The Pod of Gold: “Don’t Fight This Rally” – Gold Hits New Highs as the US Dollar Falters

In this episode, Nicholas Frappell, Global Head Institutional Markets at ABC Refinery explains why gold has surged to a historic US $3,759, and the momentum shows no sign of slowing.

Recorded on Tuesday 23rd September 2025, this episode explores:

• Why weakness in the US dollar and shifting Federal Reserve policy are fuelling the rally
• Key price targets—including short-term resistance around US $3,800 and medium-term potential near US $4,000
• The surge in ETF inflows and investor rotation out of equities
• Geopolitical flashpoints and economic signals from China that could keep gold in demand

Frappell also examines:

• Dollar Index (DXY) weakness and what past declines suggest for a possible rebound.
• September’s 25-bp cut and why the market’s hopes for deeper, faster easing may be misplaced.
• Inflation break-even rates and why the Fed’s own projections challenge the “rapid cuts” narrative.
• Rotation out of US equities and into gold as a hedge.
• Technical targets: short-term and medium-term
• Key support zones
• Escalating tensions—Russian jets, uncertain US leadership—and their impact on safe-haven demand.
• China’s slowing fixed-asset investment and soft consumption shaping global trade flows.

Timestamps:

• 00:00 – Introduction
• 00:55 – Moves behind the gold rally
• 04:55 – Managed money positioning
• 08:38 – Gold price targets
• 11:20 – Is the US dollar losing its grip?
• 13:07 – Geopolitics & macro drivers
• 14:08 – Key takeaways