Episode
Unearthed: Supply, Strategy, and the Road to $6,000 ft Nicky Shiels, MKS PAMP
- Podcast
- Unearthed
- Published
- Jun 9, 2026
- Duration seconds
- 1655
- Processing state
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Summary
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. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights. About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. Terms & Conditions | World Gold Council 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 Shiel…