Unearthed

Unearthed: U.S. Politics, Economics, and Gold Markets: A Look Ahead, ft Robert Armstrong

In this episode of Unearthed, co-hosts Joe Cavatoni and John Reade, Senior Market Strategists for the World Gold Council, are joined by Robert Armstrong, US financial markets editor at the Financial Times and author of the Unhedged newsletter. Filmed on 15th January 2025, together they explore how shifts in US fiscal policy, geopolitical uncertainty, and changes in bond yields are influencing financial markets and the gold industry. Armstrong shares his perspective on key economic themes, including the resilience of the US economy, contrasting global economic challenges, and the dynamics of gold demand from central banks and investors. The trio looks into potential policy changes under the new Republican administration, examining tariffs, tax reforms, and immigration policy—as well as their implications for inflation and broader economic stability. As we publish this episode, just over a month later, it’s remarkable to see how the gold market and gold price have shifted and how the global picture has already changed.
 
[1:08] Armstrong shares his thoughts on the recent steepening of the yield curve and its implications for markets
[5:08] A comparison of the US's robust economy versus struggles in other global markets
[7:53] How potential US tariffs and immigration policy could impact inflation
[12:14] Discussion around potential US tax reform in 2025
[15:42] The role of central banks and emerging market investors in supporting gold demand
[24:15] Armstrong's prediction for the financial markets in 2025
[29:12] Armstrong shares his fun fact and the emotional connection many have with gold
 
Additional Resources
www.gold.org 
Robert Armstrong LinkedIn
Unhedged Newsletter
 
Notable Quotes
"If the world was so uncertain, why isn’t gold going up more? But you take the other side of the argument, which is: if the world wasn’t so uncertain, it would be going down." – Robert Armstrong
"As we like to say in America, our currency, your problem." – Robert Armstrong
“It's a market in suspense. We absolutely know there will be action on tax policy. There has to be because the old tax laws are expiring, and if you have a Republican president with a Republican controlled Senate and a Republican controlled House and you don't cut taxes, what are you there for?”  – Robert Armstrong
“I just feel like right now in the United States, not speaking of the West, but speaking of the United States, risk appetites are just still incredibly robust.”  – Robert Armstrong
 
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 price soars amid tariff concerns

In this episode of Unearthed, hosts Joe Cavatoni and John Reade from the World Gold Council share their expert views on the potential unintended impact of US tariffs on gold. While broad-based tariffs are not expected to specifically target gold, Joe and John discuss the actions traders and risk managers are already taking in response. They also discuss how speculation has shifted gold inventories between London and New York, causing temporary price imbalances and liquidity concerns. Looking ahead, the hosts emphasise the need to monitor the US economy, particularly inflation and potential rate cuts, which could further influence the gold market this year and bring Western investors back to the table. 
 
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: Uncertainty Impacting the Gold Market in 2025

In this episode of Unearthed, hosts Joe Cavatoni and John Reade kick off 2025 by discussing key trends likely to shape the gold market amid global uncertainty. They highlight U.S. political developments, including the introduction of the new administration and tariff debates as significant factors impacting gold’s role in the economy. John talks about political shifts in Europe and the impact these will have on regional economies and the relationship with the US. Inflation remains a focal point, with sticky rates creating challenges for consumer confidence and demand for gold jewelry and coins. Continued central bank gold purchases, notably by China, add to the complex outlook and this episode sets the stage for an intriguing year for gold investors.
 
About World Gold Council
We 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: Outlook for Gold in 2025

The following episode was recorded on December 9, 2024.
Joe Cavatoni and John Reade of the World Gold Council review gold's impressive 2024 performance, with a 28% gain through November—the best in over a decade. They explore the outlook for 2025, expecting modest growth fueled by falling U.S. interest rates and a slow economic recovery. The conversation looks at key factors shaping gold markets: U.S. economic policies, geopolitical uncertainty, and emerging innovation. As Bitcoin hits record highs and central banks like China’s return to gold, the episode explores how these trends might position gold as a steady asset in an unpredictable year ahead. 
About World Gold Council
We 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: Artisanal Gold Mining, ft. Jean Martineau, Dynacor

