Unearthed

Unearthed: Navigating gold prices - What lies ahead?

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 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: India’s Golden Transformation ft. Sachin Jain, CEO of the World Gold Council India

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 ownership. Sachin also sheds light on the Indian government’s ambitious Viksit Bharat 2047 vision, outlining how gold fits into the country’s journey toward developed-nation status. 
Subscribe to Unearthed wherever you get your podcasts, and visit Goldhub.com for more insights.
 
[1:23] Summary on the current state of the gold market in India
[4:18] Gold as part of the social fabric in India
[5:01] The rising interest in digital gold and ETFs
[6:00] Explanation of Demat accounts
[6:59] The development of gold financial products in India
[10:37] An analysis of the most regionally competitive assets to gold
[13:01] Unpacking Viksit Bharat 2047
[16:47] Biggest opportunities for gold and potential challenges on the road to 2047
 
Notable Quotes
“Jewellery isn’t just a consumable for the purposes of having some bling; it’s also about the possibility of saving in that format.” – Joe Cavatoni
“The demographic dividend, if it’s used properly, has the potential, as Sachin has said, to grow the economy materially by 2047. And I think gold demand on the whole is in a good place.” – John Reade
“In India, gold is a part of the social fabric.” – Sachin Jain
“Upwards of almost $100 billion is the market size, half of which is organised and half of which is unorganised.” – Sachin Jain
 
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: The Gold Surge - What Investors Need to Know

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.
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Unearthed: Tariffs, Fed Uncertainty, and Gold’s Surge

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 
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: From Payrolls to Policy – What’s Driving Gold Demand?

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 
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: The Future of the US Dollar ft. Kenneth Rogoff, Economist and Professor of Economics, Harvard University

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 
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: Gold ETFs 101 — Myths, Mechanics, and Market Access, ft Amanda Krichman

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 
Disclaimer: 
For additional information on SPDR® Gold Shares (GLD®) and SPDR® Gold MiniShares (GLDM®), please visit www.spdrgoldshares.com.
 
The information is for educational purposes only and is not intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments. Investing involves risk, including any investment in GLD or GLDM.  Before making any investment, you should read GLD’s prospectus which is available here and GLDM’s prospectus which is available here and consult your tax and financial advisor.
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
Correction notice:
Please note a small error in this recording. At 3mins 47sec Amanda notes that the custodian releases the shares once the gold is delivered to the custodian. However, technically it’s the admin that releases the shares once the gold is delivered to the custodian.

Unearthed: May Gold Market Trends – ETFs, Retail Divergence & Central Bank Demand

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

Unearthed: EU Economic Outlooks & Potential Renaissance, ft. Reinhard Cluse, UBS

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 challenges, opportunities, and its potential renaissance.
 
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
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: 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.
Terms & Conditions | World Gold Council