Explorez tous les épisodes du podcast Unearthed
| Titre | Date | Durée | |
|---|---|---|---|
| Unearthed: How Rate Cuts and Policy Decisions Will Impact Gold Markets | 25 Sep 2024 | 00:08:23 | |
In this special episode of "Unearthed," hosts John Reade and Joe Cavatoni from the World Gold Council discuss the 50 basis point interest rate cut by the U.S. Federal Reserve and its impact on the gold market. They emphasize that the direction toward lower rates is crucial, as it reduces barriers for Western investment in gold. They anticipate further, more measured rate cuts, which should support gold in the medium to long term. | |||
| Unearthed: Gold Nanoparticles Under the Microscope ft. Dr. Laura Fabris | 20 Sep 2024 | 00:25:51 | |
In this episode, hosts John Reade and Joe Cavatoni speak with Dr. Laura Fabris about the fascinating world of gold nanoparticles. Laura explains what gold nanoparticles are and their significant role in modern life. She shares her journey into working with gold and how it has influenced her career. The discussion highlights the impact of her research on healthcare, particularly in medical applications of gold nanoparticles. Laura addresses the critical energy transition challenge, exploring how gold nanoparticles could contribute. She also shares insights into the future advancements and potential breakthroughs in the field of gold nanoparticles. [4:08] Laura discusses the history of gold nanoparticles, tracing when they first became a subject of scientific research. [6:37] Laura discusses why gold is developing in such a positive way in the healthcare industry. [11:32] Joe asks about the applications of gold nanoparticles in water desalination. [14:53] Is recycling of gold nanoparticles a possibility? [16:25] What do you think will be the next major application for gold nanoparticles beyond those we've already discussed?
Additional Resources:
Notable Quotes: “We’re looking into the hydrogen production market into the energy market to see if this can be a really industrially relevant technology that we can bring to the next phase of industrial transition .” - Dr. Laura Fabris “We can say that (a nanoparticle) is anything that is between 1,000 to 10,000 times smaller than a hair in diameter.” - Dr. Laura Fabris “All these red colors you see in glass are actually gold nanoparticles, I’ts just we didn’t know we were making them.” - Dr. Laura Fabris “I think the most interesting property that gold nanoparticles have is the way they interact with light.” - Dr. Laura Fabris “Because the shape of these nano stars, we can absorb the entire solar spectrum, and as a consequence we can use the whole solar light to produce hydrogen from water, 7 times more efficiently than any commercial photo catalyst.” - Dr. Laura Fabris About World Gold Council We are a membership organization that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Physical Gold Market Dynamics ft. Philip Newman, Metals Focus | 25 Jul 2024 | 00:28:15 | |
In this episode, live from the IPMI Conference in Orlando, Florida, hosts John Reade and Joe Cavatoni from the World Gold Council interview Philip Newman, Founding Partner of Metals Focus, to discuss the intricacies of the global bar and coin market. Newman explains the differentiation between bar and coin demand versus OTC demand. He discusses recent market trends, noting the strong demand from 2020 to early 2023 in Western markets like North America and Europe, contrasted with different dynamics in China and Turkey. Newman explains the reasons behind price premiums, influenced by supply-demand dynamics and logistical challenges, especially during events like the COVID-19 pandemic and the collapse of regional banks. He also touches on the roles of high-net-worth investors and family offices in the market. Newman concludes by offering insights into future market expectations, emphasizing the importance of price volatility and the resilience of the physical gold market, supported by central bank demand and muted scrap supply.
[4:18] Philip speaks to some key trends that are developing. [7:32] Why do premiums exist when it comes to the cost of buying physical gold? [11:36] What happens when you sell your gold, do you capture that premium? [20:48] Are the dynamics with gold different to silver, platinum or palladium and how similar are they? [25:05] Philip, Joe and John share their fun facts about gold.
