Beyond Markets

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments.

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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
  • (02:54) - Dollar resilience or temporary pause?
  • (04:24) - Mixed signals from the Fed
  • (06:04) - Do geopolitics really matter for gold?
  • (07:18) - Central bank buying and structural trends
  • (10:24) - China’s gold strategy
  • (13:24) - ETF flows: Conviction or speculation?
  • (15:54) - Chinese regulatory changes, and impact on precious metals landscape
  • (17:56) - Section 232 and silver
  • (21:14) - Is the mythical $50 level in silver still in play?
  • (21:54) - Outlook and key takeaways

What is Beyond Markets?

Beyond Markets by Julius Baer will no longer be publishing new episodes.
The show continues under a new podcast, Moving Markets, where we will keep delivering timely market perspectives, expert insights, and strategic thinking on global economic and financial developments.
Subscribe to Moving Markets to stay connected with our latest views and analysis.
Spotify: https://open.spotify.com/show/2AYJMvVqqIavsPP7v4YxEs?si=89f4cbc96d574239
Apple Podcast: https://podcasts.apple.com/ch/podcast/moving-markets-daily-news/id1628819647

The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.