Analysis

In 2009 we have seen a gold rush. Walking down the High Street, you will be fortunate not to trip over the signs of those eager to buy it.

There has rarely been a dull moment this year. A 20% fall in the UK equity market by early March has given way to close to a 50% bounce.

In recent months, the corporate bond market has been firmly in positive territory. Relevant indices have risen to their highest levels of 2009.

Hail Dorothy, the wicked witch is dead! In the classic movie, the Wizard of Oz, this is the ending of one era and entering of another.

Top 10 groups in sector gained at least 56% over past 12 months, with more than half seeing gains of 30% or more

Over the course of the year, the Japanese stock market has continued to rise from its March low point, helped by a general improvement in investors' risk appetite and the release of more positive economic data.

At the start of 2009, the outlook for European equities was bleak. Banks had ceased lending to each other, liquidity was absent from the market and credit had become the scarcest commodity of all.

Stock markets across Asia have rebounded strongly in 2009, outperforming the developed world, and the prospects continue to look encouraging.

As the year end looms, investor focus has turned to the outlook for 2010.

Government interference in capital markets has never been so great in the post-war era and the contradictions within asset values are becoming ever more apparent.