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:
Follow Nick Frappell: https://twitter.com/nick_frappell
Follow Shae Russell: https://twitter.com/shaearussell
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