Merryn Talks Money Gold’s Shine, Small Cap Hopes and What to Watch in 2026
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Dec 19, 2025 Hosts dive into the surprising strength of global markets, spotlighting stellar performances in gold and silver. They explore the shift from US mega-caps towards value and small-cap opportunities, while also discussing Bitcoin's notable underperformance. Inflation concerns, a Bank of England rate cut, and changing net zero policies add to the mix. Historical insights show when small caps could surge again, and the hosts highlight practical investment takeaways for 2026.
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Unexpected Broad Market Rally
- Global markets finished surprisingly strong in 2025 despite many negatives, with broad equity gains and big moves in gold and silver.
- Gold miners and precious metals dramatically outperformed many traditional risk assets this year.
Rotation From US Mega-Caps To Value
- The year's rotation away from US mega-caps into value, energy and small caps may continue into 2026 given valuation gaps and AI CapEx concerns.
- Merryn and John view the rotation as plausible but uncertain, noting it could be a sustained trend.
UK Faces Sticky Inflation And Slow Growth
- The Bank of England cut rates to 3.75%, but inflation remains around 3.2%, implying the UK faces slow growth and sticky inflation.
- Merryn and John view policy and political choices as key determinants of the UK's 2026 economic outlook.