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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

This year for gold bugs has gone something like this: Heads, I win. Tails, I also win. The yellow metal, as hackneyed journalese demands we call it on second mention, has had quite a run. The price is up by more than a quarter over the course of 2024, hovering now at a little above $2,600 a troy ounce.

This has worked out beautifully for investors, even if often for unintended reasons. Fahad Kamal, chief investment officer at Coutts, told me this week that around a year ago, he loaded up on gold really just as a hedge. He correctly predicted that risky assets would have a good year, and took on extra gold because of its famed tendency to push higher in price when the bad stuff hits the fan and riskier assets decline — a clear danger in this geopolitical environment. This is gold’s common role as a backstop just in case something goes wrong with positive bets on riskier assets such as low-rated corporate bonds or US stocks.

Well, nothing went wrong with those positive bets on risky assets — they have had a great run, in fact — and yet even despite that, gold has put in a sparkling performance. So much so, that Kamal has closed his bet on gold to lock in his gains. “We chose to take profits, and seek diversification elsewhere,” he said. 

The urge to take your winnings at this point and run is understandable, not least because the 26 per cent rally in gold this year in some ways masks what an incredible ride this asset has been on. The benchmark price was under $2,000 as recently as February. From that low point to the high struck in late September, the rally clocks in at a cool 35 per cent.

The perennial problem with gold, though, is articulating why this has happened. It is just not like other commodities, which respond more neatly to industrial demand and supply, or to instruments that pay out interest or dividends like stocks and bonds. At least in theory, their price movements are driven by shifts in creditworthiness and future earnings or at the very least, the economy. 

Some investors like it as a hedge against inflation, which sort of works, except that gold has cranked higher this year while inflation has fallen, and it did nothing to protect portfolios in 2022, when inflation slammed into bonds and stocks. Other gold fans insist the time to buy is not, in fact, when inflation is rising, but when interest rates are falling — it is less painful to own gold, which pays out no interest, when bond yields are lower. Fine, but despite the drama, 10-year US government bond yields have gone the best part of nowhere this year.

The classic bull case for gold is as a place to hide when geopolitics deteriorate. Again, fine, but it’s odd that gold did not strike new highs after the latest intensification of violence between Israel and Iran. The proper diehard believers will tell you it’s a hedge against the imminent demise of debased fiat currencies and protection from a shadowy cabal of overreaching central bankers and governments, but I rarely find it worth the oxygen engaging in that crypto-adjacent debate. The point here is that gold just does what gold does.

“It would be much simpler if we could point to a single source of gold’s strength this year,” wrote Joni Teves, a gold analyst at UBS in Singapore. “But the reality is that the rally has been driven by a combination of factors — broad-based buying across the different parts of the market combined with a lack of sellers.”

This analysis will raise a wry smile among old-school traders, for whom “more buyers than sellers” roughly translates as “I have no idea”. In this case, however, it fits perfectly.

Teves reckons a number of forces will keep wafting gold higher from here, including US interest rate cuts and a weakening dollar. Central banks and other “official institutions” are likely to keep bulking up on gold, she added — a nod to the rising enthusiasm for gold among governments spooked by the US’s ability to freeze Russia’s dollar assets and keen to preserve wealth elsewhere. She has bumped up her forecast for gold prices to about $2,800 by the end of this year — $200 above the bank’s previous forecast, and to $3,000 by the end of next year — also a substantial rise.

Dutch investment house Robeco suggests it is time for gold sceptics to show it more respect. “People who are bullish on gold are sometimes pejoratively described as ‘gold bugs’,” said Arnout van Rijn, a portfolio manager in Robeco’s multi-asset team. (I admit to being guilty as charged on this.) “They are said to be stuck in the past, having failed to realise that financial markets have evolved since the end of the Gold Standard in 1971. We would definitely not describe ourselves at Robeco as gold bugs — yet the multi-asset team has started a tactical allocation to gold, next to our broad allocation to commodities.”

He cites three reasons for that: demand from central banks, growing Asian wealth and “right-wing liberals”. Gold certainly has a particular fan base among those of a more libertarian or rightwing persuasion — a growing demographic. As a way to trade or hedge against their impact on the wider world, it is hard to beat. As long as gold draws in new buyers for whatever reason, it is hard to imagine why it would take a serious hit any time soon. As van Rijn also noted, “buying begets buying”.

katie.martin@ft.com

WINTER is fast approaching, and as the days get shorter and the nights get colder, lots of payments are set to kick in to help you keep the heating on.

