Gold closes in on record highs

UK Investor Magazine
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Gold closes in on record highs

Gold was closing in on another fresh record high on Wednesday after breaking back through the $3,400 mark.

The combination of geopolitical risks and central bank buying is driving prices higher with technicals supporting further gains in the near term. 

“Since bottoming out around $3,245/oz, gold has experienced an impressive rally, supported by several long-term structural factors. Chief among them are escalating geopolitical risks, expectations of a shift in monetary policy, and sustained accumulation by central banks,” explained Linh Tran, Market Analyst at XS.com.

“These three pillars are converging to create a favorable environment for gold to continue asserting its role as a safe-haven and store of value asset.”

Central banks globally are ramping up their purchases of gold and are opting to hold the yellow metal over dollars in some circumstances, providing further upside pressure on the gold price.

Global conflicts are keeping the safe haven trade alive and well. Although the safe-haven trade may not be the primary driver of gold prices currently, the ongoing tensions in the Middle East and Asia keep gold at the forefront of many traders’ minds.

“Geopolitical risks remain a key catalyst driving defensive demand in global markets,” Linh explained.

“The situation in Eastern Europe remains at an impasse, with Russia and Ukraine unable to establish a viable diplomatic roadmap toward lasting peace. The prolonged conflict not only puts pressure on Europe’s energy security but also triggers widespread instability across global supply chains—factors that historically prompt investors to increase their exposure to gold.”

FTSE 100 trades sideways amid UK public borrowing concerns

UK Investor Magazine
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FTSE 100 trades sideways amid UK public borrowing concerns

The FTSE 100 was gently undulating between positive and negative territory on Tuesday as investors weighed a raft of solid updates from UK companies with a worrying development for the UK’s spending deficit.

London’s leading index was 5 points higher at 9,015 at the time of writing after touching a fresh intraday record high early in the session.

“Investors are weighing up fresh company results alongside the latest public borrowing figures,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“Despite an overshoot in June, borrowing is clinging to the OBR’s forecasts, but storm clouds are gathering as weaker tax receipts and soaring debt interest payments signal tougher times ahead. With economic growth faltering and spending cuts unravelling, the Chancellor faces a £15-25bn Budget shortfall, likely forcing higher taxes to preserve fiscal discipline.”

While the state of the UK public finances will be a concern for investors, there were reasons to be optimistic in several company updates on Tuesday.

Compass Group was the FTSE 100’s top riser as investors cheered an 8.6% increase in Q3 sales and strong guidance driven by growth in North America and the integration of recent acquisitions. Shares were over 6% at the time of writing.

“For the full year, organic growth is expected at over 8% with underlying operating profit to expand faster at close to 11%,” explained Derren Nathan, head of equity research, Hargreaves Lansdown.

“The group’s also leaping on the opportunity to consolidate this fragmented market, announcing another 1.5 billion Euro acquisition today for Vermaat Group, which operates at the premium end of the market and comes with an impressive growth and margin profile.”

Centrica shares were 4% higher on news that the group would take a 15% stake in the Sizewell C nuclear plant.

“Sizewell C is a compelling investment for our shareholders and the country as a whole, and I look forward to working with our world-class partners, EDF, La Caisse, Amber Infrastructure Group and the UK government, to make the project a great success,” said Chris O’Shea, Group Chief Executive, Centrica.

Housebuilders were among the losers as trader reacted to rising gilt yields in the wake of the public spending figures. Barratt Redrow lost 2.6% and Taylor Wimpey dipped 1.6%.

“Housebuilders were knocked by the public sector finance figures as the rise in gilt yields suggests the market believes interest rates could stay higher for longer,” said Russ Mould, investment director at AJ Bell.

“Housebuilders are desperately waiting for rates to come down as that could make mortgages more affordable and help more people get on the property ladder.’

AIM movers: Surface Transforms production improve and new strategic investor for Fulcrum Metals

Andrew Hore
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AIM movers: Surface Transforms production improve and new strategic investor for Fulcrum Metals

Ceramic brake technology developer Surface Transforms (LON: SCE) says first half revenues are 72% ahead at £8.1m. Second half revenues could approach £10m. Production yields have improved to 77%. Gross cash was £1.2m at the end of June 2025, while there has been £9.8m drawn down from the available loan. Cash advances from customers are £12.9m. Zeus believes that at current production rates the company could reach EBITDA breakeven by the end of the year. The share price recovered 48.7% to 1.375p.

