In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, unpacks gold’s historic rally and what could lie ahead.

📆 Recorded on Tuesday 9th September 2025, this episode explores:

• The drivers pushing gold to fresh record highs.

• The role of weak US labour data and Fed policy expectations.

• Why ETF and Managed Money positioning matter right now.

• The potential scenarios that could actually stop this rally.

• Price targets including the much-discussed 3860 level.

• How the US dollar is influencing precious metals markets.

Whether you’re a trader, investor, or simply fascinated by gold, this episode provides deep insights into positioning, sentiment, and what the next 14 days may bring.

📈 Frappell also examines:

• US labour market weakness and Fed rate cut expectations.

• ETF inflows vs Managed Money longs.

• Central bank gold buying and its impact on demand.

• Scenarios that could trigger a gold pullback.

• Near- and medium-term price targets.

• The broader macro backdrop: dollar, tariffs, and risk assets.

🕒 Timestamps:

• (00:00) – Introduction

• (00:44) – What’s driving gold higher right now

• (04:12) – Question from listener: “Could anything stop this rally?”

• (08:19) – ETF flows vs Managed Money positioning

• (10:16) – Price targets: short-term, medium-term, and $3860

• (11:34) – Medium-term price target explained

• (12:22) – The role of the US dollar and Fed policy

• (15:15) – Key takeaways and closing thoughts

• (17:00) – Outro

🔗 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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