Join the World Gold Council’s market strategists for informative and insightful discussions with global thought leaders. Together, we’ll unearth golden insights spanning macroeconomics, investment and consumer trends, geopolitics, technology, trust, supply chains and more.
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This episode was recorded on 13 May 2026. In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss recent gold demand trends. The hosts unpack recent gold market activity, investor behaviour, and geopolitical influences affecting gold demand and prices. The conversation covers the impact of inflation, central bank activities, and regional demand shifts, offering valuable insights for investors and industry participants. Subscribe to Unearthed wherever you get your podcasts and vis...
This episode was filmed on 19 March 2026. In this episode of Unearthed, hosts Joe Cavatoni and John Reade sit down with Rebecca Patterson, globally respected macroeconomic investor, Vanguard board member, and Senior Fellow at the Council on Foreign Relations, to unpack the fast-moving and increasingly complex global economic landscape. The conversation explores how geopolitical risk has moved to the forefront of investment decision-making, prompting companies and countries to rethink globalisati...
This episode was recorded on 10 April 2026. In this episode of Unearthed, hosts Joe Cavatoni and John Reade explores recent Central Bank activity in the gold market. Following years of record-high buying, recent headlines have highlighted sales, swaps, and reserve shifts across countries like Turkey and France. The episode explains how these moves reflect active, management - using gold as a liquid asset to support currencies, manage reserves, and respond to economic pressures. Subscribe to Unea...
Gold experienced initial volatility due to escalating Middle East conflict, leading to a price surge and temporary disruptions in global supply chains. The episode highlights a sustained increase in gold's implied volatility, driven by a changing investor base that includes more strategic and speculative trading. Investors should anticipate continued elevated volatility for 2026 amidst ongoing geopolitical risks and global policy dynamics.
Hosts Joe Cavatoni and John Reade, joined by Roland Wang, delve into China's dynamic gold market, discussing how economic challenges and changing consumer behavior are reshaping demand. They cover the unprecedented rise of investment gold over jewelry, innovations like "hard pure gold," and the growing accessibility of gold through online platforms and ETFs. The conversation also touches on generational shifts and the critical role of consumer confidence in China's diverse and resilient gold landscape.
This episode was recorded on February 10th, 2026. In this episode of Unearthed, Joe Cavatoni and John Reade, Senior Market Strategists at the World Gold Council, discuss the recent dynamics of the gold market, focusing on the significant price movements in January, the volatility expected in the coming months, and the influence of Asian markets on gold demand. They also delve into the implications of the U.S. economic landscape, including the nomination of a new Fed chair and its potential impac...
This episode was recorded on January 6th, 2026. In this episode of Unearthed, John Reade and Joe Cavatoni, Senior Market Strategists at the World Gold Council, kick off the new year with an update on the state of the gold market, exploring the factors influencing gold prices, including geopolitical tensions and ongoing economic conditions. They emphasise the importance of strategic allocation to gold in investment portfolios, distinguishing between short-term tactical trades and long-term strate...
This episode was recorded on December 10th, 2025. In this year-end episode of Unearthed, Joe Cavatoni and John Reade, Senior Market Strategists at the World Gold Council, recap an extraordinary 2025 for gold, marked by more than 50 all-time highs and ending the year comfortably above US$ 4,000/oz. Looking ahead, they share their 2026 outlooks, driven by expected rate cuts, a softer dollar, and a cooling US economy. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for m...
In this episode of Unearthed, hosts Joe Cavatoni and John Reade, Senior Market Strategists at the World Gold Council, are joined by Allan Guild, Director at Hilltop Walk Consulting and long-time partner to the World Gold Council. Together, they explore a major innovation poised to reshape how gold is traded, owned, and integrated into global financial infrastructure: Wholesale Digital Gold and the introduction of Pooled Gold Interests (PGIs). Joe and John walk through the implications for market...
In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, discuss the recent developments in the gold market, including price movements, the impact of political events in Washington, and predictions for the end of 2025. They analyse the sentiment from The LBMA and LPPM, Global Precious Metals Conference 2025 in Kyoto and the implications of upcoming economic data on gold prices. Subscribe to Unearthed wherever you get your podcasts a...
In this episode of Unearthed, hosts Joe Cavatoni and John Reade, Senior Market Strategists at the World Gold Council, are joined by Sachin Jain, CEO of the World Gold Council India, to explore the pivotal role of India in the global gold market. Together, they unpack the deep cultural and economic connection between India and gold—spanning jewellery traditions, evolving consumer behaviours, and the growing appetite for digital gold investment. The discussion covers India’s shift toward financial...
This episode was recorded on October 8th 2025. In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, discuss the current state of the gold market. They highlight the recent surge in gold prices, the impact of ETF investments, and the implications of economic uncertainty due to a potential government shutdown. They explore the strategic importance of gold in investment portfolios and provide insights into future market trends. Sub...
In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, examine the forces driving gold to fresh record highs – from tariff clarity in the US to renewed investor demand and shifting interest rate expectations. They discuss the recent executive order confirming that gold bars can move across borders without additional tariffs, removing a key source of uncertainty for the market. Against this backdrop, they explore how slowing US eco...
In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, unpack the latest macro trends and data influencing the gold market – from shifting investor sentiment and mixed US economic data, to renewed tariff tensions and policy unpredictability. Drawing on insights from the World Gold Council’s Q2 2025 Gold Demand Trends report, they explore how political risk, inflation concerns and a surprise revision in US payroll data are fuelling...
In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, are joined by Ken Rogoff, Professor of Economics at Harvard University and former Chief Economist of the IMF. Together, they explore the shifting dynamics of the global monetary system, the arc of US dollar dominance, and the growing interest in potential alternative reserve currencies, from the euro and yuan to gold and digital currencies. Rogoff shares insights from his late...
In this episode of Unearthed, co-hosts Joe Cavatoni and John Reade, Senior Market Strategists for the World Gold Council, are joined by Amanda Krichman, Chief Operating Officer of Funds at the World Gold Council. Together, they unpack the fundamentals of gold-backed ETFs, taking a closer look at how these products work and address some of the most common myths in the market. The conversation covers everything from how gold ETFs are created and redeemed to the role of authorised participants (APs...
In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack the latest gold market trends from May, including ETF outflows and a split between institutional interest and softer retail demand in the US. They also touch on ongoing central bank buying, preview the upcoming Central Bank Gold Reserves Survey, and explore how fiscal concerns and global uncertainty continue to drive gold’s appeal. About World Gold Council We are a membership organisation that champions the role gold plays as...
This episode of Unearthed was recorded on Wednesday, April 23. In this episode of Unearthed, hosts John Reade and Joseph Cavatoni are joined by Reinhard Cluse, Chief European Economist at UBS, to explore the shifting dynamics of Europe's economy and the potential outlook for the months and years ahead. Reinhard discusses the structural challenges Europe has faced over the past decade and how these will influence the upcoming year. The group also discuss how Europe's evolving landscape could impa...
In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, discuss the highlights from the Q1 Gold Demand Trends Report. They explore the record highs in gold prices and the impact on consumer demand for gold, the significant inflows into gold ETFs, and the impact of geopolitical factors on the market. The conversation also touches on investor sentiment and the outlook for gold in the coming months, highlighting the importance of gold...
In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, welcome George Cheveley, Portfolio Manager at Ninety One, for an insightful look into the dynamics of the gold mining equities market. With gold hitting record highs throughout 2024 and again this year, they dig into why mining stocks haven’t kept pace and what’s driving the disconnect. George shares how investors should think about mining companies today, what factors influen...
