Unearthed

This episode was recorded on 15 October 2026. 

In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack why gold has been stuck in a holding pattern, with prices largely flat after a September pullback. With the U.S. midterm elections around the corner, they consider what the outcome could mean for gold, and why the answer may have less to do with party politics than investors might think. In the midst of conference season, they also turn to the topic dominating conversations on both sides of the Atlantic: central bank buying. After years of strong purchases a...

This episode was filmed on Wednesday 15th July and is part 2 of a 2 part series with Argor-Heraeus.    In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Dr. Robin Kolvenbach, CEO of Argor-Heraeus, a major precious metals refining company located in Mendrisio, Switzerland. Together they explore what responsible sourcing, traceability and sustainability mean in practice for the modern gold supply chain.

Episode two filmed at the Argor-Heraeus site, looks at how Argor-Heraeus treats responsible sourcing as a strategic opportunity rather than a compliance burden, why the company's downstream-focused business model reinforces its compliance standards, an...

This episode was recorded on Thursday 3rd September 2026.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade break down a volatile August for gold, with prices reaching highs of roughly $4,700 before correcting following hawkish comments from Kevin Warsh. They discuss the rally and how it looks narrower and more speculator-driven than the broad-based buying seen in late 2025/early 2026. They also touch on muted safe-haven demand despite ongoing Middle East tensions, as well as the Dutch National Bank's move to relocate gold from Ottawa and the US to London.

Looking ahead, John and Joe...

This episode was filmed on Wednesday 15th July and is part 1 of a 2 part series with Argor-Heraeus. 

In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Dr. Robin Kolvenbach, CEO of Argor-Heraeus a major precious metals refining company located in Mendrisio, Switzerland. Together they unpack the drivers behind the refining industry, often the least understood link in the gold value chain. 

Episode one dives into the economics of the refining industry, why a rising gold price is a cost and a risk to refiners, and how metal lease rates shape th...

This episode was recorded on 13 August 2026.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack gold's push toward $4,400/oz, as softer US economic data clouds the outlook for further Fed rate hikes. They dig into a sharp pickup in ETF flows this month, continued central bank buying, and why the rally so far looks more tactical than broad-based — plus a surprisingly quiet  seasonal demand out of China and India.

Looking ahead, John and Joe flag the catalysts they're watching heading into the fall, from the Jackson Hole symposium to the U.S. Nov...

This episode was recorded on 25 February 2026.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade examine how scientific innovation is strengthening transparency across the global gold supply chain.

They are joined by Dario Biedermann, Head of xTrace at aXedras, to discuss how origin verification technology uses geochemistry and machine learning to confirm where gold comes from. From X-ray fluorescence (XRF) analysis to deep neural networks that match elemental “fingerprints” to known sources, the episode explores how traceability can work in both refineries and upstream ASGM environments.

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This episode was recorded on 8 July 2026.

In this episode of Unearthed, hosts John Reade and Joe Cavatoni take stock of a gold market that has calmed after a more volatile first half of the year. They discuss price movement to this point, gold briefly dipping below $4,000/oz before steadying, and expectations for the price of gold through the second half of the year. The two unpack the regional and category-level dynamics behind the relative calm, including a quieter Chinese market and the seasonal patterns that have historically influenced gold this time of year. They also dig into...

This episode was recorded on 12 June 2026.

In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the findings of the newly released Central Bank Gold Reserves Survey 2026 and examine the recent gold price.

The hosts explore key survey findings, including expectations for further central bank buying, reserve diversification trends, and changing approaches to gold storage. The episode also examines recent gold price weakness, the impact of inflation and interest rate expectations, and why the longer-term drivers supporting gold remain intact despite current market headwinds.

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This episode was filmed on 19 March 2026.

In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Nicky Shiels, Head of Research and Metal Strategy at MKS PAMP – one of the world's leading precious metals refiners and trading houses. Together, they unpack the forces behind gold's remarkable run above $5,000/oz, with Nicky offering a perspective that goes beyond the headlines, drawing on MKS PAMP's unique position across the full precious metals supply chain.

The conversation covers the institutional investment landscape and what it would take to unlock that next leg of investment de...

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 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 respons...

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 globalisation, supply chains, and resilience strategies. 

Rebecca shares her perspective on the biggest macro surprises of 2026 so far, including geopolitical shocks, rising energy prices, and a dramatic s...

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 Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.

About World Gold Council

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...

In this episode of Unearthed, hosts Joe Cavatoni and John Reade examine the shifting dynamics in China - the world’s most important gold market for more than a decade.

They are joined by Roland Wang, Regional CEO for China at the World Gold Council, to explore how gold demand is evolving amid economic headwinds, changing consumer behaviour, and rapid innovation. As real estate’s role as a primary store of value wanes, Chinese households are increasingly diversifying into gold in various and innovative ways.

The conversation also dives into the transformation of China’s jewell...

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 impact on gold investments. The conversation highlights the importance of understanding market trends and investor...

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 strategies. 

Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.

About World Gold Coun...

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

 ...

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...

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 org...

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 financialisaton, the rise of Demat accounts and ETFs, and how a young, digitally savvy population is reshaping the future of gold owne...

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.

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. Wi...

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 insig...

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 pos...

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...

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 sup...

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 ch...

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 Wor...

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. Th...

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...

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 Precious Metals Code and the Responsible Gold Guidance. 

The conversation then moves on to how techno...

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...

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, including the resilience of the US economy, contrasting global economic challenges, and the dynamics of gold demand from central banks and investors. The trio looks...

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...

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...

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 a...

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 also shares more about how they are focusing on education and safety through work with geologists, engineers and other NGO grou...

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...

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. 

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 soug...