But to make sure you qualify, you need to be in receipt of certain benefits, and you need to claim these by specific deadlines to get the bonuses.

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Some of the deadlines have passed for benefits aimed at working-aged people, but they are still open to people who might get Pension Credit because this can be backdated.

Others are still available for people who qualify for benefits aimed both at people of working age and those who are past state retirement age, but you’ll need to move quickly.

We’ve rounded up all the key deadlines you need to be aware of.

November 1 – deadline to get cold weather payments – £25 per week of severely cold weather

The Cold Weather Payments scheme pays Brits £25 for each week of below freezing temperatures between November 1 and March 31.

The bonus is designed to help with the additional costs of heating during these periods of severe cold.

To get the bonus, you need to be in receipt of certain benefits and the temperature needs to drop for seven consecutive days.

Every time that happens, if you qualify, you’ll get the extra money automatically. There’s no deadline as such, but as the payments start kicking in from November 1, you need to apply for the relevant benefits before then to take advantage of the scheme.

Benefits that qualify for cold weather payments include:

Pension Credit

Everyone on Pension Credit should get cold weather payments. You can also backdate your claim by three months.

Income Support and income-based Jobseeker’s Allowance (JSA), 

If you have any of the following:

• a disability or pensioner premium
• a child who is disabled
• Child Tax Credit that includes a disability or severe disability element
• a child under 5 living with you

Income-related Employment and Support Allowance (ESA) 

You should get CWPs f you’re in a work-related activity or support group. Even if you’re not in a group, you might still get them if you have:

• a severe or enhanced disability premium
• a pensioner premium
• a child who is disabled
• Child Tax Credit that includes a disability or severe disability element
• a child under 5 living with you

Universal credit

If both you are your partner (if you have one) are not employed or “gainfully employed” and:

If you have a disabled child amount in your claim, you should be eligible whether you are employed, self-employed, or not working at all.

Support for Mortgage Interest (SMI)

You’ll usually get Cold Weather Payments if you’re treated as getting a qualifying benefit where one of the following applies:

• a severe or enhanced disability premium
• a pensioner premium
• you have a child who is disabled
• you get Child Tax Credit that includes a disability or severe disability element
• you have a child under 5 living with you

You’re usually treated as getting a qualifying benefit if you apply for it but do not receive it because your income is too high.

November 10 – deadline to claim Pension Credit to get the warm homes discount – £150

The Warm Homes Discount is a one-off £150 reduction on your energy bills. You might be able to apply it to your gas bill instead, if your supplier provides you with both. 

To get it, you need to be on one of Housing Benefit, income-related Employment and Support Allowance (ESA), income-based Jobseeker’s Allowance (JSA), Income Support, Pension Credit and Universal Credit.

You could also qualify if your household income falls below a certain threshold, and you get either Child Tax Credit or Working Tax Credit.

The deadline for most people passed in August, but if you are above state pension age and would qualify for Pension Credit – there’s still time to apply.

The deadline for doing so is November 10, which will allow you to backdate your Pension Credit claim far enough to still qualify for the Warm Homes Discount.

You need to get something called the ‘Guarantee Element’ of Pension Credit. To qualify, you must live in England, Scotland or Wales and have reached State Pension age.

When you apply for Pension Credit your income is calculated, and must be below £218.15 a week or £11,343.80 a year if you’re single.

For couples the thresholds are £332.95 a week or £17,313.40 a year.

Find out how to claim on the gov.uk website.

December 2 – deadline to qualify for the DWP Christmas bonus – £10

The Christmas Bonus is a one-off, tax-free £10 payment made before Christmas, paid to people who get certain benefits in the qualifying week. This year, that’s the week that starts on December 2.

You do not need to claim – you should get paid automatically, but if you think you might qualify for one of the benefits that gets the bonus, you need to be receiving it before that date.

