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....

In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, analyses the factors influencing gold markets, recorded on Friday 28th February.

Frappell’s analysis examines what managed money reveals about gold; looks at how much longer gold's rally might last; and discusses the international markets, covering the US Gold Reserve Revaluation and China’s property sector.

This episode also covers: gold’s technical targets and managed money positioning to the RBA's recent rate cut; the Fed's potential slower pace of rate cutting through 2025; and how these policies may affect gold markets.

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
  • (0:35) – Gold's wild ride through uncertainty
  • (3:05) – Chinese regulators allowing Chinese insurance companies to purchase gold
  • (4:55) – United States and their gold reserves
  • (9:05) – What managed money tells us on gold positioning
  • (11:17) – Gold trends through the Ichimoku Cloud
  • (13:53) – Gold price targets
  • (17:18) – RBA's interest rate cuts and their impact
  • (18:24) – The Fed's potential slower pace of rate cutting through 2025
  • (20:18) – The Japanese Yen
  • (21:39) – China's approach to stabilising its property sector

  
  

  Tune in to hear expert perspectives on the short-term and long-term outlook for gold....

In the first episode of The Pod of Gold for 2025, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, breaks down a whirlwind start to the year for gold.

Just one month into 2025, gold has already hit two record highs, with the latest peak at $2,830 USD. But what’s driving the price action?

The big headline is Trump’s new tariffs, imposed on Canada, Mexico, and China over the weekend. Nicholas explains how these tariffs are impacting gold and silver markets, short-term borrowing rates, and the US dollar. They also explore what this means for inflation, trade, and economic growth as the global economy braces for uncertainty.

From gold’s technical targets and managed money positioning to the broader geopolitical and currency implications of a new trade war, this episode unpacks all the critical market movements shaping 2025.

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's 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: Gold’s wild start to 2025
    • (1:33) – Market Reaction: Short-term borrowing rates and spot market shifts
    • (2:30) – Trump’s Tariffs: The impact on gold, silver, and global trade
    • (5:17) – Gold Spot: All time high.
    • (6:20) – Managed Money Positioning: How traders are adjusting to volatility
    • (7:45) – Gold prices ‘Stronger for longer’ and ‘Fixation on gold reaching US $3,000’.
    • (9:30) – Currency conversation: What are the impacts on gold and currencies during a trade war?

    Don’t miss this must-listen episode as markets brace for a volatile year ahead!

In the final Pod of Gold episode for 2024, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, unpacks a tumultuous year for the gold market and provides a look ahead to 2025. Exploring the latest market movements, including the impact of the proposed Trump tariffs on gold and silver imports, recent shifts in gold’s forward curve, and key technical price levels for the metal.

Frappell offers insights into geopolitical developments, from the fall of the Assad regime in Syria to China’s pivot toward fiscal expansion. The discussion also touches on managed money positioning, ETF outflows, and how these factors are shaping the gold market as we close out the year. With forecasts for gold’s targets in 2025 and a recap of pivotal moments from the past year, this episode is packed with expert analysis to wrap up 2024.

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's 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 and Gold Market Overview
  • (1:00) – Impact of Trump’s Proposed Tariffs on Gold and Silver Imports
  • (5:15) – Managed Money Positioning and ETF Trends
  • (7:06) – Gold’s Technical Levels and Ichimoku Cloud Analysis
  • (9:00) – Gold’s Targets on Point and Figure
  • (10:30) – Geopolitical Update: Syria and Middle Eastern Uncertainty
  • (12:09) – China’s Fiscal Expansion and Its Global Implications
  • (14:08) – Key Takeaways for Gold Investors in 2025

• Special Announcement:

  We’ll be back with fresh episodes in late January 2025, featuring deep dives into market positioning, geopolitical trends, and new gold forecasts. Until then, we wish all our listeners a joyful holiday season and a prosperous New Year!

  Don’t miss this insightful wrap-up of the year in gold!

In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery discusses the recent "Trump bump" and gold's subdued trading behavior. Dive into managed money positioning and technical analysis using the Ichimoku Cloud, exploring what the charts indicate for gold's future, including the potential for a move beyond $2,700.

The discussion shifts to the geopolitical landscape, providing unique insights into Middle Eastern tensions and the renewed prominence of the Assad regime in Syria. As the year winds down, we reflect on key takeaways for gold investors, including the dangers of fixation on specific price targets like $3,000 per ounce.

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's 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 and Overview

• (1:24) – Recap of recent gold moves

• (3:34) – Managed Money Positioning

• (7:17) – Gold Targets

• (8:54) – $3,000 for gold?

• (10:08) – Global tensions on the precious metals price

• (15:28) – Key takeaways

In this special episode of The Pod of Gold, recorded live at IMARC Sydney 2024 Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery dives into key predictions, including his previous forecast for gold’s climb to $2,780, which has now come to fruition.

Frappell examines new price targets for gold, including technical levels of $2,808 and a more distant possibility of $3,500.

Plus, the hot topic of de-dollarization and discuss how China’s economic structure shapes its dollar dependence.

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's 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 and Overview
• (0:30) – Revisiting Last Year’s Predictions and Gold’s Climb to $2,780
• (1:49) – New Price Targets: $2,809 and Long-Term Outlook
• (3:22) – U.S. Elections and Their Impact on Market Volatility
• (4:29) – Central Bank Buying Trends and Insights from UK Gold Exports
• (6:48) – China’s Economic Slowdown: Impact on Global Gold Demand
• (10:09) – The De-Dollarization Debate and Future of Reserve Currencies
• (16:45) - Geopolitical Risk in the Middle East and Its Influence on Gold
• (22:27) – Closing Remarks and Preview of Election Insights

In this episode of The Pod of Gold Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, breaks down the recent market movements and gold’s volatile reaction to U.S. employment data.

Frappell explores how the latest non-farm payroll numbers have sparked speculation around the Fed's next move and what it means for gold prices in the coming months.

Also discussed in this episode is the growing geopolitical tensions in the Middle East and how they could further support the gold price.

Frappell provides insights into the latest managed money positioning, as well as technical analysis using the Ichimoku Cloud and other indicators.

Tune in for an expert take on where gold may be headed next and what data surprises could impact the markets.

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

Nicholas 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
• (0:15) – Gold's Recent Market Behaviour
• (0:55) – US Employment Data and Gold’s Reaction
• (7:14) – Managed Money Positioning in Gold
• (8:24) – Technical Analysis: Ichimoku Cloud and Price Targets
• (11:30) – Gold’s Outlook for the Remainder of the Year