Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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March 11, 2024

We buy gold!

Macro

US inflation data, both CPI on Tuesday and PPI on Thursday will be the most closely watched macro data this week.

UK regulators have said that they will not object to the creation of cryptocurrency-related securities, following similar moves by supervisors in other markets. The Bitcoin price has traded at new highs above $71,000.

UK Companies

Elliot Advisors are not going to make an offer for Currys. 

The PE house says that it has not been able to get traction with the Currys’ board regarding its two indicative offers for the company. 

Ramsdens, the pawnbroker, said that currency gross profit increased c.3% year on year, and its pledge book stood at £10.7m at the end of February (£10.3m 30 September 2023). Retail revenue for the period was broadly flat, but the purchase of gold gross profit increased by approximately 20%. It remains highly confident in the Group’s continued growth prospects.

Gold is trading at all-time highs but is being sold by Western investors. Ramsdems’ update today illustrates that gold jewellery and other gold items are being exchanged for their precious metal value in the UK. Meanwhile, gold is being snapped up in China and other Asian markets by individual investors and non-aligned Central Banks, mainly the PBOC. 

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Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position,  and/or may perform services or solicit business from, any of the companies or related securities mentioned.

Any prices quoted in our research are as at the previous day’s close.