EA Head of Quantitative Research, Nicky Ferguson, met with Frans Pettinga on 3 March for the second EA Forum podcast of 2025.

The key points of discussion were: 

• The nuances of how the metals market has reacted to tariff risks.
• Frans’s belief that some of the disruptions in the metals market are unlikely to persist in the long term.
• The concept of physical optionality in the metals sector and if the competitive advantage of physical players may be diminishing.
• How the forward curve in gold should encourage gold producers to consider hedging and adopting a counter-cyclical perspective.
• Frans’s insights on managing a trading firm, emphasising the importance of diversifying both assets and traders.

Podcast recorded on 3 March 2025

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