This episode was filmed on 19 March 2026.
In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Nicky Shiels, Head of Research and Metal Strategy at MKS PAMP – one of the world's leading precious metals refiners and trading houses. Together, they unpack the forces behind gold's remarkable run above $5,000/oz, with Nicky offering a perspective that goes beyond the headlines, drawing on MKS PAMP's unique position across the full precious metals supply chain.
The conversation covers the institutional investment landscape and what it would take to unlock that next leg of investment demand. They also examine the differences between gold and silver as investment assets, the structural liquidity challenges emerging in precious metals markets at these price levels, and Nicky's outlook for gold in the year ahead.
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Notable Quotes
"What is very under-appreciated is the lack of physical selling." - Nicky Shiels
"We are in a supply constrained environment. Mine production is barely growing." - John Reade
"Gold is no longer a tactical cyclical asset. It's now a strategic allocation to portfolios." - Nicky Shiels
"Investment consultants are now willing to look at real assets as a carve out – and that includes gold." - Joe Cavatoni
"Silver wears two hats – it's part safe haven, part industrial metal. It's a little schizophrenic sometimes." - Nicky Shiels
"The world between investing and day trading or speculating or gambling is being blurred." - Nicky Shiels
