Merryn Talks Money Investment Trust Turmoil, Silver’s Surge, and Bitcoin’s Wild Ride
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Dec 5, 2025 Hosts dive into the fallout from the failed HICL–TRIG merger, highlighting shareholder activism's impact on investment trusts. They discuss silver's impressive surge above $50 and its resurgent role in the market, while gold continues to shine. The conversation shifts to Bitcoin's recent volatility, exploring how the unwinding yen carry trade might affect its movements. Listeners get insights into the dynamics of global assets and the ongoing debate between gold and cryptocurrencies.
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Shareholder Power Reshapes Trust Deals
- Shareholders are increasingly active in investment trusts and are blocking deals they view as value-destructive.
- The HICL–TRIG merger collapse shows shareholder scrutiny can prevent poor consolidations born from the zero-rate era.
Activists Target Private-Company Exposure
- Activist Saba has large stakes in Baillie Gifford trusts and is pushing for board changes to influence outcomes.
- The prize appears to be private holdings like SpaceX, which drive activist interest beyond pure discount arithmetic.
Silver's Rally Driven By Physical Tightness
- Silver's breakout past $50 reflects tight physical markets, ETF logistics and tariff chatter on industrial metals.
- Physical flows out of London and ETF demand amplified the move, making silver more volatile than gold.