In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Jean Martineau, President & CEO, Dynacor Gold Mines Inc. during the LMBA & LPPM 2024 Global Precious Metals Conference, to discuss artisanal and small-scale gold mining and how it fits into the bigger picture of the global gold industry. Martineau dives into Dynacor’s operations in Peru and how they’ve created a unique operational framework to help earn the trust of local, small-scale gold miners. He also shares more about how they are focusing on education and safety through work with geologists, engineers and other NGO groups that support education and health within the communities where the miners operate. He concludes the conversation by discussing where Dynacor is headed to next, as they explore opportunities in Africa.
[2:15] Martineau shares the history of Dynacor and how they work with artisanal miners 
[9:00] Dynacor’s relationship with miners in Peru and how they have built trust within the industry and with their miners 
[10:51] A conversation that Martineau overheard between two miners where one shared that Dynacor is one of the only mills he has worked with that is trustworthy
[16:40] The collaboration between Dynacor and NGO groups to help support education and health for miners 
[20:47] New geographies Dynacor is exploring and sees the most potential to expand in the future
[26:34] Martineau shares his fun fact about gold 
 
Additional Resources:
www.gold.org
Dynacor Group
Jean Martineau LinkedIn
Dynacor Group: Construction of a Pilot Plant in Senegal
 
Notable Quotes:
“We work very transparently with the miners.” -Jean Martineau
“I always tell our guys we are working on a long-term basis. I prefer to lose one miner, than lose our reputation.” -Jean Martineau
“At the beginning, in the 2000’s there were no rules, but now our government tried to formalize that and they began in Peru formalizing the process in 2012, so since then we have established a complete transparency standard. So, each time we have a new miner coming in, we have 25 points we verify - if he’s really registered, if he’s working legally, if he’s working in this concession or the other one. So, everything is verified this way.” -Jean Martineau
About World Gold Council
We 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 X at @goldcouncil and LinkedIn.
 
Terms & Conditions | World Gold Council

Unearthed: Digging deep into China’s new economic stimulus package ft. Professor Hao Zhou

In this episode of Unearthed, co-hosts Joe Cavatoni and John Reade, Senior Market Strategists for the World Gold Council, are joined by Professor Hao Zhou from Tsinghua University to dive into the shifting dynamics of China’s economy and its impact on the global gold market. Together, they discuss China’s incredible economic transformation since 1978, the causes behind the recent slowdown in economic growth described by Professor Zhou as the three interconnected problems of: declining real estate, local government debt, and suppressed private industry. The trio also review how China’s new stimulus package could get the country back on the growth trajectory, and to conclude, Professor Zhou gives his two cents on what’s in store for the gold market in China.
 
[1:32] Professor Zhou discusses the Chinese economy from 1949 until 1978 and the characteristics of the market during those years. 
[7:58] Professor Zhou discusses the declining real estate market and what that means for GDP.
[14:47] Joe asks about the historical regional wealth distribution in China.
[22:18] John asks whether the stimulus packages from the Chinese government will work and how long it might take for them to work. 
[29:02] Joe asks Professor Zhou for his views on how investment in gold is playing out in the broader Chinese economy.
Additional Resources
Gold Demand Trends Q3 2023 
Gold Reserves by Country
​​2023 Central Bank Gold Reserves Survey
 
Notable Quotes
"China is the world's largest economy, it's the country with the biggest gold demand, and is the largest gold mining country around. So it's no surprise that what is happening with the Chinese economy is vital to the gold market." –John Reade
"Since 1978 until now, the real growth, per capita GDP, taking out inflation, the real growth, is about eight to nine times. So the personal wealth, personal well-being increased more than eight, close to nine times over the last 40 years." –Professor Hao Zhou
“The most pressing and dangerous issue is a declining real estate...It's a tremendously important part of the economy and if it's declining 30%, you can imagine how important it affects other industries, the consumer sentiment, the government fiscal revenue, they are all connected.” –Professor Hao Zhou
“I'm going to argue looking back on the history of Chinese reform, the best reform measure always comes after the worst period of economic growth.” –Professor Hao Zhou
“[Regional autonomy in tax collection is] a radical shift in terms of how policy's been managed to date… I mean most if not all has been centralized by central government. This is a pretty substantial step that the central government is affording these regional governments.” –Joe Cavantoni
"It’s clear that the Chinese government has recognized that they need to act now, and act enthusiastically, in order to bring the Chinese economy back onto the rapid growth path." –John Reade 
About World Gold Council
We 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: Gold responds to the Fed's rate cut, US election and China stimulus