Additional Resources:
Notable Quotes: “You get very different trends, between high net worth and family office investors on one and retail investment on the other. ” - Philip Newman “Sometimes these markets can blow a little bit hot and cold, but it’s always a struggle, I think, for the trade to try and forecast that demand.” - Philip Newman “A retail investor is potentially going to be losing some of that premium they paid, but the hope is that the gold price has strengthened and therefore that is comfortably offsetting some of that potential loss on some of the premium.” - Philip Newman “I think maybe you’re paying a bit more attention to the fact that the fed could reduce rates and so that, I think, is a bullish signal and I think for some of those investors there has been some fear of missing out.” - Philip Newman About World Gold Council We are a membership organization that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn.
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| Unearthed: Hard, soft or no landing ft. Karim Chedid, BlackRock | 01 Mar 2024 | 00:28:19 | |
[1:27] Karim elaborates on how he perceives the overall economic climate at the present. [3:08] Are we going to see growth stabilize and even accelerate? [4:24] Karim explains mega forces and how he believes they will influence portfolios and investors. [11:41] Karim dives into geo-political risks versus opportunity. [20:46] With cash allocations possibly reaching 8%, Karim hypothesizes if investors should put their cash to work. Additional Resources:
Notable Quotes:
About World Gold Council We are a membership organization that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Gold in technology throughout the ages | 25 Jan 2024 | 00:27:05 | |
[4:25] Trevor elaborates more on modern industries and electronics that are using gold. [7:53] Trevor discusses growth in gold demand for technology. [11:53] Our guest explains how gold is in many consumer devices we use in daily life. [22:10] Trevor dives into gold’s role in medical devices. [25:09] Trevor share fun facts about gold. Additional Resources: Notable Quotes: “Why does the modern industry still use gold? It’s because it’s reliable, it's because it doesn't fail and it’s particularly important in high value safety critical devices. -Trevor Keel “As new technologies come onto the market, old technologies tend to disappear and particularly that is the case when you have a relatively expensive material like gold.” -Trevor Keel “Gold now is still used heavily in the electronics industry and that’s a testament to gold as a material. Last year, just over 250 tons of gold went into the electronics industry. That’s roughly 5-6% of the entire demand for gold.” -Trevor Keel “There is a significantly larger portion of gold in an EV compared to that of a traditional IC vehicle.” -Trevor Keel “You can use gold to actually help drugs get into tumors and help drugs actually better target tumors.” -Trevor Keel About World Gold Council We are a membership organization that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on X (Twitter) at @goldcouncil and LinkedIn. | |||
| Unearthed: The impact of geopolitics on gold ft. Tina Fordham, Fordham Global Foresight | 19 Dec 2023 | 00:30:37 | |
[5:19] Is there a shift in central banks being net buyers and does it signal more than diversification in regards to a political and global perspective? [8:19] John elaborates on gold’s performance and its reaction in value during geopolitical events. [11:33] Joe asks Tina if the conflict in the Middle East is a function of US markets continuing to be spread thin and how she assesses it. [15:08] Can the election in 2024 have a substantial impact on the geopolitical landscape and when does that start to be priced in? [22:27] Is there something specific we should be watching in China? Additional Resources: Fordham Global Foresight Website Notable Quotes: “We have a real disconnect at the moment between investor perception of how geopolitical risk registers based on past experience and the present environment, where those stabilizers and buffers are less present and less able to fulfill the traditional masking function.” -Tina Fordham “I think the risk of this conflict escalating is not priced in and it is something that I think is going to stay on the watchlist heading into 2024.” -Tina Fordham “In general my experience is that naturally there is a tendency for gold to get bought when you get a sudden unexpected pickup in geopolitical tensions like for example the russian invasion of Ukraine last year and similarly with the events that are transpiring in israel and now into Gaza.” -John Reade “This war is breaking social media and impacting the global left in ways that could influence election outcomes.” -Tina Fordham
“China wants to change institutions or create new parallel institutions to challenge US hegemony.” -Tina Fordham About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed, On the Ground: LBMA Conference | 08 Dec 2023 | 00:33:08 | |
In this special episode of "Unearthed," hosts John Reade and Joe Cavatoni from the World Gold Council take listeners to the London Bullion Market Association Conference in Barcelona. “On the ground” at the LBMA Conference, they engage with several industry leaders, including Greg Shearer from J.P. Morgan, Nikos Kavalis of Metals Focus, Danielle Oliari of CNT, Ross Norman of Metals Daily, Bimal Das from BMO, and Jim Steel of HSBC. The discussions revolve around two primary questions: the standout aspects of the gold market in 2023 and predictions for its trajectory in 2024. Insights reveal an emerging trend in the market, with experts sharing their unique perspectives and analysis.
