Podcasts about World Gold Council

“Activism” might be one of the less helpful terms in modern investing, a label that conjures everything from boardroom bust-ups, to terse exchanges between disgruntled shareholders and incumbent managements. However, in this conversation, Lars explains the early insights gained from collaborations with the great Carl Icahn, to building Cevian, and creating a long-term, extremely successful fund, investing in a small number of listed European and UK companies to help bring about significant, value-creating change. He explains the voyage from identification to ownership; from constructive engagement to taking a place on the board; to working to bring about change and improving the business' execution to driving improved shareholder returns through operational improvements. He contrasts their approach to that of private equity, discusses investing as they did to bring about change at ABB, to pondering on the question of “why more people don't do this?” The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.*During the episode we cite J.P. Morgan Asset Management as Europe's leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

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 insights for investors and industry participants.   Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.   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.

We were surprised, when researching for this interview, to learn that State Street Investment Management are the fourth largest asset manager globally, with circa $6 Trillion of assets. Size confers both opportunity and challenges, however, and in this conversation Yie-Hsin talks about the global savings gap and the evolution of Asset Management. She addresses the place of the historic 60/40 allocations in a world where bonds may not deliver, and inflation is stubborn.  She reflects on the turbulence in private markets, the emerging market debt and equity opportunities and why tokenisation is becoming an increasingly potent force.In January 2026, State Street launched its own Digital Asset Platform, which includes wallet management, custodial, and cash capabilities to support tokenized asset development. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.*During the episode we cite J.P. Morgan Asset Management as Europe's leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.‍

Joe Cavatoni of the World Gold Council breaks down the latest moves in the metals market. He points to geopolitical tensions and Middle East driving prices in the yellow metal higher. Joe also discusses the recent correction in gold, investor demand, and why recycling trends may matter more than jewelry going forward.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

In this episode of the CFA UK Future Proofing Finance podcast, hosts Ben Ashby and Tom Threlfall, CFA speak with John Reade, Senior Market Strategist at the World Gold Council. John shares his 40-year career journey from mining engineer to market strategist, and explains the evolving landscape of gold markets for investors. Explore: Gold's value as a portfolio diversifier The impact of gold-backed ETFs on investor access Central bank reserve strategies and demand for gold Physical storage considerations and market dynamics Comparisons between gold and Bitcoin Tune in for an insightful conversation on gold markets, investment strategy, and the evolving role of gold in your investment portfolio.

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 the forefront of investment decision-making, prompting companies and countries to rethink globalisation, supply chains, and resilience strategies.  Rebecca shares her perspective on the biggest macro surprises of 2026 so far, including geopolitical shocks, rising energy prices, and a dramatic shift in monetary policy expectations. What began as a consensus for rate cuts has quickly turned into a more uncertain outlook, with central banks now balancing persistent inflation against slowing growth. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights. 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   Notable Quotes “We are moving structurally into a different inflationary environment.” – Rebecca Patterson “It does feel to me certainly that we've started this year with a bang… it feels as if the whole timeline of 2026 has really been compressed into the first quarter.” – John Reade “It's basically the equivalent of adding an entire Sweden to the US economy each year.” – Rebecca Patterson “Those two things go hand in hand… the trade decisions impact the capital flow decisions.” – Rebecca Patterson “If I were looking at the gold market… I would certainly be leaning towards buying, not selling.” – Rebecca Patterson “We get this question a lot… is it really a dropping of dollar-based assets, or is it something more complex?” – Joe Cavatoni “There is no alternative to the US dollar really… if there is to be one potential alternative, then gold is certainly playing a role.” – John Reade “Things are moving so unexpectedly, so fast.” – Joe Cavatoni

Rob Arnott, Founder & Chair of Research Affiliates, discusses where AI works well & can assist across the money management ecosystem, the risk of ‘AI hallucination' & over-reliance, quant vs human judgement, and the future of work. Amidst the volumes written about AI's impact on the business and investing worlds, we wanted to ask some specific questions about adoption, learning, implementation and limitations within the investing universe. We asked these questions of Rob Arnott, founder of Research Affiliates and a previous guest, whose firm is steeped in data, systematic disciplines and empirical evidence. In a compelling and engaging conversation, Rob discusses why common sense can beat data, how AI can hallucinate, its creative limitations, but its unequivocal potency in improving multiple areas of the investing business.  Finally, when asked for his convictions across markets, he discusses the exceptional value in US small vs large cap equity!The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.*During the episode we cite J.P. Morgan Asset Management as Europe's leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

