In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, analyses the persistent strength in gold despite recent volatility and what market signals are saying about the months ahead.

📆 Recorded on Tuesday 3rd June 2025, this episode explores:

• Why the gold price trend remains intact despite recent pullbacks
• Global political risks and shifting perceptions of trade negotiations
• How gold ETFs are benefiting from futures market inefficiencies
• Evolving market sentiment around US tariffs and inflation risks
• Key technical levels in gold using Ichimoku Cloud analysis

📈 Frappell also examines:

• Gold and silver managed money positioning
• The impact of trade policy on short-term inflation expectations
• U.S. debt issuance risks and the signal from rising Japanese bond yields
• The outlook for the US dollar into the second half of 2025
• What current Fed commentary is (and isn’t) pricing in

🕒 Timestamps:

• (0:00) – Welcome and what’s driving the gold rally?
• (3:55) – Physical gold flows and Asian market dynamics
• (5:41) – Managed money positioning & gold ETFs
• (7:32) – Technical analysis: Key Ichimoku support/resistance levels
• (9:04) – Fed policy, inflation risk & bond yields
• (12:53) – US dollar outlook for the rest of 2025
• (15:27) – Summary: Key takeaways from today’s market

📥 Key Takeaway:

Gold's bullish structure remains intact. With inflation fears, tariff risk, and a softer USD on the horizon, gold may have more room to run — especially if market complacency is disrupted.

🎧 Don’t forget to subscribe for the next episode, where Nick will break down China’s property market and its implications for gold and global trade.

🔗 More Resources:

• Visit: https://www.abcrefinery.com/podcast
• Follow Nick Frappell: https://twitter.com/nick_frappell
• Follow Shae Russell: https://twitter.com/shaearussell

—---------------

In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, unpacks the powerful forces pushing gold above USD $3,000 per ounce — and whether it has further to go.

Recorded on Monday, April 14, this episode dives deep into the drivers of the current gold rally

Plus, don’t miss Nick’s sharp commentary on America’s evolving economic policy and its ripple effects across precious metals markets.

PODCAST INFO:

ABC Refinery website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.abcrefinery.com/podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Nick Frappell: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/nick_frappell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Shae Russell: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/shaearussell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Subscribe to Nick’s monthly report for deep technical & macro insights.

OUTLINE:

Here are the timestamps for the episode. On some podcast players, you should be able to click the timestamp to jump to that time.

Timestamps:

• (0:00) – Introduction
• (1:30) – The role of tariffs, inflation expectations, and market volatility
• (3:21) – The fall of the USD and rising bond yields
• (6:35) – Managed money positioning
• (11:13) – Short-term price targets for gold, including resistance levels
• (13:47) – Fed Chair Powell’s comments downplaying inflation concerns
• (16:47) – Key takeaways

In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, analyses the Fed's statements after their March meeting and the factors driving the recent surge in gold prices.

Recorded on Thursday 20th March, Frappell examines how far above $3,000 per ounce gold can go.

Frappell’s analysis delves into what managed money positioning reveals about the current gold rally, exploring the role of short covering and gold ETF flows. He also touches upon the silver market and the significant buying activity observed.

The episode further covers technical analysis using the Ichimoku Cloud, highlighting the positive trend for gold.

Frappell also discusses short-term gold price targets based on point and figure analysis. The conversation also touches on Fed Chair Powell's recent comments regarding inflation expectations and tariffs . Finally, the episode briefly addresses market pricing of the Fed's future interest rate expectations.

PODCAST INFO:

ABC Refinery website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.abcrefinery.com/podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Nick Frappell: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/nick_frappell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Shae Russell: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/shaearussell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

OUTLINE:

Here are the timestamps for the episode. On some podcast players, you should be able to click the timestamp to jump to that time.

Timestamps:

• • (0:00) – Introduction
  • (0:38) – What's driving the current gold rally?
  • (1:11) – Inflation expectations and Powell's comments
  • (3:38) – Managed money positioning in gold
  • (4:50) – Managed money positioning and ETF activity in silver
  • (6:03) – Technical analysis: The Ichimoku Cloud for gold
  • (7:42) – Gold price targets (short-term)
  • (9:26) – The Fed's stance and market expectations for rate cuts

• 
  

  Tune in to hear expert perspectives on the outlook for gold, the significance of managed money positioning, and the implications of the Fed's recent communication....