Milk Road Macro The Global Commodity War Has Started... Gold’s Biggest Bull Market in 50 Years w/ Nicky Shiels
Mar 10, 2026
Nicky Shiels, Head of Research and Metals Strategy at MKS PAMP, offers sharp market analysis and price forecasts for precious metals. She breaks down oil’s surge and geopolitics reshaping commodities. She outlines gold’s long-term cycle, a $6,000 target, and why silver and platinum diverge. She explains how deglobalization and supply struggles could ignite a global commodity scramble.
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Gold Targeted At $6,000 As Floors And Ceilings Rise
- Shiels raised gold's 2026 high-end to $6,000 reflecting a new regime from Middle East conflict and persistent uncertainty.
- She highlights gold's 40% YTD path and that analysts repeatedly under-updated forecasts early in the year.
Gold Is Mid Cycle With More Runway
- Gold's current cycle is one of five historic cycles and at ~39 months is still mid-cycle, implying more runway.
- Shiels finds three recurring drivers: financial shock, geopolitical uncertainty, and weakening faith in fiat currencies.
Physical Demand And New ETFs Are Changing Gold
- This cycle differs because of insatiable physical demand and new retail products expanding access.
- Shiels says ETFs and fresh participants are bringing in flows that haven't fully materialized into allocations yet.