Insights

We live in a world of very large numbers. The rise of trillion-dollar companies reflects deep changes in technology and business models, as well as domestic and international imbalances. Large numbers can be scary and misleading, so perspective is always important.

There have been plenty of noteworthy technological developments this year. For South African investors, however, it is two ancient commodities, oil and gold, that have shaped the market environment.

Global bond markets saw big moves in recent days, triggering an unusual and ultimately ineffective response from the US government. The net result has been a weaker dollar and a higher gold price.