Stephen Grootes speaks to Joe Cavatoni, Market Strategist from the World Gold Council, about the World Gold Council’s Q1 2026 Gold Demand Trends, highlighting record-value demand driven by surging bar and coin investment, strong central bank buying, and gold’s renewed role as a safe-haven amid heightened geopolitical risk. In other interviews, Dr Andrew Golding, chief executive of Pam Golding Property Group talks about the rise of South Africa’s hybrid lifestyle among affluent homebuyers where Johannesburg remains the business and family base, while luxury coastal properties serve as second homes and lifestyle retreats The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Stephen Grootes speaks to Joe Cavatoni, Market Strategist from the World Gold Council, about the Council’s Q1 2026 Gold Demand Trends report, highlighting record-value demand driven by surging bar and coin investment, strong central bank buying, and gold’s renewed role as a safe-haven amid heightened geopolitical risk. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

This evening, we assess market movements with Otto1890, we examine the resilience and performance of gold in the second quarter with the World Gold Council, we outline ESOP recommendations aimed at empowering workers with the Competition Commission, we discuss the challenges entrepreneurs face due to late government payments with Small Business Institute, and in our Executive Lounge, we find out how finance and faith helped shape an entrepreneurial journey with the Regenesys Investment Fund. SAfm Market Update - Podcasts and live stream

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 liquid asset to support currencies, manage reserves, and respond to economic pressures. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights. 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  

Silicon Bites Ep317 | 2026-04-15 | Russia's gold reserves are going, going, gone. The kremlin starts eating its war chest. For the first time in nearly a quarter century, Vladimir Putin is selling Russia's gold. Not lending it. Not shuffling it from one Kremlin pocket to another. Selling it. On the open market. To pay for a war he cannot win and cannot stop.Here is what just happened, confirmed by The Moscow Times on March 24th and corroborated by the World Gold Council, Euromaidan Press, and Ukraine's Foreign Intelligence Service. In January, the Central Bank of Russia liquidated 300,000 troy ounces of physical gold. In February, another 200,000. Roughly fourteen metric tons in two months — the largest bullion drawdown since the second quarter of 2002. Russia's total gold reserves have collapsed to 74.3 million ounces, the lowest level since March 2022 — the month the full-scale invasion began.And the bigger picture is uglier still. According to Russia's own Ministry of Finance data reviewed by The Moscow Times, the gold held in the National Wealth Fund — the sovereign rainy-day pot — has been slashed by 71 percent since May 2022. From 554.9 tons down to roughly 160. Three quarters of the war chest. Gone.----------SUPPORT THE CHANNEL:https://www.buymeacoffee.com/siliconcurtainhttps://www.patreon.com/siliconcurtainhttps://www.gofundme.com/f/scaling-up-campaign-to-fight-authoritarian-disinformation----------SOURCES:The Moscow Times, "Russia's Gold Sales Hit Highest Level Since 2002 as Budget Pressures Mount," March 23, 2026United24 Media, "Russian Central Bank Drains Gold For the First Time Since 2002 as War Deficit Mounts," March 2026 United24 Media, "Russia Liquidates 71% of Its Gold Reserves to Finance War Effort," January 21, 2026 Euromaidan Press, "Gold down 27%, Urals up 71% — Russia's sanctions hedge melts as its oil budget fills," March 24, 2026 UAWire, "Russia sells gold reserves for first time in 25 years to cover budget deficit," March 2026 NV / The New Voice of Ukraine, "Russia sells gold reserves for first time in 25 years to cover budget gap," March 2026The Gold Forecast / Kitco News, "Russian restrictions on gold could exacerbate selloff," March 25, 2026 Arabic Trader, "Russia bans the export of heavy gold bars starting from this date" (Putin decree, TASS), March 2026 ----------SILICON CURTAIN LIVE EVENTS - FUNDRAISER CAMPAIGN Events in 2025 - Advocacy for a Ukrainian victory with Silicon Curtainhttps://buymeacoffee.com/siliconcurtain/extrasOur events of the first half of the year in Lviv, Kyiv and Odesa were a huge success. Now we need to maintain this momentum, and change the tide towards a Ukrainian victory. The Silicon Curtain Roadshow is an ambitious campaign to run a minimum of 12 events in 2025, and potentially many more. Any support you can provide for the fundraising campaign would be gratefully appreciated. https://buymeacoffee.com/siliconcurtain/extrasWe need to scale up our support for Ukraine, and these events are designed to have a major impact. Your support in making it happen is greatly appreciated. All events will be recorded professionally and published for free on the Silicon Curtain channel. Where possible, we will also live-stream events.https://buymeacoffee.com/siliconcurtain/extras----------

