In this episode, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery explains why Gold has surged to a historic US $3,759, and the momentum shows no sign of slowing.

📆 Recorded on Tuesday 23rd September 2025, this episode explores:

• Why weakness in the US dollar and shifting Federal Reserve policy are fuelling the rally

• Key price targets—including short-term resistance around US $3,800 and medium-term potential near US $4,000

• The surge in ETF inflows and investor rotation out of equities

• Geopolitical flashpoints and economic signals from China that could keep gold in demand

📈 Frappell also examines:

• Dollar Index (DXY) weakness and what past declines suggest for a possible rebound.

• September’s 25-bp cut and why the market’s hopes for deeper, faster easing may be misplaced.

• Inflation break-even rates and why the Fed’s own projections challenge the “rapid cuts” narrative.

• Rotation out of US equities and into gold as a hedge.

• Technical targets: short-term and medium-term

• Key support zones

• Escalating tensions—Russian jets, uncertain US leadership—and their impact on safe-haven demand.

• China’s slowing fixed-asset investment and soft consumption shaping global trade flows.

🕒 Timestamps:

• (00:00) – Introduction

• (00:55) – Moves behind the gold rally

• (04:55) – Managed money positioning

• (08:38) – Gold price targets

• (11:20) – Is the US dollar losing its grip?

• (13:07) – Geopolitics & macro drivers

• (14:08) – Key takeaways

🔗 More Resources:

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

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

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

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