Additional Resources:
Notable Quotes: “The whole thing about a recession is that it’s a non-linear break, humans think linearly… I think that’s something that our economists are constantly debating amongst themselves.” - Greg Shearer “There is a very strong case for investing in gold or diversifying as a reserve…” - Nikos Kavalis “We are seeing a bit more of the second market coming in, still not as robust as it was pre-covid” -Danielle Oliari “The chances of a rate rise, I think in November now have fallen from about 44% down to 7%. ” - Ross Norman “There’s never the best or right or optimal time to invest, you probably have to take a view that for the longer term, this is an asset where you want to park your money..” -Bimal Das “We are seeing elevated geo political risk, we’ve seen it for several years now compared to the previous 15 years, and that’s going to keep us fairly high.” - Jim Steel About World Gold Council We are a membership organization that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Why Central Banks are stocking up on gold ft. Shaokai Fan, WGC | 01 Dec 2023 | 00:25:38 | |
In the latest episode of "Unearthed," hosts John Reade and Joe Cavatoni dive into the pressing question: Why are central banks stocking up on gold? As the World Gold Council's experts explore this trend, they are joined by Shaokai Fan, the authority on Central Banks and Asia-Pacific affairs. Together, they probe into record-breaking gold demand levels, the speculation of moving away from US dollar dominance, and the strategies driving allocation for reserve managers. Amidst the economic uncertainty, the trio also contrasts the moves of central banks with those of retail and institutional investors, offering a comprehensive view of the gold market's intricacies.
Additional Resources: Notable Quotes: “For gold, (central banks) don’t look so much at return, they look at its ability to be a downside protection.” - Shaokai Fan “Central banks are some of the biggest asset owners in the world, when they’re signaling that they want to buy gold and increase the rate of their purchases, I really do think that that’s had a big impact.” - John Reade “Holding gold means that you have a certain degree of independence, of demonstrating to an international audience or sometimes a domestic audience that your country has the ability to defend its currency and defend its markets when necessary.” - Shaokai Fan “When it comes to institutional dialog with our clients, what we find there’s definitely a level of interest (in digital/crypto currency) but it’s a risk asset in their minds …and there’s a lot of work that still needs to be done before there is a wholesale adoption.” - Joseph Cavatoni “Crypto currencies don’t really fit the bill as a central bank asset. Safety, liquidity, return… not quite there yet.” - Shaokai Fan About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Seeing around macroeconomic corners ft. Lori Heinel, State Street | 16 Nov 2023 | 00:24:26 | |
In the opening episode of "Unearthed," hosts John Reade and Joe Cavatoni celebrate the launch of their new podcast, focusing on macroeconomic trends and their impact on the investment landscape. Joined by Lori Heinel, the Global Chief Investment Officer at State Street Global Advisors, the group discuss the current market conditions, the role of central banks in addressing inflation and the potential implications of the upcoming U.S. election on investor sentiment. Heinel also shares insights on portfolio diversification strategies and the evolving trends in ETFs, including those for gold, highlighting their significance in today's economic climate.