Sport is one the world's most powerful convening forces, but the way fans connect and engage is evolving, technology is offering new experiences and the investing world increasingly wants a piece of the action. One of the powerful new players, is SURJ, Saudi Arabia's sports investment arm, and leading their team is Danny Townsend, CEO, whose career has moved from professional football, to leading sports and entertainment businesses. We also welcome a co-interviewer, a titan of the sports commentary world, John Inverdale. In today's discussion, Danny explains how they weigh the state of play. Priorities, opportunities, risks, trends, & forces in sport. He discusses the influence of technology, how the fan experience is changing and why much of it is AI proof. He discusses which sports might be ripe for change, where barriers to evolution lie, and how Saudi's long term vision blends investment and societal ambitions. ‍The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management, IFM Investors, World Gold Council and LSEG.During the episode we cite J.P. Morgan Asset Management as Europe's leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

Joe Cavatoni of the World Gold Council, is a market strategist with over 30 years of financial services experience and helps us make sense of how gold has reacted and likely will react in the face of dizzying geopolitical and war headlines that constantly change. Don't forget to also follow us on social media for more important precious metals updates! https://www.youtube.com/@Moneymetals | https://www.facebook.com/MoneyMetals | https://instagram.com/moneymetals/ | https://twitter.com/moneymetals | https://www.pinterest.com/moneymetals/

Is gold just a tradition, or a strategic asset in today's changing world? In this episode of Moneynomics, R. Sivakumar, Chief Investment Officer, Axis AMC, is joined by Sachin Jain, Regional CEO India, World Gold Council, for a wide-ranging conversation on gold's evolving role in portfolios and global markets.

Some lives trace the currents of history; a childhood in Wales, growing up in the shadow of parents who had escaped Nazi Germany, academic distinction at Oxford and Wharton, followed by a career that moved from journalism to the apex of Silicon Valley venture capital and a philanthropic record that speaks quietly, but profoundly. In this episode, we also welcome co-interviewer, Sandra Robertson, former guest and previous CIO at Oxford University Endowment Management. In this fascinating conversation Michael starts by discussing what “makes a brilliant entrepreneur”, before reflecting on investing in Stripe, why the US has such an edge in VC, and on weighing, vision valuation and imagination. He discusses allocating his own personal capital and his priorities, and then on his philanthropy and the process around identifying beneficiaries and assessing the impact of gifts made. Then we turn to Ausländer, where he fuses pathos and humour, and has created a brilliant story of his family's destruction and part survival, and raised vital questions around antisemitism and where the storm clouds are gathering.Ausländer by Michael Moritz is published in the UK by Profile BooksYou can also find the book here. ‍The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.

Gold usually rises during geopolitical crises, but this time, it's falling. Why? In this episode of In Focus, we unpack what's driving the recent drop in gold prices, from shifting interest rate expectations and a stronger U.S. dollar to liquidity pressures in global markets. Has gold lost its safe-haven appeal, or is this just a temporary price correction after years of growth? Here we discuss the question. Guest: Kavita Chacko, Research Head for India at the World Gold Council and B. Bhagwan Das, Former associate professor of Economics at Loyola College, Chennai Host: Areena Arora Producer: Shiksha Jural Learn more about your ad choices. Visit megaphone.fm/adchoices

Joe Cavatoni of the World Gold Council talks about why he believes the yellow metal hasn't caught a bid over recent sessions. He notes structural headwinds brought by the U.S.-Iran War and the Fed as key headwinds. He believes easier access to gold through digital channels will offer opportunity to scale prices. "I think the world is open for much wider adoption of gold," says Joe, explaining that the trade is tied tightly to consumers. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Moreover, if executed well, it offers the potential to act with a long-term horizon as true asset owners, and to unlock investment opportunities that individual funds might struggle to access alone. Today in the UK, one of the most consequential organisations in UK pensions, is Border to Coast. They sit at the centre of one of the most significant shifts in UK institutional investing in a generation, and as of April 2026, will oversee nearly £120bn of local authority assets.   Rachel Elwell explains their investment approach, the motivation behind the merged pools and the advantages scale offers. Specifically, she discusses insourcing versus outsourcing, passive v active, where and why, UK v global, and the role of private assets, fees, as well as why Leeds is such a great place to live and work. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.

