The Pod of Gold: Tariffs, Debt, & Gold's Safe Haven Appeal

In this episode of The Pod of Gold, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, analyses the factors driving gold's performance, including the impact of the "Big Beautiful Bill" on US debt and inflationary pressures. Frappell also examines how re-emergent tariffs are affecting the physical gold market, and what current managed money and ETF positioning reveals about investor sentiment.

Recorded on Tuesday 15th July 2025, this episode explores:

• The effect of US debt and news flow on gold prices.
• The impact of tariffs on global trade, growth, and the physical gold market.
• An in-depth look at gold inventory holdings in London and COMEX depositories.
• Analysis of current managed money and ETF positioning in the gold market.

Timestamps:

• 0:00 – Introduction
• 00:56 – Driving factors for gold prices
• 03:58 – The physical gold market and re-emergent tariffs
• 09:27 – Managed money and ETF positioning
• 11:34 – Gold price targets
• 14:58 – Is the US Dollar weak or strong?
• 16:55 – How weak Chinese demand will impact us
• 19:28 – Key takeaways

Pod of Gold listeners have access to a special code for the ABC Bullion Precious Metals Forum, Gold and The New World Order. Bringing together global leaders in the precious metals industry to share insights on the current landscape and future opportunities.

The forum will be hosted by ABC Bullion's General Manager, Jordan Eliseo and presents a panel discussion from key industry figures: 

• Jim Rickards: Investment banker, lawyer, economist, New York Times best-selling author and globally renowned precious metal expert
• Nicholas Frappell: Global Head of Institutional Markets at ABC Refinery
• Wayne Bramwell: CEO at Westgold Resources (ASX:WGC)

Use code PODOFGOLD for 20% off code at checkout.