This week, Jeremy and Gareth discuss the obvious (and only) story that really matters - the US and Israeli attacks on Iran. What is obvious is that America's "complete control of the airspace" has not resulted in reopening the Strait of Hormuz - small Iranian missiles and drones remain a problem. Less obvious is that America's "no limits on availability of munitions" presumably leaves Ukraine's supply at risk, and Taiwan less protected. Oil prices are up by 25-30%, and inflation will follow unless this is very short-lived. Bond yields are rising globally. A regime-changed Iran (with free-flowing cheap oil for the world) would be a wonderful outcome, but is currently very far from assured. Jeremy explains the importance of Kharg Island...let's hope it stays out of the headlines.

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).

Never any kind of advice, for information purposes only.

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In the last episode of 2025, Gareth and Jeremy discuss the significant events of the week, including volatile equities, what precious metals prices are telling us, and the ups and downs of oil prices, with the US Navy on patrol offshore of Venezuela.

There has been a data dump of macro numbers and rate decisions, and an important decision by Europe's leaders not to seize frozen Russian assets.

Overall, the critical question for investors in 2026 is whether central banks have done enough to tame inflation and pave the way for lower rates. Jeremy again highlights Japan as a source of risk to the bullish scenario.

Next week will be quiet, but always worth noting who might be sneaking out RNS's last thing on Christmas Eve.

Brought to you by Progressive Equity.