiscal rules.

And as you kind of mentioned, it's all well and good to kind of not want to be in hock to bond markets if you're not in hock to bond markets.