The benefits that qualify for the £10 bonus include:

• Adult Disability Payment
• Armed Forces Independence Payment
• Attendance Allowance
• Carer’s Allowance
• Carer Support Payment
• Child Disability Payment
• Constant Attendance Allowance (paid under Industrial Injuries or War Pensions schemes)
• Contribution-based Employment and Support Allowance (once the main phase of the benefit is entered after the first 13 weeks of claim)
• Disability Living Allowance
• Incapacity Benefit at the long-term rate
• Industrial Death Benefit (for widows or widowers)
• Mobility Supplement
• Pension Credit – the guarantee element
• Personal Independence Payment (PIP)
• State Pension (including Graduated Retirement Benefit)
• Severe Disablement Allowance (transitionally protected)
• Unemployability Supplement or Allowance (paid under Industrial Injuries or War Pensions schemes)
• War Disablement Pension at State Pension age
• War Widow’s Pension
• Widowed Mother’s Allowance
• Widowed Parent’s Allowance
• Widow’s Pension

December 21 – deadline to claim Pension Credit to get the winter fuel payment – worth up to £300

The Winter Fuel Allowance gives qualifying Brits over State Pension Age up to £300 to help with the cost of paying for heating bills.

This year, controversially, Labour announced that it would no longer be a universal benefit and would instead only be paid to people who get certain benefits.

For most people, you needed to be in receipt of one of the qualifying benefits by September 22 to get the free cash. But because Pension Credit can be backdated, you’ll still get the winter fuel payment, if you’re receiving it by December 22.

You get £200 if the oldest person in your household is between 66-80, and £300 for households with someone aged 80 or over.

It takes between six and eight weeks to process new Pension Credit claims, due to high volumes of applications. But as long as you apply by 21 December and your claim is successful you will get Winter Fuel Payment.

Find out how to claim on the gov.uk website.

GLOBAL travel website Skyscanner has named Córdoba in Spain as a trending travel destination for next year.

In its latest Travel Trends report, the flight comparison website named the destinations that had seen a boom in searches in the last 12 months.

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Córdoba in Spain was one of the five places in Europe that had seen a spike in searches from Brit holidaymakers.

Located in Andalusia in southern Spain, Córdoba isn’t as famous as other destinations in the region like Seville, Granada and Malaga.

Despite not being a household name, the Spanish city has plenty to keep holidaymakers entertained, including four UNESCO World Heritage Sites.

It’s also packed with flower-decked courtyards – with a ‘patio festival’ every summer where you can tour them – as well as live flamenco performances across the city.

Córdoba used to be Spain’s former Islamic capital, with the city’s Great Mosque being a testament to its heritage.

The Mezquita mosque is the biggest attraction in the city, with Lonely Planet writing: “One of the world’s greatest works of Islamic architecture, the Mezquita hints, with all its lustrous decoration, at a refined age when Muslims, Jews and Christians lived side by side and enriched their city with a heady interaction of diverse, vibrant cultures.”

Visitors enter the mosque through Patio de los Naranjos, a lovely courtyard decorated with orange, palm and cypress trees and fountains.

Its interior, with red and white stone columns, garners the most attention from visitors.

Holidaymakers can also climb the 54m-high bell tower for panoramic views overlooking the city.

Entry tickets cost €13, with night tours of the Mezquita mosque costing €20 per person.

Another nod to the city’s Islamic heritage is the Hammam Al Ándalus – a luxurious experience that harks back to when bathhouses were an integral part of daily life. 

Entry tickets cost just over £50 and include access to the thermal baths, steam room and other massages and treatments.

There are plenty of other attractions in the Spanish city, including Palacio de Viana – a renaissance palace that’s known for its twelve patios and extensive art collection.

Meanwhile, the Alcázar Castle of Cordoba is another popular place for tourists to visit, serving as both a fortress and a palace in its history.

Built under Castilian rule in the 13th and 14th centuries, the Spanish fortress was where the Catholic Monarchs, Fernando and Isabel first met Columbus in 1486.

Inside the fortress, visitors will find Roman mosaics on display while its gardens are full of fish ponds, fountains, orange trees and flowers.

Other attractions include the Roman Bridge, which spans over the Guadalquivir River.

Trying local cuisine is a must in Spain, with Córdoba having a few of its own.

