Unearthed: Debts, Deficits, Debasement and What It Means for Investors

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 flag the catalysts they're watching into September, from the FOMC meeting and incoming US data to signs of a broader physical demand recovery across China, India, and Southeast Asia.

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