In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the latest gold market trends, reflecting on the U.S. election outcome, monetary policy, and China’s recent economic developments. They highlight record-breaking gold demand, central bank buying, and shifting global economic dynamics influencing gold prices (more via Gold Demand Trends Q3 2024). They explore how geopolitical uncertainties, inflation concerns, and market corrections are shaping investment strategies worldwide. With gold’s role in China's investment market and Western investors returning to risk assets, this episode unpacks the critical factors driving gold’s future. 

Unearthed: Gold Prices Respond to U.S. Unemployment and Rate Cut Cycle

In this episode of "Unearthed," John and Joe discuss the recent U.S. Nonfarm Payrolls report and its impact on the gold market. The stronger-than-expected employment data has shifted expectations around Federal Reserve rate cuts, leading to a dip in gold prices. While Western investors are adjusting expectations for future rate cuts, China’s market absence also influenced gold prices this week. Despite some corrections, overall sentiment towards gold remains strong, driven in part by rising inflows into ETFs. Many investors are looking to buy on dips, but with limited opportunities for lower prices, gold continues to be a sought-after asset for risk mitigation and diversification.

Unearthed: Refining, Minting and More ft. Lorne Whitmore, Royal Canadian Mint

In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Lorne Whitmore, Managing Director Sales, Precious Metal Products and Services, Royal Canadian Mint, to discuss the comprehensive products and services that the Royal Canadian Mint provides across mining and refining, minting and vaulting. Whitmore dives into how the Royal Canadian Mint supports each facet of the supply chain and shares some of the key trends that are currently impacting its client base regarding demand for precious metals. He concludes the conversation by showcasing examples of the types of physical bullion in which one can invest.
 
[1:12] Whitmore shares information about the Royal Canadian Mint and its role in the industry.
[6:00] Why the Royal Canadian Mint is seeing an uptick in new-end customers
[11:14] The Royal Canadian Mint’s unique advantage for being in the vaulting business
[25:26] Whitmore shares how the Royal Canadian Mint’s facilities are nimble to keep up with consumer demand
[28:05] Whitmore shares a fun fact about gold.
 
Additional Resources:
www.gold.org
www.mint.ca
Lorne Whitmore LinkedIn
More on the L. M. Montgomery Commemorative Circulation Coin and other Royal Canadian Mint gold coins
Ep 10 - Unearthed Tracing Gold from Mine to Vault ft. Marie Lemay and Rob Sargent, The Royal Canadian Mint
Ep 9 - Unearthed: Physical Gold Market Dynamics ft. Philip Newman, Metals Focus
 
Notable Quotes:
“We’re able to provide a global platform, which is increasingly important when people are looking for global liquidity with their investment products.” -Lorne Whitmore
“Clearly the level of demand that we’re seeing for retail minted bullion products are not what they were in the heyday of 2020, through 2022, and parts of 2023– up until just after the banking crisis we did see a pickup, but prior to that I think the whole marketplace was seeing a little bit of a slow down and then things gradually sort of moderated, and they continue to be at more moderate levels of demand.” -Lorne Whitmore
“Being a vaulter of those assets, it really does give us quite an interesting vantage point to observe not just the coin and bar business, but some institutionally driven collective vehicles.” -Lorne Whitmore
“Obviously our core mandate is to provide circulation coinage for commerce, as well as the distribution of coins, which is so at the core of what we do. However, we have important roles to support the mining industry, as well as the financial services industry, through our refinery and through our products.” -Lorne Whitmore
About World Gold Council
We 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 X at @goldcouncil and LinkedIn.
 
