Unearthed

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.
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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.
 
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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

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.
 
Terms & Conditions | World Gold Council

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.
 
Terms & Conditions | World Gold Council

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