In this episode of Unearthed, co-hosts John Reade and Joe Cavatoni from the World Gold Council deep dive into the global performance of gold ETFs for Q1 2025. Strong inflows in March pushed total Q1 inflows to the second highest quarterly level in dollar terms since 2020, marking a notable shift in investor sentiment. John and Joe each take a closer look at gold ETF performance specifically in North America, Europe, and Asia, and discuss the potential geopolitical and economic influences driving...
In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Sakhila Mirza, Deputy Chief Executive and General Counsel at the London Bullion Market Association (LBMA) to learn more about the LBMA’s role in the global gold and precious metals industries. Sakhila provides a detailed overview of the LBMA’s role as a membership organisation for participants in the Loco London Precious Metals Market. She outlines their standards including the Good Delivery List, the Global...
The following episode was recorded on Wednesday 12 March before gold hit US$3,000/oz on Friday 14 March. In this episode of Unearthed, World Gold Council’s Senior Market Strategists Joseph Cavatoni and John Reade analyse the latest trends in the global gold market, including its strong year-to-date performance, changing investor sentiment and gold ETF flows. They look at what's happening in the key markets around the world, discussing the muted physical demand in North America and Europe, the po...
In this episode of Unearthed, co-hosts Joe Cavatoni and John Reade, Senior Market Strategists for the World Gold Council, are joined by Robert Armstrong, US financial markets editor at the Financial Times and author of the Unhedged newsletter. Filmed on 15th January 2025, together they explore how shifts in US fiscal policy, geopolitical uncertainty, and changes in bond yields are influencing financial markets and the gold industry. Armstrong shares his perspective on key economic themes, includ...
In this episode of Unearthed, hosts Joe Cavatoni and John Reade from the World Gold Council share their expert views on the potential unintended impact of US tariffs on gold. While broad-based tariffs are not expected to specifically target gold, Joe and John discuss the actions traders and risk managers are already taking in response. They also discuss how speculation has shifted gold inventories between London and New York, causing temporary price imbalances and liquidity concerns. Looking ahe...
In this episode of Unearthed, hosts Joe Cavatoni and John Reade kick off 2025 by discussing key trends likely to shape the gold market amid global uncertainty. They highlight U.S. political developments, including the introduction of the new administration and tariff debates as significant factors impacting gold’s role in the economy. John talks about political shifts in Europe and the impact these will have on regional economies and the relationship with the US. Inflation remains a focal point,...
The following episode was recorded on December 9, 2024. Joe Cavatoni and John Reade of the World Gold Council review gold's impressive 2024 performance, with a 28% gain through November—the best in over a decade. They explore the outlook for 2025, expecting modest growth fueled by falling U.S. interest rates and a slow economic recovery. The conversation looks at key factors shaping gold markets: U.S. economic policies, geopolitical uncertainty, and emerging innovation. As Bitcoin hits record hi...
In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Jean Martineau, President & CEO, Dynacor Gold Mines Inc. during the LMBA & LPPM 2024 Global Precious Metals Conference, to discuss artisanal and small-scale gold mining and how it fits into the bigger picture of the global gold industry. Martineau dives into Dynacor’s operations in Peru and how they’ve created a unique operational framework to help earn the trust of local, small-scale gold miners. He...
In this episode of Unearthed, co-hosts Joe Cavatoni and John Reade, Senior Market Strategists for the World Gold Council, are joined by Professor Hao Zhou from Tsinghua University to dive into the shifting dynamics of China’s economy and its impact on the global gold market. Together, they discuss China’s incredible economic transformation since 1978, the causes behind the recent slowdown in economic growth described by Professor Zhou as the three interconnected problems of: declining real estat...
In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the latest gold market trends, reflecting on the U.S. election outcome, monetary policy, and China’s recent economic developments. They highlight record-breaking gold demand, central bank buying, and shifting global economic dynamics influencing gold prices (more via Gold Demand Trends Q3 2024 ). They explore how geopolitical uncertainties, inflation concerns, and market corrections are shaping investment strategies worldwid...
