Unearthed

Unearthed: Responsible Sourcing in the Gold Value Chain, ft Sakhila Mirza, Deputy Chief Executive & General Counsel, LBMA

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 technology and the GBI programme can support greater transparency across the gold supply chain.
Finally, Sakhila, John and Joe dive into the LBMA’s sustainability and responsible sourcing programme, which includes a discussion on the Gold Principles Group and pan-industry initiatives, International Bullion Centres, and artisanal and small-scale gold mining.  
 
[1.20] Who is the LBMA and what is their role in the global precious metals industry?
[5.03] LBMA Membership requirements and the Global Precious Metals Code
[9.46] Sakhila provides an overview of the Gold Bar Integrity Programme
[16:24] LBMA’s gold industry-focused initiatives
[24:08] How the LBMA is addressing challenges in the artisanal and small-scale gold mining sector 
[27:39] Sakhila shares a fun fact about gold 
 
Additional Resources:
www.gold.org
https://www.lbma.org.uk/
Gold Bar Integrity 
 
Notable Quotes:
“We are a membership-based organisation, but we have the ability to self-regulate, so what that means is if a refiner does not meet that criteria, does not meet those standardised rules that we have for every refiner, the LBMA has enforcement powers, which means that that refiner is removed from the Good Delivery List.” -Sakhila Mirza
“We have a Global Precious Metals Code. This was something that the LBMA held the pen on when it came to drafting the Global Precious Metals Code, and is enforced by the LBMA and every member must attest to the code… From the LBMA perspective, it’s a code that applies to the entire industry, whether you’re a member of the LBMA or not.” -Sakhila Mirza
“We announced earlier this year, in March of 2024, that the LBMA will be launching the LBMA GBI database.” -Sakhila Mirza
“As you said, 20% of the overall supply is ASM (artisanal small-scale mining). If you take that 20%, less than 2% is going through the LBMA refiners. Where is the rest going?” -Sakhila Mirza
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.
 
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Unearthed: Gold’s Next Move – ETFs, China & Investor Sentiment

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 
Gold Reserves by Country
 
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: U.S. Politics, Economics, and Gold Markets: A Look Ahead, ft Robert Armstrong

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 into potential policy changes under the new Republican administration, examining tariffs, tax reforms, and immigration policy—as well as their implications for inflation and broader economic stability. As we publish this episode, just over a month later, it’s remarkable to see how the gold market and gold price have shifted and how the global picture has already changed.
 
[1:08] Armstrong shares his thoughts on the recent steepening of the yield curve and its implications for markets
[5:08] A comparison of the US's robust economy versus struggles in other global markets
[7:53] How potential US tariffs and immigration policy could impact inflation
[12:14] Discussion around potential US tax reform in 2025
[15:42] The role of central banks and emerging market investors in supporting gold demand
[24:15] Armstrong's prediction for the financial markets in 2025
[29:12] Armstrong shares his fun fact and the emotional connection many have with gold
 
Additional Resources
www.gold.org 
Robert Armstrong LinkedIn
Unhedged Newsletter
 
Notable Quotes
"If the world was so uncertain, why isn’t gold going up more? But you take the other side of the argument, which is: if the world wasn’t so uncertain, it would be going down." – Robert Armstrong
"As we like to say in America, our currency, your problem." – Robert Armstrong
“It's a market in suspense. We absolutely know there will be action on tax policy. There has to be because the old tax laws are expiring, and if you have a Republican president with a Republican controlled Senate and a Republican controlled House and you don't cut taxes, what are you there for?”  – Robert Armstrong
“I just feel like right now in the United States, not speaking of the West, but speaking of the United States, risk appetites are just still incredibly robust.”  – Robert Armstrong
 
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.
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Unearthed: Gold price soars amid tariff concerns

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.
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Unearthed: Uncertainty Impacting the Gold Market in 2025

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.
Terms & Conditions | World Gold Council

Unearthed: Outlook for Gold in 2025

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.
Terms & Conditions | World Gold Council

Unearthed: Artisanal Gold Mining, ft. Jean Martineau, Dynacor

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 groups that support education and health within the communities where the miners operate. He concludes the conversation by discussing where Dynacor is headed to next, as they explore opportunities in Africa.
[2:15] Martineau shares the history of Dynacor and how they work with artisanal miners 
[9:00] Dynacor’s relationship with miners in Peru and how they have built trust within the industry and with their miners 
[10:51] A conversation that Martineau overheard between two miners where one shared that Dynacor is one of the only mills he has worked with that is trustworthy
[16:40] The collaboration between Dynacor and NGO groups to help support education and health for miners 
[20:47] New geographies Dynacor is exploring and sees the most potential to expand in the future
[26:34] Martineau shares his fun fact about gold 
 
Additional Resources:
www.gold.org
Dynacor Group
Jean Martineau LinkedIn
Dynacor Group: Construction of a Pilot Plant in Senegal
 
Notable Quotes:
“We work very transparently with the miners.” -Jean Martineau
“I always tell our guys we are working on a long-term basis. I prefer to lose one miner, than lose our reputation.” -Jean Martineau
“At the beginning, in the 2000’s there were no rules, but now our government tried to formalize that and they began in Peru formalizing the process in 2012, so since then we have established a complete transparency standard. So, each time we have a new miner coming in, we have 25 points we verify - if he’s really registered, if he’s working legally, if he’s working in this concession or the other one. So, everything is verified this way.” -Jean Martineau
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 at @goldcouncil and LinkedIn.
 
Terms & Conditions | World Gold Council

Unearthed: Digging deep into China’s new economic stimulus package ft. Professor Hao Zhou

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
Gold Demand Trends Q3 2023 
Gold Reserves by Country
​​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.
 
Terms & Conditions | World Gold Council

Unearthed: Gold responds to the Fed's rate cut, US election and China stimulus

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

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.