Merryn Talks Money Silver Breaks Out. Oil Breaks Down. Markets Hold Their Breath.
21 snips
Dec 12, 2025 This week, hosts dive into silver's impressive rise past $60, sharing surprising anecdotes and discussing its inflationary backdrop. They analyze the recent dip in oil prices and its implications for an energy rebound. A fascinating summary of Howard Marks’ memo on AI sparks debate over potential bubbles and structural opacity in the private-credit sector. Additionally, the impact of AI on jobs and society is explored, alongside the stability of the gilt market and shifting central bank policies.
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Anniversary Gift Doubled In Value
- John joked his wife's 25th anniversary silver gift doubled in value since he bought it.
- He humorously considered pawning the present after silver's rally.
Silver Reflects A Return To Inflation
- Silver has surged above $60 as markets price a return to a more inflationary regime.
- Merryn Somerset Webb and John Stepek link this to persistent nominal growth pressures and politics favoring inflation.
Politics Favors Inflation Over Deflation
- Governments prefer higher nominal GDP to reduce debt burdens, which makes inflation politically attractive.
- That creates a structural bias toward inflation rather than deflation over the medium term.