Terms & Conditions | World Gold Council
 
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Unearthed : Affinage, monnayage et plus, avec Lorne Whitmore, de la Monnaie royale canadienne
NOTES SUR L’ÉPISODEDans cet épisode, les animateurs John Reade et Joe Cavatoni, du World Gold Council, s’entretiennent avec Lorne Whitmore, directeur général des ventes, Produits et services de métaux précieux à la Monnaie royale canadienne. Ils discutent de la vaste gamme de produits et de services qu’offre la Monnaie royale canadienne dans le secteur des mines, de l’affinage, du monnayage et de l’entreposage sécurisé. M. Whitmore décrit la façon dont la Monnaie royale canadienne appuie de nombreuses facettes de la chaîne d’approvisionnement et présente certaines des grandes tendances qui touchent actuellement sa clientèle en ce qui concerne la demande de métaux précieux. Il conclut la conversation en donnant des exemples des types de produits physiques dans lesquels une personne peut investir.
 
[1:12] M. Whitmore donne des renseignements sur la Monnaie royale canadienne et son rôle dans l’industrie.
[6:00] Les raisons qui expliquent l’augmentation du nombre de clients finaux à la Monnaie royale canadienne.
[11:14] L’avantage distinctif de la Monnaie royale canadienne dans le secteur de l’entreposage sécurisé.
[25:26] M. Whitmore explique que la Monnaie royale canadienne arrive à suivre la demande des consommateurs grâce à l’agilité de ses installations.
[28:05] M. Whitmore transmet un fait intéressant au sujet de l’or.
 
Ressources complémentaires
www.gold.org
www.monnaie.ca
Profil LinkedIn de Lorne Whitmore
Renseignements sur la pièce de circulation commémorative consacrée à L. M. Montgomery et les pièces en or de la Monnaie royale canadienne
Épisode 10 – Unearthed : Le parcours de l’or, de la mine jusqu’à la chambre forte, avec Marie Lemay et Rob Sargent, de la Monnaie royale canadienne
Épisode 9 (en anglais seulement) – Unearthed : Physical Gold Market Dynamics, avec Philip Newman, de Metals Focus
 
Extraits de l’épisode
« Nous arrivons à offrir une plateforme mondiale, ce qui est de plus en plus important quand les gens recherchent de la liquidité à l’échelle mondiale pour leurs produits d’investissement. » – Lorne Whitmore
« Il est clair que, dans la vente au détail, la demande de produits d’investissement n’est pas ce qu’elle était dans la période faste de 2020 à 2022, et en partie en 2023, jusqu’à la fin de crise bancaire. Il y a bien eu une reprise, mais avant cela, je dirais que le marché tout entier a connu un ralentissement. La demande est graduellement revenue à un niveau plutôt modéré par la suite, puis est restée à ce niveau. » – Lorne Whitmore
« En tant qu’établissement d’entreposage de ces actifs, nous sommes bien placés pour observer non seulement le monde des pièces et des lingots, mais aussi certains véhicules collectifs institutionnels. » – Lorne Whitmore
« Évidemment, notre mandat principal est de fournir des pièces de circulation pour le commerce et de voir à leur distribution. C’est au cœur de nos activités. Mais nous avons aussi l’important rôle de soutenir l’industrie minière et le secteur des services financiers grâce à notre affinerie et à nos produits. » – Lorne Whitmore
 
À propos du World Gold Council
Nous sommes une association mutuelle qui fait la promotion de l’or comme actif stratégique, façonnant ainsi l’avenir d’une chaîne d’approvisionnement de l’or responsable et accessible. Notre équipe d’experts étudie les cas d’utilisation et les possibilités relatives à l’or en fournissant des recherches, des analyses, des commentaires et des observations dignes de confiance. Nous faisons avancer l’industrie, influençons les politiques et établissons les normes pour un marché de l’or pérenne et durable.
Vous pouvez suivre le World Gold Council sur X à @goldcouncil et sur LinkedIn.
 
Modalités | World Gold Council (en anglais seulement)

Unearthed: How Rate Cuts and Policy Decisions Will Impact Gold Markets

In this special episode of "Unearthed," hosts John Reade and Joe Cavatoni from the World Gold Council discuss the 50 basis point interest rate cut by the U.S. Federal Reserve and its impact on the gold market. They emphasize that the direction toward lower rates is crucial, as it reduces barriers for Western investment in gold. They anticipate further, more measured rate cuts, which should support gold in the medium to long term.