Unearthed

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:

Gold ETFs, holdings and flows 

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.

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 

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.

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 

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.

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:

Kenneth Rogoff

Our Dollar, Your Problem

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 

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.

Terms & Conditions | World Gold Council 

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 maintaining price stability and liquidity. Together, they also reflect on 20 years since the launch of GLD, the first U.S.-listed gold ETF, and explore how ETFs have revolutionised access to gold for both retail and institutional investors.

Notable Quotes: 

“An ETF, or as it's known, an exchange-traded fund, pools assets from many different investors and gives them an easy option to buy into a diversified product. They'll buy shares of this product, which will allow them to get access to many different underlying investments.” — Amanda Krichman 

 “I've seen it with my own eyes. For the two products that we work on with GLD and GLDM, the gold is there. The shares of the fund won't be released until the physical gold bars are delivered and allocated within the accounts for each of the ETFs.” — Amanda Krichman 

“You might be wondering, how do these authorised participants make money? It’s based on the arbitrage of how that's trading in the secondary market and to help keep the price as close as possible, less expensive to the underlying value of the gold per share.”  — Amanda Krichman 

Additional Resources

www.gold.org 

Amanda Krichman LinkedIn

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 X at @goldcouncil and LinkedIn.

Terms & Conditions | World Gold Council

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.

Terms & Conditions | World Gold Council

This episode of Unearthed was recorded on Wednesday, April 23.

Additional Resources:

UBS Insights and Reports

Gold Demand Trends Q3 2023 

Gold Reserves by Country

​​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

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.

Terms & Conditions | World Gold Council

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.

Terms & Conditions | World Gold Council

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 

Gold Reserves by Country

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   

   – 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.

Terms & Conditions | World Gold Council

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 ETF Flows: March 2025 

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.

Terms & Conditions | World Gold Council