The Macro Dirt Podcast Huge Demand For Physical GOLD with Nicky Shiels
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Oct 16, 2025 Nicky Shiels, the Head of Metals Strategy at MKS PAMP, dives into the booming gold, silver, and platinum markets. She discusses record demand driven by central bank behaviors and liquidity concerns, alongside the impact of geopolitical shifts. Nicky reveals why the physical metal demand is surging, especially post-banking stress, and explains the nuances of silver tightness and platinum's revival. Her insights extend to jewelry demand in Asia and the implications for metal miners in a rate-cutting environment. Plus, she shares her personal interests beyond the markets!
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Debasement Trade Driving Precious Metals
- Gold and silver's rally reflects a once-in-a-century debasement trade driven by liquidity and currency fears.
- Central bank diversification and de-dollarization amplified demand across investors and institutions.
Sanctions Spark Central Bank Gold Demand
- Russia's invasion of Ukraine triggered a major shift as sanctions exposed geopolitical custody risks for reserves.
- That event accelerated central bank gold buying and a move away from dollar exposures.
Emerging Banks Face Massive Gold Catch-Up
- Emerging market central banks need enormous amounts of gold to match G7 holdings, implying years of supply required.
- That structural imbalance creates a persistent backstop under prices on dips.