Unearthed

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 appeal.  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 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 will influence the upcoming year. The group also discuss how Europe's evolving landscape could impact global asset allocation, including a bullish forecast for gold. Tune in for a nuanced discussion on Europe's economic challenges, opportunities, and its potential renaissance.   Additional Resources: UBS Insights and Reports

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 investor sentiment and the outlook for gold in the coming months, highlighting the importance of gold as a strategic asset in uncertain economic times.   Additional Resources: Gold Demand Trends: Q1 2025   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, 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 disconnect. George shares how investors should think about mining companies today, what factors influence their performance – from cost pressures to growth metrics – and how sentiment is starting to shift from earnings to value. The conversation also covers what kind of growth matters most to investors and how to think about mining equities in the context of broader portfolio decisions. Tune in for a detailed breakdown of what's behind the headlines – and subscribe to Unearthed on your favourite podcast platform to stay up to date.    Additional Resources: Gold Demand Trends Q4 (Full Year) 2024  Gold Reserves by Country   Notable Quotes: “One of the things that I have heard from time to time is a production cliff looming for some of the producers, maybe five to ten years out, because of the pain the industry went through and the slowdowns in exploration.”     – John Reade  “ The gold industry has changed. The management of the industry has changed, and part of that is because of the circumstances that they went through in the last cycle.”    – John Reade  “ I think my own view is we're never going to end up with too few gold companies because every day there's people starting up junior gold companies. There's always somebody trying. I do think we probably could do with a bit more consolidation at the moment, but I also readily agree it's very hard to do.”    – George Cheveley    “I think time and timing is one of the big challenges and when we're feeling sorry for ourselves as fund managers. You know, sometimes we sit around and we say. The real problem with this job is we're talking to companies who are talking in decades and we're trying to service our clients who are talking in quarters, and we're trying to cover that spread, and it's pretty hard at times."    – George Cheveley     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, 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 North America, Europe, and Asia, and discuss the potential geopolitical and economic influences driving investor demand in these key regions. With continued volatility on the horizon, our hosts conclude by discussing what they'll be keeping a close eye on for the next few weeks.   Additional Resources: Gold ETF Flows: March 2025  Gold Market Commentary: March 2025   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, 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 London Precious Metals Market. She outlines their standards including the Good Delivery List, the Global Precious Metals Code and the Responsible Gold Guidance.  The conversation then moves on to how technology and the GBI programme can support greater transparency across the gold supply chain. Finally, Sakhila, John and Joe dive into the LBMA's sustainability and responsible sourcing programme, which includes a discussion on the Gold Principles Group and pan-industry initiatives, International Bullion Centres, and artisanal and small-scale gold mining.     [1.20] Who is the LBMA and what is their role in the global precious metals industry? [5.03] LBMA Membership requirements and the Global Precious Metals Code [9.46] Sakhila provides an overview of the Gold Bar Integrity Programme [16:24] LBMA's gold industry-focused initiatives [24:08] How the LBMA is addressing challenges in the artisanal and small-scale gold mining sector  [27:39] Sakhila shares a fun fact about gold    Additional Resources: www.gold.org https://www.lbma.org.uk/ Gold Bar Integrity    Notable Quotes: “We are a membership-based organisation, but we have the ability to self-regulate, so what that means is if a refiner does not meet that criteria, does not meet those standardised rules that we have for every refiner, the LBMA has enforcement powers, which means that that refiner is removed from the Good Delivery List.” -Sakhila Mirza “We have a Global Precious Metals Code. This was something that the LBMA held the pen on when it came to drafting the Global Precious Metals Code, and is enforced by the LBMA and every member must attest to the code… From the LBMA perspective, it's a code that applies to the entire industry, whether you're a member of the LBMA or not.” -Sakhila Mirza “We announced earlier this year, in March of 2024, that the LBMA will be launching the LBMA GBI database.” -Sakhila Mirza “As you said, 20% of the overall supply is ASM (artisanal small-scale mining). If you take that 20%, less than 2% is going through the LBMA refiners. Where is the rest going?” -Sakhila Mirza 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

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 key markets around the world, discussing the muted physical demand in North America and Europe, the potential impact of European deficit spending on the gold market, and China's growing investment demand – particularly the recent policy shift allowing major insurers to allocate assets to gold.  With macroeconomic forces in flux, Joe and John consider what could drive gold higher to US$3,000/oz and what investors should watch next.    Additional Resources: Gold Demand Trends Q4/Full Year 2024  Gold Reserves by Country   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, 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

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

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

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

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

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

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. 

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.

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   ---   Unearthed : Affinage, monnayage et plus, avec Lorne Whitmore, de la Monnaie royale canadienne NOTES SUR L'ÉPISODE Dans 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)

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. 

