Gold and Silver on Fire: Historic Gains, Central Banks and the Macro Forces Shaping 2026
About this episode
Nicholas Frappell discusses the historic gains in gold and silver during 2025 and the macro forces shaping the market for 2026.
In this final episode of The Pod of Gold for 2025, Nicholas Frappell , Global Head of Institutional Markets at ABC Refinery, unpacks one of the most extraordinary years in precious metals history. Gold has delivered its second-best annual performance since free trading began in 1979, with silver close behind. This podcast explores what drove this year’s rally and whether the bull market still has room to run into 2026. Frappell outlines his medium- and long-term price targets for both metals, breaks down positioning data across futures, ETFs and managed money, and explains why neither market appears overstretched despite the sharp gains. The discussion then turns to the global macro backdrop shaping precious metals markets: the Federal Reserve’s pivot toward lower rates, ongoing divergence in central bank policy, rising bond yields, and the implications for the US dollar. Nicholas also examines developments in Japan, China’s prolonged property downturn, and the growing geopolitical risks tied to the Russia–Ukraine war and energy markets. With politics, geopolitics and monetary policy increasingly intertwined, this episode provides a comprehensive wrap-up of 2025 and a clear…
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