Today we discuss gold, silver and the platinum group metals. What drove the huge run-up in prices for all of them in 2025 and into 2026, and was the US-Iran war just a setback to those prices or the end of a bull market? Our guest is Nicky Shiels, Head of Research and Strategy for MKS Pamp, a global trading house and refiner for precious metals serving a diverse and global customer base.<br><br>For related content and to find out more about HC Group, a search firm dedicated to the energy &amp; commodities sector, visit https://www.hcgroup.global

De-Dollarization, Debasement & Diversification: Precious Metals with Nicky Shiels

The HC Commodities Podcast

# Full Transcript

**Podcast:** The HC Commodities Podcast

## Participants

- **Paul Chapman** (HC Group)
- **Nicky Shiels** (MKS Pamp)

## Transcript

Welcome to the HC Commodities Podcast, a podcast dedicated to the commodities sector and the people within it. I'm your host, Paul Chapman. This podcast is produced by HC Group, a global search firm dedicated to the commodities sector.

Today, we're talking gold, silver, and the platinum group metals. What drove the huge run-up in prices for all of them in 2025 and into 2026? And was the US-Iran war just a setback to those prices or the end of a bull market? Our guest is Nicky Shiels, Head of Research and Strategy for MKS PAMP, a global trading house and refiner for precious metals serving a global customer base.

As always, you can really support the show by leaving us a positive review on the platform you're listening on. And I hope you enjoy this episode. Nicky, welcome to the show. Nicky Shiels, Ph.D.: Thank you, Paul. Great to be on here. Nicky Shiels, Ph.D.: Yeah, so I'm looking forward to this discussion. It's topical and timely and a big narrative that's been building over really the last year. And that is really, we're talking precious metals, we're talking gold and silver in particular, and trying to understand what's been going on in the market, whether it's just the market,

the cycles or there's something more structural going on in the big run up in gold. And tying that into obviously current events as well. And who better to do that but you. Nicky Shiels, Ph.D.: So let's start, I guess, kind of let's start with gold, obviously, as that being sort of the major story. And you and I, we were talking earlier, we talk about on this podcast, the three Ds kind of define the commodities world, digitization, decarbonization, and deglobalization.

Nicky Shiels, Ph.D.: You have been talking similarly about three Ds in the gold world, but different to ours. Can you just, I guess, I'd love to deep, deep dive into those three Ds. What are they and then unpack them as related to the story? Nicky Shiels, Ph.D.: Yeah, absolutely. Look, I think, you know, we talk about the three Ds being one, the large de-dollarization trade that is occurring. At the same time, there is a debasement trade happening. And then the diversification trade.

Nicky Shiels, Ph.D.: And they sort of, you know, come together from different angles, more structural forces, which is helping just to propel gold into the limite. You know, we had a massive re-reading from 2,000 to over 5,000 over the past two and a half years.

Nicky Shiels, Ph.D.: And I think trying, like you said, trying to unpack what just was going on behind those secular forces really helps us understand why we're getting such strong re-reading in gold and then white metals, just sort of silver, platinum, also other commodities.

Nicky Shiels, Ph.D.: And I think it's just really gold is just telling us that we're putting real assets, commodities in the forefron...

De-Dollarization, Debasement & Diversification: Precious Metals with Nicky Shiels

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

De-Dollarization, Debasement & Diversification: Precious Metals with Nicky Shiels

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.