Uploaded June 2026 | Updated September 2026, 1 day ago
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.
This episode was filmed on 19 March 2026.
About World Gold Council
We're the global experts on gold. The content we post here ranges from investment insights and market trends, to responsible gold mining and gold's many uses in our world.
Important Notice: This is not a recommendation or offer for the purchase or sale of any securities, investment products or services. Diversification does not guarantee any investment returns or eliminate risk of loss. Physical gold is an unregulated investment and its value is variable. Past investment performance is not a reliable guide to future performance. Please read the full disclaimer at: invest.gold/disclaimer.
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.
This episode was filmed on 19 March 2026.
About World Gold Council
We're the global experts on gold. The content we post here ranges from investment insights and market trends, to responsible gold mining and gold's many uses in our world.
Important Notice: This is not a recommendation or offer for the purchase or sale of any securities, investment products or services. Diversification does not guarantee any investment returns or eliminate risk of loss. Physical gold is an unregulated investment and its value is variable. Past investment performance is not a reliable guide to future performance. Please read the full disclaimer at: invest.gold/disclaimer.
