Unearthed: Supply, Strategy, and the Road to $6,000 ft Nicky Shiels, MKS PAMP

About this episode

The episode discusses the factors driving gold's price above $5,000/oz with insights from Nicky Shiels of MKS PAMP.

This episode was filmed on 19 March 2026. In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Nicky Shiels, Head of Research and Metal Strategy at MKS PAMP – one of the world's leading precious metals refiners and trading houses. Together, they unpack the forces behind gold's remarkable run above $5,000/oz, with Nicky offering a perspective that goes beyond the headlines, drawing on MKS PAMP's unique position across the full precious metals supply chain. The conversation covers the institutional investment landscape and what it would take to unlock that next leg of investment demand. They also examine the differences between gold and silver as investment assets, the structural liquidity challenges emerging in precious metals markets at these price levels, and Nicky's outlook for gold in the year ahead. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights. About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of…

People in this episode

Hosts: John Reade, Joe Cavatoni

Guest: Nicky Shiels

Topics covered

• gold investment
• precious metals
• market strategy
• institutional investment
• liquidity challenges

Keywords

• gold
• silver
• investment demand
• precious metals
• market liquidity

Mentioned in this episode

Organizations: MKS PAMP, World Gold Council

More episodes of Unearthed

• Unearthed: Decoding Gold Demand · May 18, 2026 · 7 min
• Unearthed: The New Macro Playbook ft Rebecca Patterson · May 5, 2026 · 32 min
• Unearthed: Central bank gold transactions and strategies · April 17, 2026 · 7 min
• Unearthed: Navigating Gold's New Volatility Among Geopolitical Conflict · March 9, 2026 · 8 min
• Unearthed: The New Shape of Gold Demand in China ft. Roland Wang, CEO of World Gold Council China · February 19, 2026 · 28 min
• Unearthed: Gold Price Surge and What It Means for Investors · February 13, 2026 · 8 min