Holidaymakers should try salmorejo (a thicker version of gazpacho), flamenquín (a breaded roll of ham and pork) and rabo de toro (oxtail stew).

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Wine bars are another must for holidaymakers, with several cheap spots dotted throughout the city.

The prices of wines are said to start from just €1 (84p) at Jugo Vinos Vivos Tienda.

Otherwise there is also JUGO Vinos Vivos, which has not only been called a “charming hidden gem” but also the “best wine bar in Cordoba”.

Hotels in Córdoba are relatively cheap, with Sun Online Travel finding rooms at Eurostars Conquistador, a four-star hotel, from £67 per night, based on two people sharing a room.

It’s best to visit Córdoba in May when scents of jasmine and orange blossom fill the air.

The closest airport to Córdoba is Seville Airport where direct flights operate from the UK.

Direct flights operate from UK cities like London, Birmingham, Manchester and Edinburgh.

EasyJet flies a direct route from London Gatwick to Seville, with return fares starting from as little as £37 in January.

From Seville, Brits will need to board a train to Córdoba, which will take roughly one hour.

Other lesser-known places to visit in Andalusia

THE Sun’s travel reporter Hope Brotherton spent several days exploring lesser-known cities in Andalusia, here are some of her recommendations…

Conil de la Frontera

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Because of its seaside roots, the Spanish town is known for its tuna fishing industry. On my visit, my guide recommended grabbing a bite to eat at Anticuario Conil Tapas – a restaurant in the heart of the town. I opted for a bottle of beer and a plate of red tuna accompanied by a small smattering of French fries – needless to say, it hit the spot.

To walk off my lunch, I climbed Torre de Guzman – one of the city’s most iconic landmarks. The tower, which was built in the 14th century, used to be part of the old castle and the walls, which once guarded the city. From the top of the tower, which is free to enter, visitors can enjoy views of the Andalusian Coast, terracotta rooftops and whitewashed houses.

Other attractions include España Square, which is the main square in the town. While I didn’t have enough time for a swim in the sea, there are several beaches in Conil, including Playa Punta Lejos.

Cadiz

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The Spanish port city of Cadiz isn’t top of most British holidaymakers, even though I think it should be.

It’s around a 90-minute train journey from Seville and there’s so much to do to keep holidaymakers entertained.

Make a beeline for the city’s cathedral. It’s topped with a glistening golden dome that reflects the sunlight, making it impossible to miss.

Nearby, there’s also el Callejon del Duende, the narrowest street in the city. While it’s been closed to the public for years, I popped my camera through the gate at its entrance and snapped away at the tiny passageway now filled with plants and flowers.

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As my tour guide advised, I visited the Roman amphitheatre (free to enter) as soon as it opened so I could avoid the hordes of day-trippers who flood the city from their cruise ships.

Meanwhile, these are the best all inclusive deals for Spain this year.

And we found the best all inclusive family holidays this summer.

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I was at home in Kabul when the Taliban reseized power on August 15 2021. The morning began like any other. I sent my son, Siawash, who was then seven years old, to school. I sat down to work on a collection of short stories I hoped to publish in Afghanistan.

By mid-afternoon, the Taliban had entered Kabul, and the president had fled the country. By the end of the day, there was no government left.

I went outside to check if what I was seeing on Facebook and TV — people running in panic in every direction, shouting “Talib! Talib!” — was actually happening. It was hard to believe that the same Taliban ousted from their seat of power two decades ago had returned. But they were there, out on the street. They wore kohl eyeliner, shoulder-length hair and white sneakers.

In that instant, we transitioned from a period of democracy to one of repression. The streets became eerily empty of both men and women. A few days later, the men began to reappear, but women were rarely seen.

My parents travelled hundreds of kilometres from Herat to Kabul amid the upheaval. They were concerned for my safety. For the past 20 years, I had been speaking out against the Taliban, writing books and articles criticising them and advocating for equal rights for men and women. And in the Taliban’s warped logic, a divorced woman was expected to remarry swiftly. I had given them plenty of reasons to want to harm me. My father urged me to leave the country. And so, 13 days after the fall of Kabul, while I was sautéing onions in the kitchen to make mash palaw, a mung bean pilau rice dish, I received a call from a US diplomat saying, “It’s time to come to the airport. I can help you leave Kabul.”

