Introduces Nicky Shiels and notes she has the highest street target for gold, asking her to state it.
Speaker1
Nicky Shiels
Confirms $5400 gold target. Describes last year's precious metals rally as historic but not repeatable. Emphasizes this is a secular trade, early in the debasement trade, with geopolitical factors unlikely to change soon.
Acknowledges past skepticism of her targets, notes dollar decline and persistent geopolitical tensions, and questions if these factors are already priced in.
Speaker1
Nicky Shiels
Geopolitics affect short term. Long-term view is shaped by US actions emboldening China/Russia, creating a world with strong demand to secure critical metals. Commodity weaponization supports secular bullish trend. Expects short-term overshoot correction (20% pullback) before milder bullish trajectories resume medium-to-long term.
Asks about copper demand, referencing the need for 50% more copper.
Speaker1
Nicky Shiels
Copper, platinum, palladium, silver are critical metals. Supply is tight (US stockpiles unavailable, past underinvestment). Demand is driven by energy transition and AI economy. Investors want scarcity and assets with utility.