The David Lin Report What Is Gold’s Next High? 'Chaos Premium’ Drives Historic Rally | Nicky Shiels
Apr 24, 2025
Nicky Shiels, the Head of Metal Strategy at MKS Pamp, dives into the remarkable surge of gold prices beyond $3,400. She discusses how global shifts away from US assets and increasing demand from central banks are reshaping the market. The concept of 'chaos premium' is explored, highlighting gold's unique positioning independent of traditional economic correlations. Nicky also examines trends in silver and copper, and what they signal for economic growth, all while outlining the significant role of geopolitical forces and Federal Reserve policies.
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Gold's Independent Trajectory
- Gold is currently trading independently without correlation to other asset classes due to central bank demand and global de-risking of US assets.
- This structural shift makes gold a unique safe haven amid policy uncertainty and shrinking pools of traditional havens like the yen and Swiss franc.
Gold’s Broad Demand Beyond Dollar
- Gold's price rise above $3,400 is not solely due to dollar weakness but also reflects strong demand in emerging market currencies.
- This indicates a broad-based gold move, independent of just hedging the US dollar.
Gold’s Next Price Target Forecast
- Gold's inflation-adjusted high price suggests a next target near $3,700 in 2025.
- Today's year-to-date gold gains have already matched historical maximum annual gains, projecting upward potential.