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Leslie Hook
FT Natural Resources Editor who covers commodities and natural resources markets, providing analysis on topics including gold, central bank behaviour and investor flows.
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Dec 9, 2025
• 11min
A double bubble for gold and US equities
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This discussion features Jamie Smith, the FT's U.S. Energy Editor, and Leslie Hook, the FT's Natural Resources Editor. They dive into surging U.S. natural gas prices and the implications for households and industries. Smith highlights how extreme weather and LNG exports are driving costs higher. Hook warns of a potential bubble in gold and U.S. equities driven by retail investors, noting it's the first time in 50 years both markets are showing bubble-like behavior simultaneously. They also touch on the risks that might come in January.
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