Are Public Markets Back?
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We don't just invest in cutting edge companies. We look at companies with a history of steady growth. And companies whose growth cycle has come round again. Because in the real world, you have to look at growth in three dimensions. Monk's Investment Trust.
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Welcome to the Merrin Talks Money Market Wrap, where we talk about the biggest moves in the markets this week and what is driving them. I am Merrin Somerset Webb, Editor-at-Large for Bloomberg UK Wealth.
And I'm John Stevick, Senior Reporter at Bloomberg and author of the Money Distilled Newsletter. Right, John. In an effort to ramble less and to be more specific and more precise about what we discuss, we have decided that we are going to tell you at the beginning, you listeners, what it is we are going to talk about. So today we are going to talk about gold. We're going to talk about supply and demand in the equity market. And we are going to talk about bonds and inheritance tax. So what excellent value for money this podcast is. Three whole topics. Yeah. Right. Gold. So. Gold. I was talking to Sebastian Lyon of Personal Assets Trust last night, right? And as you know, personal assets is a trust that we're both very fond of, but it always has a pretty big gold holding.
And I was talking to him about that. How much? Why this amount? And how does this work? And he has this sort of... base level of gold inside the trust is about 10%. Yeah. And when things are worrying and difficult and inflationary and scary, he'll go up to maybe 13, 14%. Yeah. And when everything is kind of okay, he'll come down to 8%. And I was trying to get from him why it is that 10% is his number. Because, you know, gold, it's impossible to value, right? It's impossible to know how much you should have in a portfolio. And he said, well, the key thing is you need to have enough gold in your portfolio to make a difference when something goes wrong. So don't bother with 1% or 2%. This is meaningless nonsense.
But not so much that when things are going right, your performance is really dragged down. And it's a subjective judgment. And he's landed on about 10. And there were a couple of other people in that group and someone else was like, oh, well, you know, my number is 20. And I think my number is maybe seven. Yeah. I don't know. I don't know. There's a logic to that. Yeah. I mean, it does make sense. And even in a gut feeling, like five feels like, well, look, if the world does end and five's not going to save you from much, but 10 is enough. It's real insurance. Because to me, when you said 20 there, I kind of winced internally slightly because I thought, no, 20 is too much because in normal terms, everything else is going up and gold is kind of sitting there.
So, I mean, 10 to me feels kind of certainly in the ballpark of being correct. Anyway, on the plus side, if you had had 20 in your portfolio when gold went over 5,000, you got a lot less now because we're back down below 4,300, right? Yeah. Yep, exactly. Thank goodness for that. Phew. So what's going on? What's going on there? We're always telling people to have some gold in their portfolios insurance.
What are the recent trends in gold market corrections?
We were thrilled when it went over $5,000. Are we looking at it now and going, this is a healthy correction.
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