The UK economic situation looks increasingly dire with the risk of further Sterling weakness underpinning a sticky inflation story, making it increasingly difficult for the Bank of England to support economic growth through lower funding costs.
From an investor perspective, the combination of sterling weakness and gold strength has driven a 5% rise this January in XAUGBP, a year-on-year increase of 38%. Consumers will feel the pain as the prospect of rate cuts are lowered while import prices rise.
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