The US dollar, war, stagflation and their impact on gold


In this episode of The Pod of Gold,

Nick Frappell & Shae Russell discuss how the US dollar may be nearing the peak of its 39-month cycle, why Russia’s war on Ukraine increased inflation risks and what these mean for spot gold.


Nick Frappell

Global Head of Institutional Markets

Shae Russell


Click here to listen now.

Time Stamps:

  • 0:40 — US dollar strength and real yields
  • 2:12 — Russian invasion worsens inflation outlook 
  • 3:53 — Key factors driving the gold price
  • 7:22 — What net positioning in the US dollar reveals
  • 10:31 — The importance of the ‘little purple box’ 
  • 12:07 — Three bullish price targets for spot gold
  • 15:12 — The gold bull is out – but with a caveat
  • 18:19 — High natural gas prices risk food insecurity
  • 21:14 — China’s banking sector ‘very linked’ to property
  • 24:18 — RBA and inflation: Can they reduce Australia’s inflation pressures?
  • 28:15 — Key takeaways
  • RIU presentation can be found here: