StoneX Group CEO Philip Smith on Gold Market Volatility

London, UK– Amid growing uncertainty over Trump’s tariff policies and concerns surrounding gold market volatility, physical gold flows, and pricing disparities, Philip Smith, Chief Executive, StoneX Group, recently appeared on Sky News Arabia’s morning business segment sharing his insights on the subject.

Smith also pointed to a major pricing disconnect between New York futures contracts and the London OTC physical market. He believes that the major disconnect—ranging from $25 to $30 an ounce, compared to the December high of $60—has been affecting the market’s overall efficiency. This divergence is fueled by a lack of clarity from the new administration over tariffs.

Smith also noted a significant surge in physical gold moving into the United States over the past two months. “What we’ve seen in the past 7, 8 weeks in the market was probably one of the largest physical movements of gold from all over the world into the US. We estimate over 2,000 tons,” he stated.

When asked about his forecast on gold, Smith remained cautious about making firm predictions. He explained that the existing price discrepancies between New York and London are unlikely to narrow until there is greater clarity on the tariff policies from the Trump administration.

Smith believes that the ongoing ambiguity surrounding tariffs is exerting a "disproportionate and distorting effect on gold prices." He stressed that once certainty is established, gold markets can revert to normal fundamentals, allowing for greater price stability and more predictable trading conditions.

This perspective aligns with recent analysis from Fawad Razaqzada, UK Market Analyst for StoneX, who noted that Trump’s “aggressive fiscal policies and protectionist stance may fuel inflationary pressures, which could prompt further delays in the Federal Reserve’s rate cut. Any delay in monetary easing would, in turn, support bond yields, creating headwinds for gold.”

From a StoneX standpoint, Smith remains optimistic. “We’re all seeing a very good position to be able to facilitate others who are struggling to bring gold into the United States,” he stated. StoneX’s Precious Metals division provides a comprehensive suite of gold services, including physical trading, financial derivatives, vaulting, and storage. Smith believes that StoneX is well-positioned to support large banks and financial institutions that lack direct access to physical gold, helping them navigate uncertainties related to tariffs and market disruptions.

---Expert: Philip Smith, Group Chief Executive

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,500 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

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