Tariffs, Debt & Dollar Pressures: What’s Supporting Gold in 2025

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

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