Additional Resources:
Notable Quotes: “Economies around the globe were suddenly confronted with the prospect that inflation might be higher for a longer period of time, and that was going to require a lot of attention from central bankers.” -Lori Heinel “Despite the fact that we have had massive tightening, consumers have remained healthy.” -Lori Heinel “[China] did not have the robust covid bounce that many of us thought they would have. They had some bounce but it was not nearly as robust as many had expected. ” -Lori Heinel “I don’t think that the election shapes the economy, I think its that the economy shapes the election.” -Lori Heinel “No matter how much planning you do, the thing that ultimately happens, surprises you.” -Lori Heinel “We think treasures north of four percent…look compelling especially against the structural view that we have that we are going to revert back to more trend growth in the US which would be around that two percent level.” -Lori Heinel About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| This is Unearthed | 15 Nov 2023 | 00:02:22 | |
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. | |||
| Unearthed: Mining Equities and the Golden Thread in Global Markets ft. George Cheveley, Ninety One | 24 Apr 2025 | 00:23:52 | |
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 influence their performance – from cost pressures to growth metrics – and how sentiment is starting to shift from earnings to value. The conversation also covers what kind of growth matters most to investors and how to think about mining equities in the context of broader portfolio decisions. Tune in for a detailed breakdown of what’s behind the headlines – and subscribe to Unearthed on your favourite podcast platform to stay up to date.
Additional Resources: Gold Demand Trends Q4 (Full Year) 2024
Notable Quotes: “One of the things that I have heard from time to time is a production cliff looming for some of the producers, maybe five to ten years out, because of the pain the industry went through and the slowdowns in exploration.” – John Reade “ The gold industry has changed. The management of the industry has changed, and part of that is because of the circumstances that they went through in the last cycle.” – John Reade “ I think my own view is we're never going to end up with too few gold companies because every day there's people starting up junior gold companies. There's always somebody trying. I do think we probably could do with a bit more consolidation at the moment, but I also readily agree it's very hard to do.” – George Cheveley “I think time and timing is one of the big challenges and when we're feeling sorry for ourselves as fund managers. You know, sometimes we sit around and we say. The real problem with this job is we're talking to companies who are talking in decades and we're trying to service our clients who are talking in quarters, and we're trying to cover that spread, and it's pretty hard at times." – George Cheveley
About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn.
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| Unearthed: Gold ETF Inflows Mark Shifting Investor Sentiment in Volatile Markets | 10 Apr 2025 | 00:07:35 | |
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 investor demand in these key regions. With continued volatility on the horizon, our hosts conclude by discussing what they'll be keeping a close eye on for the next few weeks.
Additional Resources: Gold Market Commentary: March 2025
About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn.
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| Unearthed: Gold’s Next Move – ETFs, China & Investor Sentiment | 14 Mar 2025 | 00:07:52 | |
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 potential impact of European deficit spending on the gold market, and China’s growing investment demand – particularly the recent policy shift allowing major insurers to allocate assets to gold. With macroeconomic forces in flux, Joe and John consider what could drive gold higher to US$3,000/oz and what investors should watch next.
Additional Resources: Gold Demand Trends Q4/Full Year 2024
About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn.
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| Unearthed: Gold price soars amid tariff concerns | 13 Feb 2025 | 00:08:24 | |
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 ahead, the hosts emphasise the need to monitor the US economy, particularly inflation and potential rate cuts, which could further influence the gold market this year and bring Western investors back to the table.
About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Uncertainty Impacting the Gold Market in 2025 | 10 Jan 2025 | 00:07:53 | |
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, with sticky rates creating challenges for consumer confidence and demand for gold jewelry and coins. Continued central bank gold purchases, notably by China, add to the complex outlook and this episode sets the stage for an intriguing year for gold investors.
About World Gold Council We are a membership organization that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Outlook for Gold in 2025 | 16 Dec 2024 | 00:07:44 | |
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 highs and central banks like China’s return to gold, the episode explores how these trends might position gold as a steady asset in an unpredictable year ahead. About World Gold Council We are a membership organization that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Digging deep into China’s new economic stimulus package ft. Professor Hao Zhou | 27 Nov 2024 | 00:32:07 | |
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 estate, local government debt, and suppressed private industry. The trio also review how China’s new stimulus package could get the country back on the growth trajectory, and to conclude, Professor Zhou gives his two cents on what’s in store for the gold market in China.