Retail firm SpaceandPeople (LON: SAL) had a strong first half with revenues 28% higher at £3.7m and this should be enough to breakeven. Net cash was £750,000 at the end of June 2025. Full year revenues of £8.3m and pre-tax profit of £500,000 are forecast. The share price improved 15.9% to 142.5p.

Online gaming marketing services provider B90 (LON: B90) revenues were accelerating during the first half. June was a record month. Flat operating costs mean that profit is improving. Zeus is maintaining its full year pre-tax profit forecast at €1m but believes that it could be better if the momentum continues. The share price increased 14% to 3.25p.

AI company Pri0r1ty Intelligence (LON: PR1) says its subsidiary Halfspace has been awarded £250,000 of data-led marketing services work by an English Premier League football club. This could lead to additional work for the group. The share price rose 8.89% to 4.9p.

FALLERS

Fulcrum Metals (LON: FMET) is raising £1.05m at 3p/share. The cash will help to advance the Teck Hughes mine gold tailings project and complete a mineral resource element, as well as environmental assessment. It will also fund the annual payment for the licence for the Extrakt technology that will be used to process tailings. There will be a partial repayment of £211,000 of a convertible loan note maturing on 31 July. The £445,000 left will be converted into shares at 3p each. Last week, Terra Balcanica Resources Corp exercised its first year option over the company’ uranium interests. This generated C$50,000 in cash and $350,000 in Terra shares, taking the stake in Terra to 9%. The share price slumped 30.1% to 3.25p.

Metals One (LON: MET1) is making an investment of £175,000 as part of the Fulcrum Metals fundraising. Metals One could become a partner in reviewing tailings projects outside of the current region in Canada. It could also be used for battery metal tailings. The share price dipped 15.7% to 10.712p.

DBAY and the founders of credit hire and litigation service provider Anexo (LON: ANX) have launched a 60p/share bid offering either non-convertible loan notes, with an annual interest rate of 15%, or non-voting B shares in the bid vehicle. There is also a tender offer of up to £12m at 60p/share. The bidders already own nearly 63% of Anexo. The share price slid 17.4% to 56.5p.

Tap Global Group (LON: TAP) chair Peter Wall is leaving the company to become Ministry of Artificial Intelligence and Digital Innovation in the Government of Canada. The share price fell 13.3% to 1.3p.

Mobile payments services provider Fonix (LON: FNX) says gross profit rose 4% to £18.6m in the year to June 2025. It is on course to edge up pre-tax profit from £14m to £14.3m. The share price declined 3.94% to 207.5p.

Greencore Group – sandwich group’s shares up over 138% in the last fifteen months, still offering upside

Mark Watson-Mitchell
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Greencore Group – sandwich group’s shares up over 138% in the last fifteen months, still offering upside

Leading maker of convenience foods the £1.2bn-capitalised Greencore Group (LON:GNC) has this morning issued its Q3 Trading Update for the 13 weeks to Friday 27th June – and yet again it has upped its market guidance. 
The good news has helped to push its shares up nearly 11.5%, by 27.50p to 269p. 
That has shown the world’s largest sandwich maker group’s put on an absolutely staggering market-beating price performance. 
At the end of March last year, I featured the company when its shares were just 112.90p – so the subsequent uplift is well over 138% up in the intervening period...

Pri0r1ty Intelligence Group shares rally on contract win

UK Investor Magazine
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Pri0r1ty Intelligence Group shares rally on contract win

Pri0r1ty Intelligence Group shares surged on Tuesday after announcing that its sports data subsidiary Halfspace Limited has secured contracts worth approximately £250,000 with an English Premier League football club.

The deal will see Halfspace provide data-driven marketing services to boost the club’s ticketing and hospitality revenues. The club will also use Halfspace’s proprietary Compass ID tracking technology for GDPR-compliant customer data collection and engagement.

Pri0r1ty said that it expects the client to adopt its AI applications across operations to support further growth initiatives.

Pri0r1ty Intelligence Group shares were 18% higher at the time of writing.

