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.
Episodes
Unearthed: Central Banks, Gold and the Road Ahead
This episode was recorded on 12 June 2026.
In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the findings of the newly released Central Bank Gold Reserves Survey 2026 and examine the recent gold price.
The hosts explore key survey findings, including expectations for further central bank buying, reserve diversification trends, and changing approaches to gold storage. The epis
Unearthed: Supply, Strategy, and the Road to $6,000 ft Nicky Shiels, MKS PAMP
This episode was filmed on 19 March 2026.
In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Nicky Shiels, Head of Research and Metal Strategy at MKS PAMP – one of the world's leading precious metals refiners and trading houses. Together, they unpack the forces behind gold's remarkable run above $5,000/oz, with Nicky offering a perspective that goes beyond the headlines,
Unearthed: Decoding Gold Demand
This episode was recorded on 13 May 2026.
In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss recent gold demand trends.
The hosts unpack recent gold market activity, investor behaviour, and geopolitical influences affecting gold demand and prices. The conversation covers the impact of inflation, central bank activities, and regional demand shifts, offering valuable insigh
Unearthed: The New Macro Playbook ft Rebecca Patterson
This episode was filmed on 19 March 2026.
In this episode of Unearthed, hosts Joe Cavatoni and John Reade sit down with Rebecca Patterson, globally respected macroeconomic investor, Vanguard board member, and Senior Fellow at the Council on Foreign Relations, to unpack the fast-moving and increasingly complex global economic landscape. The conversation explores how geopolitical risk has moved to t
Unearthed: Central bank gold transactions and strategies
This episode was recorded on 10 April 2026.
In this episode of Unearthed, hosts Joe Cavatoni and John Reade explores recent Central Bank activity in the gold market.
Following years of record-high buying, recent headlines have highlighted sales, swaps, and reserve shifts across countries like Turkey and France. The episode explains how these moves reflect active, management - using gold as a liq
Unearthed: Navigating Gold's New Volatility Among Geopolitical Conflict
This episode was recorded on 3 March 2026.
In this episode of Unearthed, Joe Cavatoni and John Reade unpack gold’s sharp reaction to escalating conflict in the Middle East. The hosts discuss gold’s initial surge following geopolitical tensions, before levelling out as markets absorbed the shock. The conversation covers impacts on global gold supply chains, broader implied volatility trends for gol
Unearthed: The New Shape of Gold Demand in China ft. Roland Wang, CEO of World Gold Council China
In this episode of Unearthed, hosts Joe Cavatoni and John Reade examine the shifting dynamics in China - the world’s most important gold market for more than a decade.
They are joined by Roland Wang, Regional CEO for China at the World Gold Council, to explore how gold demand is evolving amid economic headwinds, changing consumer behaviour, and rapid innovation. As real estate’s role as a primary
Unearthed: Gold Price Surge and What It Means for Investors
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
Unearthed: Geopolitics, Volatility & the Case for Long-Term Gold Allocation
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 g
Unearthed: Gold's Breakout Year & Outlook for 2026
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 c
Unearthed: Wholesale Digital Gold ft. Allan Guild, Hilltop Walk Consulting
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
Unearthed: Navigating gold prices - What lies ahead?
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 implicatio
Unearthed: India’s Golden Transformation ft. Sachin Jain, CEO of the World Gold Council India
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 th
Unearthed: The Gold Surge - What Investors Need to Know
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 stra
Unearthed: Tariffs, Fed Uncertainty, and Gold’s Surge
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, removin
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 ex
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 cu
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 cover
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 app
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 thes
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
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 dis
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 Nor
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 Lon
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 k
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 fina
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
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 thes
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:
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
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 econo
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 u
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. De
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 t
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
Unearthed: Gold Nanoparticles Under the Microscope ft. Dr. Laura Fabris
In this episode, hosts John Reade and Joe Cavatoni speak with Dr. Laura Fabris about the fascinating world of gold nanoparticles. Laura explains what gold nanoparticles are and their significant role in modern life. She shares her journey into working with gold and how it has influenced her career. The discussion highlights the impact of her research on healthcare, particularly in medical applicat
Unearthed: Tracing Gold from Mine to Vault ft. Marie Lemay and Rob Sargent, The Royal Canadian Mint
EPISODE NOTES
In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Marie Lemay, President and CEO, Royal Canadian Mint and Rob Sargent, Director Refinery Services, Royal Canadian Mint. Lemay discusses the role of the Royal Canadian Mint in the Canadian and broader gold industry and highlights several key initiatives and priorities for the Mint. As the group dive
Unearthed: Physical Gold Market Dynamics ft. Philip Newman, Metals Focus
In this episode, live from the IPMI Conference in Orlando, Florida, hosts John Reade and Joe Cavatoni from the World Gold Council interview Philip Newman, Founding Partner of Metals Focus, to discuss the intricacies of the global bar and coin market. Newman explains the differentiation between bar and coin demand versus OTC demand. He discusses recent market trends, noting the strong demand from 2
Unearthed: Critical Minerals and the Case for Gold ft. George Burns, Eldorado Gold Corporation
In this episode of "Unearthed," hosts Joe Cavatoni and John Reade speak with George Burns, President and Chief Executive Officer, Eldorado Gold, discussing critical minerals and the role of gold in our world. George joins Joe and John for the conversation in Toronto during PDAC 2024, the world's largest mineral exploration and mining conference, where George shares insight into the importance that
Unearthed: Gold outlook for 2024 and beyond ft. Randy Smallwood, Wheaton Precious Metals
In this episode of "Unearthed," hosts Joe Cavatoni and John Reade speak with Randy Smallwood, President & CEO of Wheaton Precious Metals, discussing the innovative streaming business model that has significantly influenced the precious metals industry. As Wheaton celebrates its 20th anniversary, Randy shares insights into how this model has facilitated capital provision in exchange for byprodu
Unearthed: Hard, soft or no landing ft. Karim Chedid, BlackRock
[1:27] Karim elaborates on how he perceives the overall economic climate at the present.
[3:08] Are we going to see growth stabilize and even accelerate?
[4:24] Karim explains mega forces and how he believes they will influence portfolios and investors.
[11:41] Karim dives into geo-political risks versus opportunity.
[20:46] With cash allocations possibly reaching 8%, Karim hypothesizes if investo
Unearthed: Gold in technology throughout the ages
[4:25] Trevor elaborates more on modern industries and electronics that are using gold.
[7:53] Trevor discusses growth in gold demand for technology.
[11:53] Our guest explains how gold is in many consumer devices we use in daily life.
[22:10] Trevor dives into gold’s role in medical devices.
[25:09] Trevor share fun facts about gold.
Additional Resources:
Trevor Keel LinkedIn
Notable Quotes:
“Why
Unearthed: The impact of geopolitics on gold ft. Tina Fordham, Fordham Global Foresight
[5:19] Is there a shift in central banks being net buyers and does it signal more than diversification in regards to a political and global perspective?
[8:19] John elaborates on gold’s performance and its reaction in value during geopolitical events.
[11:33] Joe asks Tina if the conflict in the Middle East is a function of US markets continuing to be spread thin and how she assesses it.
[15:08] C
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
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
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 potent
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.
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