[1:32] Professor Zhou discusses the Chinese economy from 1949 until 1978 and the characteristics of the market during those years. [7:58] Professor Zhou discusses the declining real estate market and what that means for GDP. [14:47] Joe asks about the historical regional wealth distribution in China. [22:18] John asks whether the stimulus packages from the Chinese government will work and how long it might take for them to work. [29:02] Joe asks Professor Zhou for his views on how investment in gold is playing out in the broader Chinese economy. Additional Resources 2023 Central Bank Gold Reserves Survey
Notable Quotes "China is the world's largest economy, it's the country with the biggest gold demand, and is the largest gold mining country around. So it's no surprise that what is happening with the Chinese economy is vital to the gold market." –John Reade "Since 1978 until now, the real growth, per capita GDP, taking out inflation, the real growth, is about eight to nine times. So the personal wealth, personal well-being increased more than eight, close to nine times over the last 40 years." –Professor Hao Zhou “The most pressing and dangerous issue is a declining real estate...It's a tremendously important part of the economy and if it's declining 30%, you can imagine how important it affects other industries, the consumer sentiment, the government fiscal revenue, they are all connected.” –Professor Hao Zhou “I'm going to argue looking back on the history of Chinese reform, the best reform measure always comes after the worst period of economic growth.” –Professor Hao Zhou “[Regional autonomy in tax collection is] a radical shift in terms of how policy's been managed to date… I mean most if not all has been centralized by central government. This is a pretty substantial step that the central government is affording these regional governments.” –Joe Cavantoni "It’s clear that the Chinese government has recognized that they need to act now, and act enthusiastically, in order to bring the Chinese economy back onto the rapid growth path." –John Reade About World Gold Council We are a membership organization that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn.
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| Unearthed: Gold responds to the Fed's rate cut, US election and China stimulus | 13 Nov 2024 | 00:09:48 | |
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 worldwide. With gold’s role in China's investment market and Western investors returning to risk assets, this episode unpacks the critical factors driving gold’s future. | |||
| Unearthed: Gold Prices Respond to U.S. Unemployment and Rate Cut Cycle | 09 Oct 2024 | 00:09:08 | |
In this episode of "Unearthed," John and Joe discuss the recent U.S. Nonfarm Payrolls report and its impact on the gold market. The stronger-than-expected employment data has shifted expectations around Federal Reserve rate cuts, leading to a dip in gold prices. While Western investors are adjusting expectations for future rate cuts, China’s market absence also influenced gold prices this week. Despite some corrections, overall sentiment towards gold remains strong, driven in part by rising inflows into ETFs. Many investors are looking to buy on dips, but with limited opportunities for lower prices, gold continues to be a sought-after asset for risk mitigation and diversification. | |||
| Unearthed: Gold's Breakout Year & Outlook for 2026 | 18 Dec 2025 | 00:06:40 | |
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 more insights.
Additional Resources: Gold Outlook 2026: Push ahead or pull back
About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Wholesale Digital Gold ft. Allan Guild, Hilltop Walk Consulting | 12 Dec 2025 | 00:19:39 | |
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 participants, from clearing banks and exchanges to ETF issuers and digital asset innovators. Allan also shares an update on the project's development, the upcoming pilot program in the London OTC market, and key milestones that will signal progress as PGIs move from concept to operational reality. Subscribe to Unearthed wherever you get your podcasts, and visit Goldhub.com for more insights on gold markets, innovation, and investment trends.
