Unearthed

This episode was recorded on February 10th, 2026.
In this episode of Unearthed, Joe Cavatoni and John Reade, Senior Market Strategists at the World Gold Council, discuss the recent dynamics of the gold market, focusing on the significant price movements in January, the volatility expected in the coming months, and the influence of Asian markets on gold demand.
They also delve into the implications of the U.S. economic landscape, including the nomination of a new Fed chair and its potential impact on gold investments. The conversation highlights the importance of understanding market trends and investor sentiment in navigating the gold market.
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 January 6th, 2026.
In this episode of Unearthed, John Reade and Joe Cavatoni, Senior Market Strategists at the World Gold Council, kick off the new year with an update on the state of the gold market, exploring the factors influencing gold prices, including geopolitical tensions and ongoing economic conditions. They emphasise the importance of strategic allocation to gold in investment portfolios, distinguishing between short-term tactical trades and long-term strategies. 
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 December 10th, 2025.
In this year-end episode of Unearthed, Joe Cavatoni and John Reade, Senior Market Strategists at the World Gold Council, recap an extraordinary 2025 for gold, marked by more than 50 all-time highs and ending the year comfortably above US$ 4,000/oz. Looking ahead, they share their 2026 outlooks, driven by expected rate cuts, a softer dollar, and a cooling US economy.
Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.
 
Additional Resources:
Gold Outlook 2026: Push ahead or pull back
 
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

In this episode of Unearthed, hosts Joe Cavatoni and John Reade, Senior Market Strategists at the World Gold Council, are joined by Allan Guild, Director at Hilltop Walk Consulting and long-time partner to the World Gold Council. Together, they explore a major innovation poised to reshape how gold is traded, owned, and integrated into global financial infrastructure: Wholesale Digital Gold and the introduction of Pooled Gold Interests (PGIs).
Joe and John walk through the implications for market participants, from clearing banks and exchanges to ETF issuers and digital asset innovators. Allan also shares an update on the project's development, the upcoming pilot program in the London OTC market, and key milestones that will signal progress as PGIs move from concept to operational reality.
Subscribe to Unearthed wherever you get your podcasts, and visit Goldhub.com for more insights on gold markets, innovation, and investment trends.
 
Notable Quotes
“When we hear a lot about crypto and technology and digitization, there’s not a lot being said about the gold market that’s actually really changing. Maybe wholesale digital gold can fill that opportunity gap and bring us into a more modern era.” – Joe Cavatoni
“Right now, you've got a universe of participants that support the gold market, but I’m hearing about a market that will allow those that may not have a full vault or custodian capability to be more active.” – Joe Cavatoni
“We’re seeing something like $250 billion of gold changing hands every day… so physical gold works. I'm interested to hear what wholesale digital gold can do to improve a market that’s performing pretty well.” – John Reade
“Gold is a unique asset with this combination of a physical market and a financial market. Wholesale digital gold can address the gaps that stop gold from being a top-tier financial asset in terms of its utility.” – Allan Guild
“PGIs are uniquely positioned to power a future set of digital end-user products in the gold market.” – Allan Guild
 
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

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.
Terms & Conditions | World Gold Council

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.
Terms & Conditions | World Gold Council

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.
Terms & Conditions | World Gold Council

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

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

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