Gold’s Record Highs, Trump’s Tariffs, and the Global Market Fallout

In the first episode of The Pod of Gold for 2025, Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, breaks down a whirlwind start to the year for gold.

Just one month into 2025, gold has already hit two record highs, with the latest peak at $2,830 USD. But what’s driving the price action?

The big headline is Trump’s new tariffs, imposed on Canada, Mexico, and China over the weekend. Nicholas explains how these tariffs are impacting gold and silver markets, short-term borrowing rates, and the US dollar. They also explore what this means for inflation, trade, and economic growth as the global economy braces for uncertainty.

From gold’s technical targets and managed money positioning to the broader geopolitical and currency implications of a new trade war, this episode unpacks all the critical market movements shaping 2025.

PODCAST INFO:

• ABC Refinery website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.abcrefinery.com/podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Nick Frappell: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/nick_frappell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Shae Russell: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/shaearussell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

OUTLINE: Here's the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time.

Timestamps:

• • (0:00) – Introduction: Gold’s wild start to 2025
  • (1:33) – Market Reaction: Short-term borrowing rates and spot market shifts
  • (2:30) – Trump’s Tariffs: The impact on gold, silver, and global trade
  • (5:17) – Gold Spot: All time high.
  • (6:20) – Managed Money Positioning: How traders are adjusting to volatility
  • (7:45) – Gold prices ‘Stronger for longer’ and ‘Fixation on gold reaching US $3,000’.
  • (9:30) – Currency conversation: What are the impacts on gold and currencies during a trade war?

  Don’t miss this must-listen episode as markets brace for a volatile year ahead!