Gold’s recent super rally has left investors wondering what’s coming next. Alex Hamer breaks down what is driving the surge, and the recent sell-off, whether volatility is now the norm, and what analysts’ outlook is for the yellow metal.

It’s then on to the credit scoring business Experian (EXPN). The US credit scoring market has come under scrutiny recently, and Valeria Martinez unpacks how exposed the company is and what it's doing in response.

Continuing in the US, concerns persist over the world's largest economy and its reliance on tech stocks. Mark Robinson looks at what point AI needs to start delivering actual productivity gains before a correction occurs, and compares the AI boom to the dotcom era.

Timestamps

1:16 Gold

12:34 Experian

21:13 US bubble

How to spot the gold price top

Why a US credit score overhaul actually helps Experian

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The FCA’s long-awaited motor finance redress scheme landed with a lower overall compensation figure than expected. Mark Robinson explores how Lloyds (LLOY) and Close Brothers (CBG) have responded, why both plan to challenge the proposals, and whether the scheme risks turning into another PPI-style saga.

Our Big Read is next. The future of cities is shifting as travel and office attendance continue to climb back slowly. Michael Fahy, author of the feature, looks at the steady uptick in London office occupancy, trends between the UK and US markets, and how Reits are reshaping portfolios.

Last up, Whitbread (WTB) reported results slightly ahead of estimates, yet shares fell amid rising costs and lease charges. Erin Withey analyses how the Premier Inn owner continues to gain UK market share in a slower economy, and how its accelerated growth plan could unlock long-term value.

Timestamps

1:15 Motor finance

12:15 The future of cities

23:08 Whitbred

Read the stories mentioned in the show:

Banking shares rise on lower-than-expected motor finance costs

Mega-cities need to grow – here’s how investors can take advantage

Whitbread hit by planned UK restaurant closures and softer demand

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RIT Capital Partners is one of the UK’s largest investment trusts with over £4bn in assets under management. Maggie Fanari joined its investment manager, J. Rothschild Capital Management, as CEO in 2024. Her goal is to compound growth for investors without the risk that equity markets carry.

In the episode, Dan Jones and Fanari discuss the structure of the trust, which is split between private assets, listed equities and ‘uncorrelated’ assets, and the trust’s thus-far unsuccessful attempts to narrow the discount on which it trades. Fanari also shares the qualities she looks for when seeking out private assets (one recent addition being Elon Musk’s SpaceX) as well as the recent changes to the trust’s portfolio and her take on the AI market.

Timestamps

00:45 The structure of the trust

02:53 The discount

10:23 RIT’s dividend

11:26 Private assets

18:19 Recent asset allocation changes

22:22 Discerene

25:42 US tech

32:42 European markets

34:11 Asia

34:52 UK equities

35:41 AI

37:38 Overall investment picture

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