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 applications of gold nanoparticles. Laura addresses the critical energy transition challenge, exploring how gold nanoparticles could contribute. She also shares insights into the future advancements and potential breakthroughs in the field of gold nanoparticles. [4:08] Laura discusses the history of gold nanoparticles, tracing when they first became a subject of scientific research. [6:37]  Laura discusses why gold is developing in such a positive way in the healthcare industry. [11:32] Joe asks about the applications of gold nanoparticles in water desalination. [14:53]  Is recycling of gold nanoparticles a possibility? [16:25] What do you think will be the next major application for gold nanoparticles beyond those we've already discussed?   Additional Resources: Laura Fabris' LinkedIn Laura Fabris' Wikipedia page Fabris Research Group   Notable Quotes: “We're looking into the hydrogen production market into the energy market to see if this can be a really industrially relevant technology that we can bring to the next phase of industrial transition .” - Dr. Laura Fabris “We can say that (a nanoparticle) is anything that is between 1,000 to 10,000 times smaller than a hair in diameter.” - Dr. Laura Fabris “All these red colors you see in glass are actually gold nanoparticles, I'ts just we didn't know we were making them.” - Dr. Laura Fabris “I think the most interesting property that gold nanoparticles have is the way they interact with light.” - Dr. Laura Fabris “Because the shape of these nano stars, we can absorb the entire solar spectrum, and as a consequence we can use the whole solar light to produce hydrogen from water, 7 times more efficiently than any commercial photo catalyst.” - Dr. Laura Fabris 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

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 dives further into the conversation, Sargent highlights how the Royal Canadian Mint's legacy, with over 100 years of business in Ottawa, makes its refining facilities unique. The conversation then focuses on digitalization and the future of the gold industry, sharing insights on Distributed Ledger Technology (DLT) and the benefits it could bring to the precious metals industry.   [2:42] Marie shares how the Royal Canadian Mint supports the precious metals and refinery industry. [7.59] John and Joe discuss how WGC members and the broader gold industry are exploring the use of DLT for enhanced supply chain transparency [8:43] Rob discusses the digitalization of gold in the supply chain and how it could be impactful. [10:20] What are the benefits that Distributed Ledger Technology could bring to the industry? [18:10] What is the Royal Canadian Mint's involvement with LBMA and WGC's pilot GBI program? [19:19] Rob mentions the Bullion Genesis Project. Learn more about that here. [27:23] Rob shares his fun fact about gold.   Additional Resources: www.gold.org www.mint.ca Marie Lemay LinkedIn Rob Sargent LinkedIn Press release: World Gold Council members commit to enhanced supply-chain transparency Press release: The Royal Canadian Mint transforms its gold refining with new distributed ledger technology solution that traces metal from mine to vault More on the Bullion Genesis Project   Notable Quotes: “We pride ourselves on our responsible metal sourcing and we seek to attract refining customers who share our environmental, social and governance values.” -Marie Lemay “As the supply chain grows and more participants get onto a digitized supply chain, then I think you have opportunities to streamline data flow as well.” -Rob Sargent “We've been in the refining business here in downtown Ottawa for over 100 years, started in 1911, so there's that brand recognition.”  -Rob Sargent “I think the overall value of transparency sort of outweighs the competitive advantage.” -Rob Sargent 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 : Le parcours de l'or, de la mine jusqu'à la chambre forte », avec Marie Lemay et Rob Sargent de la Monnaie royale canadienne   NOTES SUR L'ÉPISODE Dans cet épisode, les animateurs John Reade et Joe Cavatoni du World Gold Council s'entretiennent avec Marie Lemay, présidente de la Monnaie royale canadienne, et Rob Sargent, directeur des services d'affinage de la Monnaie royale canadienne. Marie Lemay parle du rôle de la Monnaie dans l'industrie de l'or au Canada et ailleurs, et présente quelques-unes des grandes initiatives et priorités de l'entreprise. Au fil de l'entretien, Rob Sargent explique comment le parcours de la Monnaie royale canadienne, qui mène ses activités à Ottawa depuis plus de 100 ans, rend ses installations d'affinage uniques en leur genre. La conversation se tourne ensuite vers la numérisation et l'avenir de l'industrie, notamment sur la technologie de registre distribué (TRD) et les avantages qu'elle pourrait apporter au secteur des métaux précieux.   [2:42] Marie Lemay explique comment la Monnaie royale canadienne soutient les secteurs des métaux précieux et de l'affinage. [7:59] John Reade et Joe Cavatoni expliquent que les membres du WGC et l'industrie de l'or dans son ensemble se penchent sur l'utilisation de la TRD pour améliorer la transparence au sein de la chaîne d'approvisionnement. [8:43] Rob Sargent discute de la numérisation de l'or au sein de la chaîne d'approvisionnement et de ses retombées. [10:20] Quels avantages la technologie de registre distribué pourrait-elle avoir pour l'industrie? [18:10] Quel est le rôle de la Monnaie royale canadienne dans le programme pilote d'intégrité des lingots d'or de la LBMA et du WGC? [19:19] Rob Sargent mentionne le projet Origine – Produits d'investissement. Pour en savoir plus, cliquez ici. [27:23] Rob Sargent raconte un fait intéressant sur l'or.   Ressources complémentaires www.gold.org https://www.monnaie.ca Page LinkedIn de Marie Lemay Page LinkedIn de Rob Sargent Communiqué de presse (en anglais seulement) : World Gold Council members commit to enhanced supply-chain transparency Communiqué de presse : La Monnaie royale canadienne transforme ses affineries d'or avec une nouvelle solution, la technologie de registre distribué, qui assure le suivi des métaux de la mine jusqu'au produit fini En savoir plus sur le Projet Origine – Produits d'investissement   Extraits de l'épisode « Nous sommes fiers de notre approvisionnement responsable en métaux et cherchons à attirer une clientèle d'affinage qui partage nos valeurs en ce qui concerne les facteurs environnementaux, sociaux et de gouvernance. » – Marie Lemay « À mesure que la chaîne d'approvisionnement s'accroît et que de plus en plus de participants mettent en place une chaîne d'approvisionnement numérique, nous avons aussi une occasion de simplifier le flux de données. » – Rob Sargent « Nous offrons des services d'affinage ici, au centre-ville d'Ottawa, depuis 1911, soit depuis plus de 100 ans. Nous jouissons donc d'une grande notoriété. » – Rob Sargent « Je crois que la valeur globale de la transparence l'emporte sur l'avantage concurrentiel. » – Rob Sargent 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)

