Unearthed

This episode was recorded on 8 July 2026. In this episode of Unearthed, hosts John Reade and Joe Cavatoni take stock of a gold market that has calmed after a more volatile first half of the year. They discuss price movement to this point, gold briefly dipping below $4,000/oz before steadying, and expectations for the price of gold through the second half of the year. The two unpack the regional an...

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...

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,...

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 insight...

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...

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 liqu...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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 i...

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...

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...

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...