“Today’s announcement builds on the contract with a major European sports rights holder announced earlier this month and reflects increasing awareness among high-profile sports teams around the role of data in driving marketing strategies and commercial growth,” said Rory Maxwell, CEO of Halfspace and COO of Pri0r1ty.

“It is further validation of PR1’s compelling business proposition having integrated the Halfspace data and marketing operations into our AI business, and we are well-positioned to capitalise on further opportunities going forward.”

Pri0r1ty Intelligence Group shares have halved from recent highs above 10p as the short-term boost to shares from the adoption of a Bitcoin treasury has evaporated. The group is yet to announce the purchase of any Bitcoin.

Centrica shares rise after announcing 15% Sizewell C stake acquisition

UK Investor Magazine
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Centrica shares rise after announcing 15% Sizewell C stake acquisition

Centrica shares rose on Tuesday after the company announced an agreement to acquire a 15% stake in the new Sizewell C nuclear power station, which includes committed construction funding of £1.3 billion.

The deal will see Centrica join HM Government (44.9%), La Caisse (20%), EDF (12.5%) and Amber Infrastructure Group (7.6%) as co-owners of the Suffolk nuclear project under a Regulated Asset Base model.

Centrica expects its equity share to grow to around £3 billion by the time the plant becomes operational, with the company targeting returns above 12%. The investment will be capped at £1.3 billion for the 15% stake, with inflation-protected regulated returns of 10.8% during construction.

Centrica shares were 3.5% higher at the time of writing.

The agreement includes protections against construction delays and cost overruns, plus an initial 20-year offtake agreement for Centrica’s share of the plant’s electricity production.

The transaction is subject to final statutory approval from the Secretary of State, with Revenue Commencement expected in the fourth quarter of 2025. The acquisition is a significant move for Centrica as it seeks to rebuild its infrastructure portfolio with regulated assets that deliver predictable earnings.

“The UK needs more reliable, affordable, zero carbon electricity, and Sizewell C will be critical to supporting the country’s energy system for many decades to come,” said Chris O’Shea, Group Chief Executive, Centrica.

“That’s why I’m delighted to be announcing this milestone investment which will see Centrica commit £1.3 billion for a 15% equity stake in the project, and deepens our long-standing involvement in the UK nuclear industry. This isn’t just an investment in a new power station – it’s an investment in Britain’s energy independence, our net zero journey, and thousands of high-quality jobs across the country.”

When fully operational, it is estimated that Sizewell C will generate enough energy to meet approximately 7% of the UK’s current demand.

Gold prices hover near all time highs amid dollar weakness

UK Investor Magazine
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Gold prices hover near all time highs amid dollar weakness

Gold prices are holding steady near all-time highs, as a weakening dollar provides support for precious metals even as risk sentiment improves.

Strength in risk assets, such as equities, continues, but gold is showing no signs of substantial retracement as a soft dollar keeps gold prices in the region of $3,400.

“The precious metals complex has been the clear beneficiary of the technical breakdown in the USD index (DXY), with the intraday relationship between gold and the DXY becoming notably tight,” said Chris Weston Head of Research at Pepperstone.

“Client volumes on gold have picked up over the past 24-36 hours, with XAUUSD holding the top spot as the most traded market. The upbeat flows through the market have seen spot gold emphatically breakout of the of $3370 to $3300 trading range it has held since early July, with front-month gold futures settling firmly above $3400 and holding the big figure through Asia.”

Weston continued to explain that the weaker dollar was likely to persist in the coming weeks, with several factors indicating that dollar rallies are likely to be short and shallow.

“For now, the gold market takes its steer from the USD, and as we approach the 1 Aug tariff implantation date, and the risk of an early shadow Fed chair nominee and renewed central bank policy divergence, USD rallies should remain capped and possibly accelerate the USD hedging flows from real money foreign investors.”

Inheritance Tax receipts increase to £2.2 billion between April and June

UK Investor Magazine
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Inheritance Tax receipts increase to £2.2 billion between April and June

Inheritance tax receipts reached £2.2 billion in the first quarter of the current tax year, according to figures published by HM Revenue and Customs (HMRC) today.

The total represents a £100 million increase on the same period last year and shows no sign of slowing down.

