No time this week to talk about my last slide for the QuotedData show, on Golden Prospect Precious Metals. I was going to make the point that many investors might expect this to be a 'golden period' for precious metals, given the macro concerns and obvious rise in inflation, but that has not been the case over the last month. Gold has historically been a good hedge, but it is also inversely correlated with the US dollar, which has been very strong, so there is no simple relationship that works in all periods. The matrix of influences on the gold price is fairly complex, including interest rates, which are also (unhelpfully) rising. Gold has proven adept at responding in the teeth of a crisis, during Covid and when Russia invaded Ukraine, but not perhaps more generally in response to building economic worries. The price has been weak of late, which has been disappointing for GPM, very directly exposed through mining companies, but also for trusts like Personal Assets and Ruffer, which use gold as a defensive asset.