Unearthed: Supply, Strategy, and the Road to $6,000 ft Nicky Shiels, MKS PAMP
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.
Flows shift from flood to trickle
Global physically backed gold ETFs saw modest outflows in May, shedding US$2bn as investors remained largely sidelined. Europe was the only region to record inflows (+US$334mn), while Asia (-US$1.2bn) and North America (-US$1.1bn) led outflows. The May decline pushed global gold ETFs’ total AUM 2% lower in the month to US$604bn. Meanwhile, holdings edged down to 4,121t, remaining just below the February peak of 4,176t.
Weekly Markets Monitor - Point of inflection
Weekly Markets Monitor - The crude pied piper
India gold market update: Import tightening
Gold import duty was raised sharply from 6% to 15%—the steepest increase on record—alongside broader regulatory tightening to curb imports. Weak demand and ample supply have kept domestic gold prices at a significant discount to landed prices, indicating that the higher import duty has yet to be fully priced in. Historical trends indicate that higher duties tend to increase unofficial inflows, although official imports generally remain resilient. Indian gold demand in 2026 is expected to moderate, with jewellery and bar and coin demand estimated to decline by 50–60 tonnes (~10% y/y).
Unearthed: Decoding Gold Demand
In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss recent gold demand trends.
Weekly Markets Monitor - India’s import duty reversal
China gold market update: A notable rise in gold reserves
Wholesale gold demand fell seasonally in April as gold jewellery consumption entered the traditional off season. Investment strength also eased with Chinese gold ETF inflows moderating. Meanwhile, the Chinese central bank added 8t of gold to its reserves, the highest in 15 months.
