In this final episode of The Pod of Gold for 2025, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, unpacks one of the most extraordinary years in precious metals history.

Gold has delivered its second-best annual performance since free trading began in 1979, with silver close behind. This podcast explores what drove this year’s rally and whether the bull market still has room to run into 2026. Frappell outlines his medium- and long-term price targets for both metals, breaks down positioning data across futures, ETFs and managed money, and explains why neither market appears overstretched despite the sharp gains.

The discussion then turns to the global macro backdrop shaping precious metals markets: the Federal Reserve’s pivot toward lower rates, ongoing divergence in central bank policy, rising bond yields, and the implications for the US dollar. Nicholas also examines developments in Japan, China’s prolonged property downturn, and the growing geopolitical risks tied to the Russia–Ukraine war and energy markets.

With politics, geopolitics and monetary policy increasingly intertwined, this episode provides a comprehensive wrap-up of 2025 and a clear framework for understanding the forces likely to influence gold and silver in the year ahead.

Listen now to close out the year and prepare for what lies ahead in 2026.

📈 Frappell also examines:

• Gold and silver’s historic performance in 2025

• Price targets and technical outlook for 2026

• Futures, ETF and managed money positioning

• Fed rate cuts, US dollar weakness and bond market risks

• Japan, China and global demand dynamics

• Geopolitical tensions and their impact on precious metals

🕒 Timestamps:

• (00:37) – Gold’s Best Year Since 1979

• (01:46) – Gold Price Targets for 2026

• (02:39) – Can Gold Hit $5,000? Technical Analysis

• (03:08) – Gold Futures Positioning: Is the Market Overcrowded?

• (04:10) – Gold ETFs, Open Interest and Investor Flows

• (04:58) – Silver’s Breakout Year: The Forgotten Outperformer

• (07:40) – Silver Price Targets: How High Can It Go?

• (08:14) – Why Central Banks Still Matter for Gold

• (10:03) – Bank of Japan Rate Hikes and the Yen

• (11:44) – China’s Property Crisis and Economic Slowdown

• (15:06) – Geopolitics, Global Tensions and Gold

• (18:21) – Gold and Silver Outlook for 2026

• (18:51) – Final Thoughts and Year-End Wrap

🔗 More Resources:

• Visit: https://www.abcrefinery.com/podcast

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

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