The International Risk Podcast Episode 319: From AI to Bullion: What Gold Tells Us About Market Risks in 2026
In this episode, Dominic Bowen and Russ Mould discuss why gold has returned to the centre of global finance amid rising geopolitical risk, sanctions, and record government debt.
Find out more about what is driving gold’s surge beyond $4,000 an ounce, from central bank buying and reserve diversification to inflation fears and market concentration in US equities.
The conversation also addresses whether gold truly functions as a haven, how it compares with equities, bonds, and AI-driven assets, and why valuation discipline still matters in late-cycle markets.
Finally, they explore what could end the gold rally, the risks embedded in private credit and leverage, and the market signals that investors and CFOs should be watching closely.
Russ Mould is Investment Director at AJ Bell and one of the UK’s most respected market commentators. With over three decades of experience, he began his career as a fund manager at Scottish Equitable before spending more than a decade at UBS Investment Bank as a technology equity analyst during the dot-com era. He later became editor of Shares Magazine before joining AJ Bell, where he plays a central role in investment strategy, client communication, and media engagement. Russ is widely known for his clear, valuation-led approach to markets and his ability to connect macroeconomic risk with practical investment decisions.
The International Risk Podcast brings you conversations with global experts, frontline practitioners, and senior decision-makers who are shaping how we understand and respond to international risk. From geopolitical volatility and organised crime, to cybersecurity threats and hybrid warfare, each episode explores the forces transforming our world and what smart leaders must do to navigate them. Whether you’re a board member, policymaker, or risk professional, The International Risk Podcast delivers actionable insights, sharp analysis, and real-world stories that matter.
The International Risk Podcast is sponsored by Conducttr, a realistic crisis exercise platform. Conducttr offers crisis exercising software for corporates, consultants, humanitarian, and defence & security clients. Visit Conducttr to learn more.
Dominic Bowen is the host of The International Risk Podcast and Europe’s leading expert on international risk and crisis management. As Head of Strategic Advisory and Partner at one of Europe’s leading risk management consulting firms, Dominic advises CEOs, boards, and senior executives across the continent on how to prepare for uncertainty and act with intent. He has spent decades working in war zones, advising multinational companies, and supporting Europe’s business leaders. Dominic is the go-to business advisor for leaders navigating risk, crisis, and strategy; trusted for his clarity, calmness under pressure, and ability to turn volatility into competitive advantage. Dominic equips today’s business leaders with the insight and confidence to lead through disruption and deliver sustained strategic advantage.
The International Risk Podcast – Reducing risk by increasing knowledge.
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