Unearthed

Unearthed: How ETF Inflows Are Shaping Gold Demand in 2025

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.
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Unearthed: Mining Equities and the Golden Thread in Global Markets ft. George Cheveley, Ninety One

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   
“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

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.
 
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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.
 
Terms & Conditions | World Gold Council

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.
 
Terms & Conditions | World Gold Council

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.
Terms & Conditions | World Gold Council

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.
Terms & Conditions | World Gold Council

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