Nikki Shields

Nicky Shiels is the head of research and metals strategy at MKS PAMP, a Geneva-based precious metals refiner and trading house, and one of the most widely quoted institutional voices on the gold market. Resource investors follow her because her desk sits inside a refiner that sees physical metal flows from central banks, funds, and producers, and because her published price forecasts are scored publicly — and have recently won. (The Pixys listing spells her name Nikki Shields.)

Shiels has covered metals markets as a commodities desk strategist since 2007. From 2018 to 2020 she was metals strategist at Scotiabank in New York, writing the bank's metals research through the 2019 gold re-rating and quantifying pandemic-era mine disruptions that removed roughly 1.3% of global copper supply from Peru, Chile, Mexico, and Canada. She joined MKS PAMP in June 2021 and built out its research franchise. Her average silver forecast of $36.50/oz for 2025 — the most bullish on the LBMA (London Bullion Market Association — the industry body for the global gold and silver market) panel — proved the most accurate, winning the LBMA's silver forecast category.

Her method is geo-macro. She reads precious metals as a monetary-regime trade, tracking central bank reserve behavior, ETF (exchange-traded fund) flows, and speculative positioning alongside physical demand. She covers gold, silver, and the platinum-group metals, and makes relative calls — in August 2025 she argued gold could "float" toward $3,600/oz but would be outperformed by silver and platinum over the period. Her output ranges from intraday notes during disorderly sessions to MKS PAMP's annual precious metals outlook.

Her 2026 outlook frames the bull market as a "new GeoMacro regime" and called for gold to average about $4,500/oz on official-sector and investor demand. In her interview for the CEO.CA channel she argued that gold's periodic weakness does not end the bull run, in a discussion that also took in copper producer Codelco's operational troubles. Her research is published on MKS PAMP's website, and she appears regularly on Bloomberg's Open Interest, CNBC's Fast Money, Kitco News, and the World Gold Council's Unearthed podcast.