Siawash and I fled. My mother’s silent tears fell like gentle rain as I said goodbye to her and my siblings. In those last moments, my father, a pillar of strength, held me tightly and urged Siawash to continue his studies. He was relieved that I was escaping. He had often warned me, “If you stay here, you’ll either end up in prison or the Taliban will force you to be silent like a wall.”

Every day since that August three years ago, I have started my day by reading news reports from Afghanistan. Women and girls over the age of 12 have been banned from attending school, working most jobs or appearing on TV. They must be “chaperoned” when travelling more than 72km. In the latest decree from the Taliban’s “Ministry for Propagation of Virtue and Prevention of Vice”, women’s voices and faces have been forbidden from being heard or seen outside their homes.

The Taliban continue to use corporal punishment against the population; last year they carried out hundreds of floggings for crimes including adultery, sodomy and theft. I also learnt that my brother, Khaled, had been imprisoned and tortured for a year. He had been accused of spreading propaganda against the Taliban through the media.

In our new home in New Haven, we are safe, but Siawash and I think about our country every day. When he goes to school, I call my cousin, Liba, who is 22 and still lives in Herat, to hear how things are.

Liba was a medical student when the Taliban took power in Herat in 2021. One year later, they banned women from university, sending security forces to campuses to stop them from entering. For three years now, she has stayed at home doing nothing. She tells me that sometimes she puts on her burka and goes to the university site to see the building. She misses everything about it. Her heart is full of sorrow. “The house has become our prison,” she said. “The walls seem to reach the sky, wrapping around my throat like a rope, choking me. It feels like someone has hung me from the highest wall in the world.”

Liba was born into the presidential republic, which was in power from 2004 to 2021, and knew the Taliban only from the stories we told her. She asked how we endured those years when the Taliban were last in power and they denied women the right to education and work. I tried to reassure her, saying, “Liba, this darkness will eventually lead to light. You will go back to university and become a doctor.” Then I say to her, out loud, “Dr Liba.” I don’t tell her that many of my friends self-immolated in Herat between 1996 and 2001, nor that many girls in the city did not survive. I do not want to take away any hope she has and, with it, her strength.

Though I’ve left the country, I fear the reaches of the Taliban. Last December, I received a text message from my uncle, who lives two storeys down from the apartment I keep in Kabul. He told me that a group of Taliban fighters had stormed my home. “They tore through the bookshelves and upended the closets, leaving your clothes in disarray,” he wrote. “They told me they knew who you were.” In the end, they took a pair of binoculars from my son’s toy room and left.

I have experience that reassures me these dark days will pass. We will find ways to fight back. Looking at Hashem Shakeri’s photographs, which show how women and minorities have been impacted by the regime, my eye is drawn to one in particular. Zahra Ebrahimi, a 12-year-old girl, stands at a window and stares out. Her face is not visible. A few yellow grapevine leaves grow across the windowsill. It makes my heart tremble; I remember feeling the same way, alone and hopeless. I try to see her eyes, but I can’t. I place my hand on her face as if to caress her. My fingertips are cold. I say, “Zahra, we will find a way to resist.”

Homeira Qaderi is an Afghan writer, activist and educator. Her latest book “Dancing in the Mosque: An Afghan Mother’s Letter to Her Son” is published by 4th Estate

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SOFTWARE engineer Alex Fielder could never have imagined unearthing almost £40,000 in pension pots that he’d lost track of.

The 44-year-old, who lives in Andover, Hampshire, with his wife and two children, set about finding any forgotten funds after being made redundant back in 2021, after being furloughed.

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Fortunately, Alex was only out of work for a couple of weeks before being hired by another firm – but two years later, he was made redundant again.

He was then with this firm for just shy of two years before being made redundant a second time.

The sudden shock of being made redundant left him feeling the need to get his finances in order.

“A combination of having experienced redundancy [twice] and watching a good friend of mine get sick was a stark reminder to me that ‘life happens,’ and that you never quite know what’s around the corner,” he said.

“That’s when I decided I needed to get my ducks in a row, just in case.”

He started hunting around for old paperwork relating to old pensions but didn’t make much progress.

One day, when he was working out of a co-working space in Andover, he got chatting to someone who knew all about Penny, an app which traces your old pension pots, and decided to give it a go.

