Unearthed

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 the business. In the conversation they cover sourcing patterns reshaped by downstream demand for responsible supply, the scale and significance of bar and coin demand, physically segregated production lines and the tracing processes that allows a gold bar to be identified with a phone years after it leaves the refinery. 
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.
Terms & Conditions | World Gold Council
 
Notable Quotes
"I think what is important is you need overcapacity in a gold refinery because the inflow is not stable, but it has spikes." - Dr Robin Kolvenbach
"We see an increased need for responsible sourcing on the downstream side, which changed our sourcing pattern in a way that we rather these days source from less risky jurisdictions than we might have done 20 years ago." - Dr Robin Kolvenbach
"The other thing that's under appreciated by participants in the gold market is just how important bar and coin investments are." - John Reade 
"We need clarity around the ledger, without breaching any confidentiality around ownership or key data." - Joe Cavatoni 
 
 

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. November elections, and discuss what it would take to see the kind of retail enthusiasm that could take gold materially higher.
You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn.
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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.
Subscribe to Unearthed wherever you get your podcasts, and visit Goldhub.com for more insights.
Notable Quotes
“This technology is now here. It’s not hypothetical anymore, we can implement it today.” – Dario Biedermann
“You’ve got the hardware generating the data, but the real key is the software and the training model behind it.” – John Reade
“In areas where traceability is paper-based, it’s very hard to prove where your material is actually from.” – Dario Biedermann
“Traceability is becoming increasingly vital, not just for end users, but for governments and markets that need to understand these flows.” – Joe Cavatoni
“We want to encourage sourcing, not systematically exclude certain areas—but be more granular and more precise.” – Dario Biedermann
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 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 the sharp shift in US interest rate expectations amid geopolitical tension in the Middle East and renewed inflation pressure.
Looking ahead, the hosts flag a busy period of catalysts, from the June FOMC meeting minutes and mid-month Beige Book release to the Fed's next meeting in late July and the always-closely-watched Jackson Hole symposium in September.
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 X at @goldcouncil and LinkedIn.

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.
 
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 X at @goldcouncil and LinkedIn. 

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 demand. They also examine the differences between gold and silver as investment assets, the structural liquidity challenges emerging in precious metals markets at these price levels, and Nicky's outlook for gold in the year ahead.
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.
Terms & Conditions | World Gold Council
 
Notable Quotes
"What is very under-appreciated is the lack of physical selling." - Nicky Shiels
"We are in a supply constrained environment. Mine production is barely growing." - John Reade
"Gold is no longer a tactical cyclical asset. It's now a strategic allocation to portfolios." - Nicky Shiels
"Investment consultants are now willing to look at real assets as a carve out – and that includes gold." - Joe Cavatoni
"Silver wears two hats – it's part safe haven, part industrial metal. It's a little schizophrenic sometimes." - Nicky Shiels
"The world between investing and day trading or speculating or gambling is being blurred." - Nicky Shiels
 

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 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.

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 shift in monetary policy expectations. What began as a consensus for rate cuts has quickly turned into a more uncertain outlook, with central banks now balancing persistent inflation against slowing growth.
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.
Terms & Conditions | World Gold Council
 
Notable Quotes
“We are moving structurally into a different inflationary environment.” – Rebecca Patterson
“It does feel to me certainly that we’ve started this year with a bang… it feels as if the whole timeline of 2026 has really been compressed into the first quarter.” – John Reade
“It’s basically the equivalent of adding an entire Sweden to the US economy each year.” – Rebecca Patterson
“Those two things go hand in hand… the trade decisions impact the capital flow decisions.” – Rebecca Patterson
“If I were looking at the gold market… I would certainly be leaning towards buying, not selling.” – Rebecca Patterson
“We get this question a lot… is it really a dropping of dollar-based assets, or is it something more complex?” – Joe Cavatoni
“There is no alternative to the US dollar really… if there is to be one potential alternative, then gold is certainly playing a role.” – John Reade
“Things are moving so unexpectedly, so fast.” – Joe Cavatoni

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
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 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 dynamics — conditions that are shaping not just gold, but broader financial markets in 2026.
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.
Terms & Conditions | World Gold Council