This episode was recorded on 3 March 2026.

In this episode of Unearthed, Joe Cavatoni and John Reade unpack gold’s sharp reaction to escalating conflict in the Middle East. The hosts discuss gold’s initial surge following geopolitical tensions, before levelling out as markets absorbed the shock. The conversation covers impacts on global gold supply chains, broader implied volatility trends for gold, and a changing investor base. The hosts also explore how gold’s rally, which began in 2024, has evolved.

Looking ahead, investors should expect elevated volatility to persist amid ongoing geopolitical risks and disruptive global policy dynamics — conditions that are shaping not just gold, but broader financial markets in 2026.

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