Bull markets don't last forever. When you're in the throes of one, it can feel like they do. But they don't, and at a certain point you have to sell.Gold bull markets can feel even more eternal. Not just because the metal itself is eternal, but because the story comes along that we are going back to a gold standard, or that the Great Purge, which many economists of the Austrian school say is inevitable after fifty years of fiat decadence, is finally upon us.I get that argument. But it is too neat, too deterministic. Real life is much more mucky.So today I want to consider a very important question, and I want to try and answer it honestly:Where are we in this bull market?Has gold already peaked? It's possible. The spike to $5,600/oz at the end of January had many of the hallmarks of a blow-off top.Or perhaps $5,600 was just a mid-cycle peak, such as we saw in 2006 or 1975-76 during previous bull markets.Or is this bull market still in its infancy?I'm going to study this bull market through every lens I can think of: price, time, valuation, participation, market structure, macro context and sentiment.My bias going in is that we are mid-cycle, as I argued in my Great Forecast last week. Let's see where I end up. 1. DurationThere have been two great gold bull markets since the end of the gold standard: 1971-1980 and 2001-2011. Both lasted nine to ten years.When did this one begin?It depends how you define it.You could take the bear-market low of $1,045 in late 2015. You could take the $1,160 retest in 2018. You could take 2019, when gold broke out of its multi-year base.Technical analysis is often in the eye of the beholder. Just like bull markets.You could even argue late 2022, when the current acceleration began.If you start in 2015, this bull market has already lasted ten years. That would put it right in line with the duration of previous cycles, and you could argue it is close to exhaustion.If you start in 2018 or 2019, there may be several years left to run.I favour 2018. Just as gold hit $250 in 1999, rallied, and then returned to roughly the same level in 2001 before the real bull market began, the 2018 low feels like the equivalent retest. Of course this is debatable.And there is always the possibility that this bull market lasts longer than previous ones.Verdict: mid- to late-cycle.2. Relative valuation vs other assetsOilWith gold at $5,200 and WTI crude around $87, it takes roughly 60 barrels of oil to buy one ounce of gold.Historically this ratio ranges between 6 and 30.The only time oil has been this cheap relative to gold was in the 2020 pandemic collapse, when oil went negative.My view: it's not so much that gold is expensive as that oil is cheap. Plus commodities inevitably get cheaper as we get better at producing them. (As long as you don't measure the price in fiat).Gold vs the S&P 500With the S&P around 6,765, it takes about 1.3 ounces of gold to buy one unit of the index.This ratio has been as high as 5 - at the peak of Dotcom in 2000, and the nadir of gold - and as low as 0.2 (during the depths of the 1930s and at the 1980 gold peak).Gold is therefore on the expensive side relative to equities, but not at historic extremes.This ratio could fall further if equities fall or gold rises.Gold vs US housingThe US housing market varies enormously by region - Beverely Hills is not Detroit, Miami Beach is not McDowell County - so national averages should be treated cautiously. But they still give a rough guide.We are now below the 2011 level and approaching 1980 territory in terms of how many ounces of gold buy a typical home.Pretty extreme.Overall verdict: late-cycle. Warning signal3. Institutional ownershipGold is still under-owned in institutional portfolios.Even after the recent rally, gold represents only a tiny fraction of global portfolio allocation compared with equities and bonds.Gold mining equities are even more neglected.Verdict: mid-cycle4. Central banksCentral bank buying slowed to 863 tonnes in 2025, down from record levels in 2024, but still well above the 2010-2021 average.However, the World Gold Council reported that central banks purchased only 5 tonnes in January, below the monthly average of 27 tonnes. I would not read too much into that. Much buying is reported with delays, and China in particular reveals little about its activity. The usual assumption is that central bank buying is an early or mid-cycle phenomenon. I am not entirely convinced. If the real driver of this bull market is de-dollarisation and reserve diversification amidst a wider geopolitical shift, then official buying could persist for years.Gold currently represents just under 30% of central bank reserves. The US dollar still accounts for roughly 56%.I don't think this bull market ends until gold sits north of 50% having overtaken the dollar itself.Question: is the war in Iran going to arrest of accelerate de-dollarisation? You know the answer. Verdict: mid-cycle5. Retail participationRetail demand is growing. 2025 saw record bar and coin demand. ETF inflows are rising, but they are not exploding. Mining companies are finally attracting interest again.Silver went briefly manic last month, which is not a healthy sign, but the episode is already unwinding.Verdict: mid-cycleBy the way, due to its senior currency status, the US dollar is going to preserve its purchasing power better than the pound, which is a car crash waiting to happen. I keep getting asked, “is it too late to buy gold?”