Notable Quotes “When we hear a lot about crypto and technology and digitization, there’s not a lot being said about the gold market that’s actually really changing. Maybe wholesale digital gold can fill that opportunity gap and bring us into a more modern era.” – Joe Cavatoni “Right now, you've got a universe of participants that support the gold market, but I’m hearing about a market that will allow those that may not have a full vault or custodian capability to be more active.” – Joe Cavatoni “We’re seeing something like $250 billion of gold changing hands every day… so physical gold works. I'm interested to hear what wholesale digital gold can do to improve a market that’s performing pretty well.” – John Reade “Gold is a unique asset with this combination of a physical market and a financial market. Wholesale digital gold can address the gaps that stop gold from being a top-tier financial asset in terms of its utility.” – Allan Guild “PGIs are uniquely positioned to power a future set of digital end-user products in the gold market.” – Allan Guild
About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Navigating gold prices - What lies ahead? | 21 Nov 2025 | 00:05:57 | |
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 and visit Goldhub.com for more insights. About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: The Gold Surge - What Investors Need to Know | 13 Oct 2025 | 00:11:24 | |
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. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.
Additional Resources:
About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: Tariffs, Fed Uncertainty, and Gold’s Surge | 12 Sep 2025 | 00:07:00 | |
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 economic data, rising prospects for rate cuts, and concerns about Federal Reserve independence are fueling Western investor flows into gold. With trillions parked in money market funds, the stage may be set for further investment momentum. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.
Additional Resources: Q2 2025 Gold Demand Trends Report About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: From Payrolls to Policy – What’s Driving Gold Demand? | 08 Aug 2025 | 00:07:25 | |
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 investor interest in gold. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.
Additional Resources: Q2 2025 Gold Demand Trends Report About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: The Future of the US Dollar ft. Kenneth Rogoff, Economist and Professor of Economics, Harvard University | 01 Aug 2025 | 00:22:39 | |
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 latest book Our Dollar, Your Problem, reflecting on the role of luck in the dollar’s ascent, the risks posed by US debt and political dysfunction, and what the next decade could hold for global reserves, inflation, and financial stability. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.
Additional Resources:
Notable Quotes:
“There's no question [Nixon’s] policies have shaken things up and had countries looking for other reserve assets in a hurry. And certainly gold has benefited enormously from that.” – Ken Rogoff
“I think luck played a big role in how high the dollar got and how widespread its use and how it became the lingua franca of trade and finance to such a large extent.” – Ken Rogoff
“If I look around the world at the other regions and centres [...] Europe's financial markets or capital markets are very fragmented. Japan's are obviously much smaller than they used to be. And China's look tremendously underdeveloped compared to the United States’. So there's going to have to be an awful lot of changes, I think, before we see the dollar's hegemony genuinely challenged.” – John Reade
“It's pretty unlikely [to return to the gold standard], but that doesn't mean gold can't play an important monetary role. People sometimes say, you know, Bitcoin is the new gold. And I would say gold is the new gold.” – Ken Rogoff About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn.
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| Unearthed: May Gold Market Trends – ETFs, Retail Divergence & Central Bank Demand | 13 Jun 2025 | 00:06:21 | |
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 a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||
| Unearthed: EU Economic Outlooks & Potential Renaissance, ft. Reinhard Cluse, UBS | 29 May 2025 | 00:19:41 | |
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 impact global asset allocation, including a bullish forecast for gold. Tune in for a nuanced discussion on Europe’s economic challenges, opportunities, and its potential renaissance.
Additional Resources: 2023 Central Bank Gold Reserves Survey
Notable Quotes: "Gold remains the cleanest way to express dollar downside, and we see a potential 15–20% upsell in gold." – Reinhard Cluse "Politics are the dominant theme and are likely to stay the dominant theme over the next couple of months, quarters, perhaps longer." – Reinhard Cluse "Europe remains a major economic power, with Western European investment demand for gold accounting for roughly 20–22% of global bar and coin demand." – John Reade "Europe was forced to get its act together; pressure has driven significant movement, especially in defense and infrastructure." – Reinhard Cluse About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn.
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| Unearthed: How ETF Inflows Are Shaping Gold Demand in 2025 | 20 May 2025 | 00:08:12 | |
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 as a strategic asset in uncertain economic times.
Additional Resources: Gold Demand Trends: Q1 2025
About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. | |||