In the 70th episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, analyses the factors driving gold's performance, including the impact of the "Big Beautiful Bill" on US debt and inflationary pressures.

Frappell also examines how re-emergent tariffs are affecting the physical gold market, and what current managed money and ETF positioning reveals about investor sentiment.

📆 Recorded on Tuesday 15th July 2025, this episode explores:

• The effect of US debt and news flow on gold prices.
• The impact of tariffs on global trade, growth, and the physical gold market.
• An in-depth look at gold inventory holdings in London and COMEX depositories.
• Analysis of current managed money and ETF positioning in the gold market.

🕒 Timestamps:

• (0:00) – Introduction
• (0:56) – Driving factors for gold prices
• (3:58) – The physical gold market and re-emergent tariffs
• (9:27) – Managed money and ETF positioning
• (11:34) – Gold price targets
• (14:58) – Is the US Dollar weak or strong?
• (16:55) – How weak Chinese demand will impact us
• (19:28) – Key takeaways

🎧Special Offer for Pod of Gold Listeners

ABC Bullion Precious Metals Forum 2025 presents, Gold and The New World Order.

Bringing together global leaders in the precious metals industry to share insights on the current landscape and future opportunities.

With ABC Bullion's General Manager, Jordan Eliseo, as the Master of Ceremonies for the evening, there's also a great line-up of speakers set to include:

• Jim Rickards: Investment banker, lawyer, economist, New York Times best-selling author and globally renowned precious metal expert
• Nicholas Frappell: Global Head of Institutional Markets at ABC Refinery
• Wayne Bramwell: CEO at Westgold Resources (ASX:WGC)

Pod of Gold listeners can get a 20% discount on tickets by using the code PODOFGOLD at checkout.

Click here for details.

🔗 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, analyses the recent geopolitical events in the Middle East, their impact on gold and crude oil markets, and the current state of physical gold demand in Asia-Pacific.

Frappell also examines current gold positioning, short and medium-term price targets, and key factors influencing the US dollar and debt landscape.

📆 Recorded on Monday 30th June 2025, this episode explores:

• Global dynamics shaping the gold market

• Gold and oil price rally after Iran strike

• Current managed money gold positioning

• Short and medium-term gold price targets

• Key factors influencing the US dollar and debt landscape.

🕒 Timestamps:

• (00:00) – Introduction

• (00:33) – Special offer for Pod of Gold listeners

• (01:16) – Recent market activity

• (02:05) – Discussion on Iran-centric events and gold/crude rally

• (05:04) – Impact on physical gold demand in Asia-Pacific

• (06:02) – Managed money positioning in gold

• (07:58) – Short and medium-term gold price targets

• (10:12) – Analysis of the US Dollar and debt landscape

• (11:44) – Gold and The New World Order

• (12:02) – Summary and key takeaways

🎧Special Offer for Pod of Gold Listeners

ABC Bullion Precious Metals Forum 2025 presents, Gold and The New World Order.

Bringing together global leaders in the precious metals industry to share insights on the current landscape and future opportunities.

With ABC Bullion's General Manager, Jordan Eliseo, as the Master of Ceremonies for the evening, there's also a great line-up of speakers set to include:

• Jim Rickards: Investment banker, lawyer, economist, New York Times best-selling author and globally renowned precious metal expert

• Nicholas Frappell: Global Head of Institutional Markets at ABC Refinery

• Wayne Bramwell: CEO at Westgold Resources (ASX:WGC)

Pod of Gold listeners can get a 20% discount on tickets by using the code PODOFGOLD at checkout.

Click here for details.

🔗 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, 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....

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!