In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, unpacks gold’s explosive surge through US $4,000/oz — a milestone that’s reshaping market sentiment and investor positioning around the world.

Recorded on Wednesday, 8 October 2025, this special short-form episode explores the macro and technical forces behind gold’s breakout and what traders should watch for next.

📈 Frappell also examines:

• Why the US$4,000 mark is a psychological and technical milestone for gold investors
• The macro drivers behind the rally — from fiscal dominance and rising debt pressures to shifting Fed policy
• The impact of the US government shutdown on positioning data and market sentimentWhat to expect when Chinese markets reopen after the holidays
• Point & Figure targets pointing toward near-term resistance at US$4,073–4,172
• Ichimoku Cloud analysis and distant support levels near US$3,671 and US$3,576
• How round-number psychology and short-term volatility could shape the next phase of gold’s run

🕒 Timestamps:

• (00:00) – Introduction
• (00:33) – Gold marches through US$4,000
• (01:22) – The macro backdrop
• (03:38) – Positioning & ETF inflows amid the US government shutdown
• (05:38) – Technical outlook: Short-term risks and what to watch as China reopens
• (06:42) – Point & Figure analysis
• (07:32) – Ichimoku Cloud weekly big picture
• (08:27) – Summary and what’s ahead at IMARC 2025

🔗 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, 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

—---------------

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

—---------------

In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, discusses the key drivers for gold prices over the past few weeks, including geopolitical uncertainty and the impact of tariffs on the US economy.

📆 Recorded on Tuesday 26th August 2025, this episode explores:

• Insights into current managed money and ETF positioning in the gold market.
• Frappell's technical analysis of gold, including short-term and longer-term price targets using the Ichimoku cloud indicator.
• A deep dive into the current state of the US Dollar and how recent events regarding the Federal Reserve's independence are impacting it and gold.
• A look at the Chinese market, including the struggling property sector and the disconnect between economic performance and stock market rallies.

📈 Frappell also examines:

• How Chinese property prices continue their downward glide.
• What the Taylor rule suggests about interest rates.
• How the Fed's independence is being challenged and why that's potentially positive for gold.

🕒 Timestamps:

• (00:00) – Introduction
• (02:29) – Driving factors for gold prices
• (04:40) – Tariffs and gold
• (5:26) – How Powell’s Jackson Hole speech impacts gold
• (10:00) – Managed money and ETF positioning
• (11:04) – Gold price targets
• (14:13) – What's happening with the US Dollar?
• (16:19) – Where the Fed fund's rate 'should' be
• (18:28) – A look at the Chinese market
• (21:33) – Where should you be watching when it comes to gold?

🔗 More Resources:

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

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

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

• —---------------

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