Whilst inheritance tax currently affects only a small proportion of estates, this figure is rising as growing numbers of families find themselves liable for what is widely regarded as Britain’s most unpopular levy.

Ordinary families who would not regard themselves as particularly well-off may now face substantial tax bills following the death of a relative.

“The June figure means that Inheritance Tax revenues for this financial year so far are running 4.8% ahead of the same period last year. And let’s not forget that last year was a record one,” said Ian Dyall, head of estate planning at wealth management firm Evelyn Partners.

“Even with the relative softness in the property market suggested by recent house price indices, the trend for more families and more assets attracting IHT liabilities is set to continue as nil rate bands remain frozen.

“Property prices and equity valuation remain at or near all-time highs, and once business and agricultural property reliefs are watered down from next April, and then unspent pension funds become subject to IHT calculations from April 2027, there’s likely to be big jumps in IHT liabilities across the UK, and not just in the South East where they are traditionally concentrated.”

The impact of rising property and stock prices on HMRC’s IHT receipts is being exacerbated by an IHT allowance that hasn’t changed for 16 years and has become disconnected from rising inflation and asset prices.

“The current inheritance tax allowance has been frozen at £325,000 for 16 years, and remains frozen for another 5 years until 2030. The £175,000 residence nil rate band hasn’t changed since 2020,” explained Nicholas Hyett, Investment Manager at Wealth Club

“These freezes are a form of stealth tax, which allows the government to increase their take without a backlash from a headline grabbing tax hike, but still contribute to the highest tax burden in 70 years.”

AIM movers: Jangada Mines set to acquire stake in Brazil gold prospect and AOTI hit by US government policy

Andrew Hore
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AIM movers: Jangada Mines set to acquire stake in Brazil gold prospect and AOTI hit by US government policy

Artemis Resources (LON: ARV) has received commitments to raise A$4.75m at A$0.004/share. This will fund gold exploration at Carlow, Titan and Cassowary. The share price rebounded 10.8% to 0.21p.

Sunrise Resources (LON: SRES) has signed an option agreement with a US company over the sale of the non-core Hazen project in Nevada. The option fee is $20,000 and the consideration if the 90-day option is exercised is $900,000. A payment of $7,500 is due if there is a 30-day extension to option. The book value is less than £24,000. The share price rose 8.33% to 0.02p.

Strategic communications services provider Aeoema Communications (LON: AEO) says revenues and profit for the 12-month period to June 2025 will be at the upper end of expectations. Underlying pre-tax profit will rise from £437,000 to more than £600,000, helped by cost reductions. Cash was £4.1m at the end of June 2025 and a dividend will be announced after the full results are published. The financial year end is changing to December. The share price increased 8.42% to 51.5p.

Anglo Asian Mining (LON: AAZ) has commenced production at the Demirli copper mine and production will ramp up during the rest of the year. The Demirli open pit mine could produce 4,000 tonnes of copper in 2025 and that is expected to rise to 15,000 tonnes of copper in 2026. There is potential for extensions to the existing area. The share price improved 6.02% to 176p.

Unilever has commissioned additional work from Aptamer Group (LON: APTA) relating to the use of Optimers in deodorants. This will generate additional revenues under the exiting agreement. The share price is 5.26% higher at 0.4p.

FALLERS

Jangada Mines (LON: JAN) has signed a heads of term for the potential acquisition of 33.3% of MTGOLD MINERACAO, the owner of the Paranaita gold project in Brazil, with an option to increase the stake to 50.1%. The initial cost is £1m worth of shares and £250,000 in cash. Jangada Mines has raised £800,000 at 0.6p/share and directors are converting £350,000 of fees into shares at the same price. Paranaita has a measured, indicated and inferred gold resource is 210,000 ounces at a grade of 3.165g/t. The share price slumped 35% to 0.65p.

Organ transplant diagnostics developer Verici Dx (LON: VRCI) is planning a placing and subscription to raise a minimum of £5m at 0.5p/share, plus a retail offer of up to £500,000. The minimum offer subscription is £100, and it closes on 28 July. The cash will fund additional sales personnel for the commercialisation of Tutiva, a test for post-transplant rejection. It will also finance product development and working capital. There were 292 tests undertaken in the quarter to June 2025. The effective date for Medicare billing ha been changed to 21 November 2024, enabling the earlier billing of the tests. This boosts revenues. The share price dived 37.1% to 0.55p.