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 2020 to early 2023 in Western markets like North America and Europe, contrasted with different dynamics in China and Turkey. Newman explains the reasons behind price premiums, influenced by supply-demand dynamics and logistical challenges, especially during events like the COVID-19 pandemic and the collapse of regional banks. He also touches on the roles of high-net-worth investors and family offices in the market. Newman concludes by offering insights into future market expectations, emphasizing the importance of price volatility and the resilience of the physical gold market, supported by central bank demand and muted scrap supply.   [4:18] Philip speaks to some key trends that are developing. [7:32] Why do premiums exist when it comes to the cost of buying physical gold? [11:36] What happens when you sell your gold, do you capture that premium? [20:48] Are the dynamics with gold different to silver, platinum or palladium and how similar are they? [25:05] Philip, Joe and John share their fun facts about gold.   Additional Resources: www.metalsfocus.com www.gold.org   Notable Quotes: “You get very different trends, between high net worth and family office investors on one and retail investment on the other. ” - Philip Newman “Sometimes these markets can blow a little bit hot and cold, but it's always a struggle, I think, for the trade to try and forecast that demand.” - Philip Newman “A retail investor is potentially going to be losing some of that premium they paid, but the hope is that the gold price has strengthened and therefore that is comfortably offsetting some of that potential loss on some of the premium.” - Philip Newman “I think maybe you're paying a bit more attention to the fact that the fed could reduce rates and so that, I think, is a bullish signal and I think for some of those investors there has been some fear of missing out.” - Philip Newman 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

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 critical minerals play in everyday life, as well as in the future for the energy transition. The conversation covers how gold is perceived around the world, and how its recognition as a critical mineral should be growing. George also provides an overview of Eldorado's mining operations and shares inspiring examples of how Eldorado Gold is positively impacting the communities in which it operates. The trio also discuss another aspect of gold's strategic importance to the world – how its unique properties make it a critical resource for the technology we enjoy today and medical innovations. George concludes with some of the hurdles that critical minerals may face due to the need for infrastructure to match the ambition of the energy transition.    [1:07] George shares his perspective on how important critical minerals are to our planet. [2:50] George dives into gold's role as a critical mineral and why some countries may not view it as one. [8:49] The group discusses how gold plays heavily into the economic security arguments and the benefits it has to local communities, and George shares the impact that Eldorado Gold leaves in its communities. [22:23] George, Joe and John share fun facts about gold.   Additional Resources: Eldorado Gold Skouries Project PDAC Convention   Notable Quotes: "Fundamentally, all the things we enjoy on this planet, that's modern, air conditioning, infrastructure, transportation, communication, none of it's here without minerals." -George Burns "Although gold's at a record price today, funding for junior exploration companies that are going to find the deposits of the future and the mines of the future is virtually unavailable. And with a lack of development and exploration, there's going to be challenges coming forward." -George Burns "And I think if you look back in time, gold has been the currency that's been there the longest. So I don't see it going away, I see it gaining importance." -George Burns “Locals have been trained to be our miners and I would tell you they are our strongest advocate. They now know the real benefits that have come into their community, the jobs and prosperity it's brought to their families, and the educational opportunities it's brought to their kids.” -George Burns “I think also the experience of Russia's invasion of Ukraine has taught politicians that you can't print your way out of a shortage of commodities and materials and that you really need the flow of these things to make the modern life that we have.” -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