. If you are in the UK, . We are turning into South Africa and the currency will go the same way. The 40% loss of purchasing power that the pound has seen since 2020 is not going to reverse. If anything it accelerates. Thus …If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.6. LeverageLeverage is difficult to measure precisely.You can look at: futures positioning on Comex, options activity, speculative flows into junior miners, retail spread betting and more. The short answer is this: gold is a crowded trade, but it is not a mania.If it were a mania, the geopolitical shock in Iran last week would have triggered violent liquidations. Instead gold held up remarkably well.Verdict: mid-cycle7. Mining equitiesMining stocks had an excellent 2025. Word is that PDAC last week (the world's largest mining conference), was the like of which had not been felt since 2011 and the last top. That is a warning sign.This chart shows the ratio of the XAU (large mining companies) to gold since 1988. On a relative basis the miners are still phenomenally under-owned, and we now have a text-book base, formed over 9-years, in place. If this ratio goes back to levels of the early 0 0s , miners will multiply many times over.But these declines began with the emergence of the ETFs and the many alternative ways to own gold without taking on individual company risk. The ratio does not have to go back 00s levels.Maybe. But that base is a thing of beauty.Typically the end of a gold bull market would coincide with massive rallies in junior miners, an exploration IPO boom and a merger-and-acquisition frenzy.We are seeing healthy signs of activity, but nothing like that yet.Verdict: mid-cycleI'm delighted to report that The Secret History of Gold - Myth, Money, Politics and Power, published by Penguin Life, comes out in the US next month. (The US version is published by Pegasus). Order yours now - via Barnes and Noble or Amazon8. The narrative - gold to $150,000?Gold got some coverage in publications like The Economist and the Financial Times last month, but the story is far from mainstream.Ask most people about de-dollarisation, Triffin's dilemma or central bank reserve diversification and you will get blank looks.However, some familiar late-cycle narratives are beginning to appear.One is that silver is being remonetised.It isn't.Silver may well be an important strategic metal, but its monetary role was as medium of exchange. That role is not coming back because we no longer use physical money. That function has been digitised.Gold, by contrast, retains its role as as store of value - a function that silver never had to anything like the same extent. Silver may have use as a speculative asset. It may well rise in price. It may even overshoot spectacularly. But it is not being remonetised. That will not happen, unless Eastenders turns into Mad Max.Another narrative that sometimes appears near major peaks is the US national debt relative to gold reserves. In 1980, headlines declared the US was “solvent again” because it could have used its gold to fully settled its debt.Today US debt is roughly $39 trillion. To settle that debt using America's 262 million ounces of gold, the gold price would need to be roughly $150,000 per ounce.When arguments like that start circulating, it means the narrative can't go much further and the cycle is close to exhaustion.We are not there yet.Verdict: mid-cycle9. Real yieldsLast but not least: real interest rates.This would be the 10-year Treasury yield minus inflation, or the 10-year TIPS yield.Gold bull markets tend to end when real yields rise sharply.In 1980, Paul Volcker pushed interest rates toward 20% and real yields surged. Gold then entered a twenty-year bear market. At the 2011 peak, real yields rose from deeply negative to positive and gold topped within months. From 2020–2022 real yields went negative again and gold surged, until they rose in 2022 and gold stalled.Today nominal yields are relatively high, but inflation remains elevated, the Fed is under pressure to ease (as are most central banks) and fiscal deficits are enormous.Real yields therefore sit around zero or slightly positive, depending on how they are measured. That is not restrictive enough to kill the gold bull market.The danger signal would be inflation falling sharply while nominal yields stay high, pushing real yields well above +2%. We are some distance from that.Verdict: mid-cycleIf you are interested in following the real yield argument, Charlie Morris is the man. He gets it better than anyone, and I heartily recommend you follow his work via his Atlas Pulse. Get your copy here - it's free.ConclusionIf gold continues rising it will pull silver and mining equities higher with it.The spike in silver last month to around $125 looked very much like a mid-cycle blow-off, and a period of consolidation is now both likely and healthy. Looking across all the indicators, most point toward a mid-cycle environment rather than a late-cycle one.What superb content. You really should upgrade.Duration and relative valuation raise some concerns, but these are just one or two of nine indicators. Everything else suggests the bull market has not yet reached its final, most speculative phase.In other words: this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.$8 to $10,000 by the end of the decade is a very real possibility.Thanks very much for being a subscriber to Flying Frisby.Until next time,DominicPS I have discussed gold largely in dollar terms, because the market is quoted in dollars. But if you are in the UK the case for owning gold has less to do with the dollar and far more to do with the pound. Sterling has already lost roughly 40% of its purchasing power since 2020, and that trend is not going to reverse. If anything it will accelerate. It's not just the ineptitude of successive governments, but unelected permablob (in this case the Treasury, the OBR, the Bank of England, the FCA et al) that actually runs the show. The system- if you can call it that - is the problem and it's not going to change. The incentives are to spend more, borrow more and debase the currency slowly over time. You cannot fix that system. But you can protect yourself from it. And that means owning some gold.DisclaimerI am not regulated by the Financial Conduct Authority (FCA) or any other regulatory body as a financial advisor. Therefore, any information provided in this newsletter does not constitute regulated financial advice. It is solely an expression of opinion. Small-cap stocks are inherently risky. Please conduct your own due diligence and consult with a financial advisor, if you have any doubts. Remember, markets can both rise and fall, especially in the case of small and mid-cap stocks. I am not aware of your individual financial circumstances, so only invest money that you can afford to lose. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

