Gold has been on a wild ride lately — surging past USD 4,000 an ounce before tumbling in one of its biggest corrections in years. What’s really driving this volatility, and how are the narratives around gold evolving?

Chris Irwin, Head of FX and Precious Metals Trading Asia, and Carsten Menke, Head of Next Generation Research at Julius Baer, discuss the changing forces behind gold’s rally — from questions over the Fed’s independence and fears of dollar debasement to the role of central bank buying and China’s strategic accumulation. The conversation also touches on the outlook and trends for silver and the broader precious metals market.

This episode was recorded on Nov 10, 2025.

• (00:22) - Narratives driving the gold market
• (02:25) - Dollar resilience or temporary pause?
• (03:55) - Mixed signals from the Fed
• (05:35) - Do geopolitics really matter for gold?
• (06:49) - Central bank buying and structural trends
• (09:55) - China’s gold strategy
• (12:55) - ETF flows: Conviction or speculation?
• (15:25) - Chinese regulatory changes, and impact on precious metals landscape
• (17:27) - Section 232 and silver
• (20:45) - Is the mythical $50 level in silver still in play?
• (21:25) - Outlook and key takeaways