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 byproduct production from mining operations, particularly gold and silver, establishing Wheaton as a major industry player. The conversation covers the robust gold market, driven by central bank purchases from BRIC countries, and the industrial demand and growth potential for silver. Challenges such as the decrease in new mining projects, stringent permitting processes, and the necessity for community support are examined, alongside the impact of automation and AI on improving mining efficiencies. Randy concludes with personal anecdotes and the unique value and recyclability of gold, offering a thorough perspective on the precious metals sector's financing models, market trends, and sustainability considerations.   [3:38] Randy hypothesizes why gold is hitting all time highs and gives insights on why that may be. [6:37] Randy elaborates on what has impressed him about the gold demand in the past couple of years. [11:02] The group explores the dynamic in conversation around investors expanding to other metals. [14:35] Randy speaks about investors and what influences them the most when it comes to a decision on getting involved in a project.    Additional Resources: Randy Smallwood LinkedIn  Wheaton Precious Metals PDAC Convention   Notable Quotes: "We're going to try and change that industry with what we call streaming. And streaming is a much more partnership-focused approach to working with the operators... we supply capital for a percentage, and typically of a non-core byproduct." -Randy Smallwood "The price is reflecting that appetite, but it just hasn't made it back to the investing public, especially on the mining sector, in terms of the companies that actually produce this gold that we all need, and so, I'm hungry for that change in appetite. Let's bring it on." -Randy Smallwood "The only alignment that we see in BRIC is a lack of appetite for the US dollar. That's the only thing that takes some very diverse countries, economies, politics, cultures, and blends them all together, and the only constant amongst that entire group of BRIC nations is a dislike of the US dollar and a distrust of the US dollar." -Randy Smallwood "We are very selective of what we invest into. We're always looking for assets that have high operating margins. We're seeing a dearth of those. We're seeing that dramatically drop off. There's just not as many new projects coming into play." -Randy Smallwood 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

[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 investors should put their cash to work.Additional Resources:John Reade's LinkedInJoe Cavatoni's LinkedInJohn and Joe on the vision for the Unearthed podcastMore about the World Gold CouncilKarim Chedid LinkedIn BlackRock 2024 outlook Notable Quotes:“I think that AI is a dispersion driver. It's a dispersion of returns and a dispersion of earnings.” - Karim Chedid“We hadn't seen valuations become too expensive, especially on the two year forward earnings perspective because of the real impact that the AI breakthrough is having on earning projections.” - Karim Chedid“The rate cuts are coming this year, we can debate how many versus how much the market is priced in, but they are coming.” - Karim Chedid“The correlation between stocks and bonds is no longer reliable because you can have quite correlated periods between stocks and bonds.” - Karim ChedidAbout 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

[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 LinkedInNotable Quotes:“Why does the modern industry still use gold? It's because it's reliable, it's because it doesn't fail and it's particularly important in high value safety critical devices. -Trevor Keel“As new technologies come onto the market, old technologies tend to disappear and particularly that is the case when you have a relatively expensive material like gold.” -Trevor Keel“Gold now is still used heavily in the electronics industry and that's a testament to gold as a material. Last year, just over 250 tons of gold went into the electronics industry. That's roughly 5-6% of the entire demand for gold.” -Trevor Keel“There is a significantly larger portion of gold in an EV compared to that of a traditional IC vehicle.” -Trevor Keel“You can use gold to actually help drugs get into tumors and help drugs actually better target tumors.” -Trevor KeelAbout 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 X (Twitter) at @goldcouncil and LinkedIn.Terms & Conditions | World Gold Council

[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] Can the election in 2024 have a substantial impact on the geopolitical landscape and when does that start to be priced in?[22:27] Is there something specific we should be watching in China? Additional Resources:Tina Fordham LinkedInFordham Global Foresight Website Notable Quotes:“We have a real disconnect at the moment between investor perception of how geopolitical risk registers based on past experience and the present environment, where those stabilizers and buffers are less present and less able to fulfill the traditional masking function.” -Tina Fordham“I think the risk of this conflict escalating is not priced in and it is something that I think is going to stay on the watchlist heading into 2024.” -Tina Fordham“In general my experience is that naturally there is a tendency for gold to get bought when you get a sudden unexpected pickup in geopolitical tensions like for example the russian invasion of Ukraine last year and similarly with the events that are transpiring in israel and now into Gaza.” -John Reade“This war is breaking social media and impacting the global left in ways that could influence election outcomes.” -Tina Fordham “China wants to change institutions or create new parallel institutions to challenge US hegemony.” -Tina Fordham About 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

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

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

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

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.