Wound healing technology developer AOTI Inc (LON: AOTI) expects interim revenues to increase from $26.3m to at least $31m. However, growth has slowed because of US government spending initiatives that caused disruption. Veterans Administration employee numbers were reduced and this disruption is expected to continue in the second half, but there hould be improvement before the end of the year. AOTI has been awarded a California Medicaid provider ID, which is the third state to grant this. California has 14.9 million enrolled in Medicaid. However, the latest US legislation could hamper the progress of overall Medicaid revenues. The share price declined 22.2% to 70p.

Oil and gas producer Empyrean Energy (LON: EME) has raised £1m at 0.08p/share. This will fund the company’s share of development costs relating to the 8.5% interest in the Mako gas field, offshore Indonesia. The share price fell 14.4% to 0.09p.

Reebok smart glasses underscore a history of strategic innovation

UK Investor Magazine
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Reebok smart glasses underscore a history of strategic innovation

In the fiercely competitive athletic footwear industry, where Nike commands nearly half the global market share, Reebok’s survival story reads like a masterclass in strategic innovation.

Founded in 1958 by British entrepreneur Joe Foster, the company that began as a maker of track spikes has consistently reinvented itself through breakthrough products that anticipated—and often created—new consumer demands.

The company’s first major innovation coup came in 1982 with the launch of the Freestyle, the world’s first athletic shoe designed specifically for women. At a time when female athletes were largely ignored by major brands, Reebok’s soft leather aerobics shoe captured the emerging fitness craze and generated $1.5 billion in revenue within five years. The Freestyle’s success wasn’t just about timing—it represented a fundamental shift in how athletic companies approached market segmentation.

The 1980s saw Reebok double down on technological innovation with the introduction of the Pump in 1989. The shoe’s built-in inflation system, activated by pressing a basketball-shaped button on the tongue, allowed for customised fit and became an instant cultural phenomenon. Despite its $170 price tag—nearly double that of competing models—the Pump generated over $500 million in sales in its first two years.

The technology behind the Pump represented months of engineering collaboration with aerospace suppliers. The shoe’s inflatable chambers utilised modified aircraft bladder technology, demonstrating how cross-industry innovation could create entirely new product categories in athletic wear.

Reebok’s innovation strategy took another leap forward in the 1990s with the launch of the Instapump Fury in 1994. The shoe eliminated traditional lacing systems entirely, using an inflatable upper that moulded to the wearer’s foot. While initially met with scepticism from retailers, the Fury became a cult classic and remains in production today, proving that radical design risks can pay long-term dividends.

The company’s willingness to embrace unconventional partnerships also drove innovation. In 2010, Reebok collaborated with the CrossFit fitness program to develop specialised trainers. The partnership, which included exclusive sponsorship rights, helped Reebok carve out a significant niche in the rapidly growing functional fitness market. CrossFit-specific footwear now represents over $200 million in annual revenue for the brand.

More recently, Reebok has pushed into wearable technology with products like the Checklight, a skull cap designed to measure head impacts in contact sports. Developed in partnership with mc10, a flexible electronics company, the device represents Reebok’s evolution from pure athletic wear to sports technology solutions.

The company’s latest innovation venture demonstrates this tech-forward approach in full force. In 2025, Reebok partnered with Innovative Eyewear Inc. to launch Reebok Smart Eyewear, powered by Lucyd technology. The smart glasses feature custom high-fidelity speakers and AI integration specifically tuned for outdoor activities and sports environments, allowing athletes to stay connected while maintaining environmental awareness.

The partnership represents Reebok’s recognition that today’s athletes demand seamless integration between physical performance and digital connectivity. With former Manchester City star Micah Richards as brand ambassador, the smart eyewear launch also signals Reebok’s commitment to expanding beyond traditional footwear into comprehensive athletic lifestyle solutions.

Perhaps most tellingly, Reebok’s innovation approach has consistently focused on underserved market segments. From women’s fitness in the 1980s to functional training in the 2010s to smart sports technology today, the company has thrived by identifying gaps that competitors overlooked.

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