Gold ETFs and similar products witnessed inflows of 77.6 tonnes in the third quarter of 2011, which was 58% above year-earlier levels of 49.1 tonnes.

John Paulson, the billionaire hedge fund manager, cut his holdings in a gold ETF during the third quarter.

The euro weakened this morning as the cost of insuring French bonds climbed to a record, Spanish yields rose and european equities retreated for a second day.

Luxury fashion house Burberry Group, a long standing favourite of Schroders' Richard Buxton,reported a rise in half-year profits to £158.7m driven by improved sales in areas like China.

The Royal Bank of Scotland (RBS) should be broken up and the merger of Lloyds TSB and HBOS reversed as part of a radical move to end the "comfortable oligopoly" of the country's high street banks.

Italy sold €3bn of five-year bonds, the maximum target, at the highest yield in more than 14 years as Mario Monti seeks to form a new government.

L&G has made an approach for Cofunds, in which it has a 25% stake, in a deal which could value the supermarket at up to £200m, according to reports.

The Bank of England has been forced to cut growth forecasts for the UK to 1% amid fears of a double-dip recession brought on by the eurozone crisis.

France is drawing up plans to create a breakaway organisation of eurozone countries with its own treaty, parliament and headquarters.

So, Silvio Berlusconi has finally confirmed he is leaving. The announcement caught the headlines of the newspapers across the world. And you could almost hear the cheer across Europe.