Unearthed

Unearthed, On the Ground: LBMA Conference

In this special episode of "Unearthed," hosts John Reade and Joe Cavatoni from the World Gold Council take listeners to the London Bullion Market Association Conference in Barcelona. “On the ground” at the LBMA Conference, they engage with several industry leaders, including Greg Shearer from J.P. Morgan, Nikos Kavalis of Metals Focus, Danielle Oliari of CNT, Ross Norman of Metals Daily, Bimal Das from BMO, and Jim Steel of HSBC. The discussions revolve around two primary questions: the standout aspects of the gold market in 2023 and predictions for its trajectory in 2024. Insights reveal an emerging trend in the market, with experts sharing their unique perspectives and analysis. [2:03] Greg Shearer[6:55] Nikos Kavalis .[11:25 Danielle Oliari  [18:43] Ross Norman[22:18] Bimal Das[29:11] Jim SteelAdditional Resources:More on the LBMA Greg Shearer, Head of Base and Precious Metals Research at J.P. MorganNikos Kavalis, Director at Metals Focus LtdDanielle Oliari, C.O.O. at CNT Depository, Inc. Ross Norman, CEO at Metals DailyEdison Group’s Shades of the 1970s, as referenced by Ross Norman Bimal Das, Managing Director & Global Head, Metals Sales and Structuring at Bank of MontrealJames Steel, Chief Precious Metals Analyst at HSBCEp. 1, Unearthed: Seeing around macroeconomic corners w/ Lori Heinel, State StreetNotable Quotes:“The whole thing about a recession is that it’s a non-linear break, humans think linearly… I think that’s something that our economists are constantly debating amongst themselves.” - Greg Shearer“There is a very strong case for investing in gold or diversifying as a reserve…” - Nikos Kavalis“We are seeing a bit more of the second market coming in, still not as robust as it was pre-covid” -Danielle Oliari“The chances of a rate rise, I think in November now have fallen from about 44% down to 7%. ” - Ross Norman “There’s never the best or right or optimal time to invest, you probably have to take a view that for the longer term, this is an asset where you want to park your money..” -Bimal Das“We are seeing elevated geo political risk, we’ve seen it for several years now compared to the previous 15 years, and that’s going to keep us fairly high.” - Jim SteelAbout World Gold CouncilWe are a membership organization 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: Why Central Banks are stocking up on gold ft. Shaokai Fan, WGC

In the latest episode of "Unearthed," hosts John Reade and Joe Cavatoni dive into the pressing question: Why are central banks stocking up on gold? As the World Gold Council's experts explore this trend, they are joined by Shaokai Fan, the authority on Central Banks and Asia-Pacific affairs. Together, they probe into record-breaking gold demand levels, the speculation of moving away from US dollar dominance, and the strategies driving allocation for reserve managers. Amidst the economic uncertainty, the trio also contrasts the moves of central banks with those of retail and institutional investors, offering a comprehensive view of the gold market's intricacies.[2:44] Shaokai explains the impact of Bretton Woods.[6:56] How do geopolitics play a role in central banks buying gold?[8:58] The hosts discuss with Shaokai why central banks hold FX reserves overall.[13:35] Shaokai explains the reasoning why central banks are holding gold specifically.[20:18] Joe and Shaokai discuss how digital currencies and crypto influence central banks.Additional Resources:Gold Demand Trends Q3 2023 Gold Reserves by Country​​2023 Central Bank Gold Reserves SurveyNotable Quotes:“For gold, (central banks) don’t look so much at return, they look at its ability to be a downside protection.” - Shaokai Fan“Central banks are some of the biggest asset owners in the world, when they’re signaling that they want to buy gold and increase the rate of their purchases, I really do think that that’s had a big impact.” - John Reade“Holding gold means that you have a certain degree of independence, of demonstrating to an international audience or sometimes a domestic audience that your country has the ability to defend its currency and defend its markets when necessary.” - Shaokai Fan“When it comes to institutional dialog with our clients, what we find there’s definitely a level of interest (in digital/crypto currency) but it’s a risk asset in their minds …and there’s a lot of work that still needs to be done before there is a wholesale adoption.” - Joseph Cavatoni“Crypto currencies don’t really fit the bill as a central bank asset. Safety, liquidity, return… not quite there yet.” - Shaokai FanAbout World Gold CouncilWe 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: Seeing around macroeconomic corners ft. Lori Heinel, State Street

In the opening episode of "Unearthed," hosts John Reade and Joe Cavatoni celebrate the launch of their new podcast, focusing on macroeconomic trends and their impact on the investment landscape. Joined by Lori Heinel, the Global Chief Investment Officer at State Street Global Advisors, the group discuss the current market conditions, the role of central banks in addressing inflation and the potential implications of the upcoming U.S. election on investor sentiment. Heinel also shares insights on portfolio diversification strategies and the evolving trends in ETFs, including those for gold, highlighting their significance in today's economic climate.[1:15] Lori gives a summary of current macro economic trends.[4:05] Joe asks Lori what to expect in terms of when rate increases will hit the market .[10:53 Joe asks Lori how she assesses the outlook of U.S. Politics and if her clients are asking about it.[15:59] Lori speaks about event risk and how it applies to the current economic state.[21:29] Lori shares views on private markets like gold as an alternative.Additional Resources:See all Unearthed podcast episodes hereLori Heinel’s LinkedInJohn Reade’s LinkedInJoe Cavatoni’s LinkedInJohn and Joe on the vision for the Unearthed podcastMore about the World Gold CouncilNotable Quotes:“Economies around the globe were suddenly confronted with the prospect that inflation might be higher for a longer period of time, and that was going to require a lot of attention from central bankers.” -Lori Heinel“Despite the fact that we have had massive tightening, consumers have remained healthy.” -Lori Heinel“[China] did not have the robust covid bounce that many of us thought they would have. They had some bounce but it was not nearly as robust  as many had expected. ” -Lori Heinel“I don’t think that the election shapes the economy, I think its that the economy shapes the election.” -Lori Heinel“No matter how much planning you do, the thing that ultimately happens, surprises you.” -Lori Heinel“We think treasures north of four percent…look compelling especially against the structural view that we have that we are going to revert back to more trend growth in the US which would be around that two percent level.” -Lori HeinelAbout World Gold CouncilWe 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 is Unearthed

Join the World Gold Council’s market strategists for informative and insightful discussions with global thought leaders. Together, we’ll unearth golden insights spanning macroeconomics, investment and consumer trends, geopolitics, technology, trust, supply chains and more.