The Market Call: Week Ending 17th October 2025

This week, Progressive's Jeremy McKeown and Gareth Evans consider Trump's quick switch from declaring peace in the Middle East to opening a (new) trade war with China, which has almost as quickly subsided, with the Trump/Xi meeting now "back on". 
 
Jeremy highlights the ongoing strength of gold - FOMO bubble or long-term trend driven by debasement of currencies ?  And the great rewards of being a gold miner - with unparalleled revenue per ounce, and costs of drilling and transport (often oil-based) in decline.  
 
Bitcoin hasn't participated in the recent gold rally - although over a longer timeframe than the last few months, it has hugely outperformed.  Perhaps both can be safe havens in a world of unaffordable government debt and spiralling-down currencies ? 
 
Meanwhile equity markets have been relatively stable, although slightly spooked by the current pressure on US lenders, driven by greater-than-apparent losses flowing from a number of insolvencies that shouldn't have rippled the way they have. 
 
Gareth talks about Gear4Music, Sanderson Design Group and Oxford Metrics, all of which this week have highlighted decent trading (or better) along with the benefit of much cost-control, in each case well received by investors.  
 
Next week we have Chinese growth data and UK inflation which could exceed 4% for the first time in over a year.  The end of the week will bring US inflation (they're still publishing despite the government shutdown) - anything much above 3.0% will both rattle markets and possibly cost someone at the Bureau of Labor and Statistics their job.  Finally, don't forget Japan...Friday also brings their latest inflation print; as always we better hope there's nothing too surprising.