Gold is shining brighter than ever. After delivering a 27% gain in 2024, it has carried its momentum into the new year, climbing higher each week and setting new records. This powerful rally leaves investors wondering how much upside remains for bullion.

The final quarter of the year once again demonstrated the immense impact of US politics on global financial markets. In just three months, European equity investors could have achieved an additional return of almost 15% by investing across the Atlantic, with half of the difference stemming from the appreciation of the greenback against the euro.

The European automobile market has hit a roadblock. Once a symbol of post-war prosperity and innovation, the sector now finds itself in a state of stagnation. New light vehicle registrations are stubbornly 4 million units below pre-pandemic levels, and the anticipated recovery seems elusive.