After downloading the Penny app in January 2023, Alex realised he had four pots that he’d lost track of, dating back to 2002.

“I first started paying into a pension aged 21,” he said.

“But I’ve moved jobs several times since then. Having worked in different places over more than two decades, it’s really hard to keep on top of everything.

“When I stopped to think about it, I realised I wasn’t sure exactly how many pensions I had.”

The missing pensions problem

Alex’s story is more common that you might imagine.

Recent figures suggest millions of savers are thought to have lost track of old pots worth thousands of pounds.

According to recent findings from the Pensions Policy Institute, a whopping £26.6 billion is sitting in pensions across the UK where the provider is no longer in contact with the saver, affecting around 2.8 million people. 

The average lost pension, it found, amounts to approximately £9,500, with those aged 55 to 75 seeing an average of £16,004 in misplaced pots.

A separate report by provider PensionBee earlier this year came out with similar findings, revealing that one in 10 workers believe they’ve lost a pot worth £10,000 or more.

Finding Penny, an app which aims to help workers consolidate their pensions, proved to be a bit of a turning point for Alex.

With the help of the nifty tool, the savvy saver soon found out he had one pot with The People’s Pension, one with Willis Towers Watson, one with Scottish Widows, and one with Standard Life.

Alex said: “There were different amounts in each, ranging up to a huge £16,000 in one.”

Discovering this has been a bit of a game-changer for him.

“It’s given me a much clearer idea of how much I need to save between now and the end of my working life to enjoy a decent retirement.”

According to figures from the Pensions and Lifetime Savings Association, the average level of annual income required for a single person to live a ‘comfortable’ retirement is £43,100. For couples, this figure stands at £59,000.

While using the Penny app has been easy and hassle-free for Alex, getting the pension pots transferred across to Penny from the various other providers in question has not been quite so plain sailing.

Alex said: “The first pot which got moved was the one I’d accrued with The People’s Pension between 2015 and 2021.

“This transfer completed in July 2023 and was totally seamless.”

“The experience with the Standard Life pension was also very straightforward.

“I’d accrued this pot while working for a company which I left in 2023,” said Alex. “Once again, it all happened within weeks.”

The total transferred from these two pots amounted to around £20,000.

However, two of his other pots are taking much longer and he’s made a complaint with the firms.

He said: “Thankfully, Penny has been great at chasing the troublesome providers. I’m now hoping the complaint will help to speed things along.”

Peace of mind from finding the pension pots

For Alex, one of the biggest things to come out of tracking down lost funds – and combining them into one place – is the peace of mind it provides.

He said: “Now that I’m well on the way to having all my pension savings in one place, I can relax a lot more as I know where they are – and how I can access them.

“I can also pass this information on to my next of kin, meaning there’s one less thing for loved ones to worry about.”

Bringing pots together has put Alex back in control.

While the money Alex has found via Penny is not huge, it’s certainly a very welcome boost.

“Finding these missing pots will hopefully make financing my later years a little easier,” he said. “It could really help improve my quality of life when I’m older.”

This is especially important for the hard-working dad, as he doesn’t have any other savings earmarked for retirement.

How to track down your own pensions

With Penny, all you need to do is provide details such as your National Insurance number and any information you have about old jobs. This could be the name of your employer, the dates you worked there, and the name of your pension provider, if you can remember it.

Alex said: “Tracking down lost and forgotten pots really is so easy to do with Penny as the app is really user-friendly.I f you have queries, you get responses very quickly via instant messaging. There’s a real person who can help.”

Once you’ve located forgotten funds, Penny then combines them into one new pot. You can view this via a dashboard on the app.

Penny charges 0.75% for managing your pension and there is no additional fee. The only exception is if you opt to put your money in an ‘ethical fund.’ In this case, you will get charged 0.78%.

If you are someone who has lots of different pensions, you may jump at the idea of bringing them all together as this will mean you have less paperwork to deal with.

You might even be able to save by combining pots into a provider with a lower fee. But you do need to check this is the right move for you.

It’s important to see if there are exit fees or potential penalties that may be incurred for transferring your pots. You must also find out whether you risk missing out on valuable benefits by doing so, such as guaranteed annuity rates.