Deutsche Bank says the main risk to gold prices would be a turn in the U.S. interest-rate cycle and end to negative real interest rates.

FORBES: Connect

By itself, a mere turn in the interest-rate cycle would not be devastating for shares.

ECONOMIST: The storm before the storm?

The central bank keeps its independence from government and does not have to worry about selling bonds back into the market once the interest-rate cycle turns.

ECONOMIST: Appraising the European Central Bank

For one thing, the interest-rate cycle seems to be turning.

ECONOMIST: Buttonwood

MPC, together with Mr King's prominence as a dissenting voice, reinforces the view that the reduction in rates to 4.5% in early August might be the Bank's first and last cut in this phase of the interest-rate cycle.

ECONOMIST: Monetary policy gets interesting

Until earlier this month the Bank of England had been engaged in a cycle of interest rate tightening, which saw the cost of borrowing hit a high of 4.75%, in turn leading to higher repayments for mortgage holders.

BBC: NEWS | Business | Household bill costs 'rise by 5%'

The remarks buoyed investor hopes that the central bank's cycle of 17 interest rate hikes is near an end.

FORBES: Stocks Soar On Bernanke's Remarks

Observers of America's Federal Reserve picked over the minutes of November's Federal Open Market Committee meeting and predicted that the central bank will soon end its cycle of interest-rate rises.

ECONOMIST: The X-factor

Traders suggest that the Fed's indication that it may be nearing the end of its cycle of interest-rate increases will probably make the volatility and trading volume jump even more.

FORBES: Magazine Article