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 gold, and a changing investor base. The hosts also explore how gold's rally, which began in 2024, has evolved. Looking ahead, investors should expect elevated volatility to persist amid ongoing geopolitical risks and disruptive global policy dynamics — conditions that are shaping not just gold, but broader financial markets in 2026. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights. 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

We have had some extremely distinguished guests over the last 6 years, but we haven't secured one who combines, a Rhodes Scholar, US Army Colonel, Counter terrorism expert, leading the US's cyber intelligence defence agency, and a lecturer at Oxford and beyond, whilst also having worked at Morgan Stanley, and now CEO at RSAC. Jen plots a journey from Oxford to Westpoint, from Colonel of the US's first Cyber Battalion to the Whitehouse, working under Condoleezza Rice and then chosen by President Biden to create CISA, The US's first cyber defense agency.In a whirlwind, world-wide tour, Jen plots the risks, defines the adversaries, reflects on intelligence, cooperation, and the real and present cyber risks to industries.She offers advice to boards, the existential risks for businesses who think this is just a “technology issue” and leaves us with a stark observation. If the cost of annual cybercrimes were aggregated into one number, it would be equivalent in GDP terms to being the third largest economy in the world! The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube 

A first! For the first time since our inception 6 years ago, we welcome back a guest for their third visit. General David Petraeus, once described by Simon Sebag Montefiore as the ultimate soldier-scholar, is Chairman of the KKR Global Institute. Prior to this, David had a distinguished US military career and was the CIA Director during the Obama administration. He assesses the heat map of geopolitical and military tensions which is glowing red. Starting with the Indo-Pacific he assesses President Xi's removal of his top Generals, what this might mean, and why peace must prevail despite the undercurrent of tensions.Having returned recently from Ukraine, he then gives some fresh perspectives which challenge stale narratives and describes the immense scale of loss of Russian lives and the technological prowess of Ukraine manufacturing and know-how.He then weights Iran's options; the US's potential moves and the perspective of other Middle Eastern nations.  Finally he offers advice for leaders in an environment where “just in time” has morphed into “just in case”.The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube 

Why is gold suddenly back in the spotlight?In this episode of Tank Talks, Matt Cohen sits down with Peter Grosskopf, a seasoned veteran in the precious metals and investment management world. Peter has seen it all. He helped scale Sprott from $5 billion to over $20 billion in assets under management, and now, he's co-founded Argo Digital Gold, a platform pioneering the tokenization of physical gold.Peter breaks down how gold is reasserting itself as the ultimate hedge against today's inflation, debt crises, and financial uncertainties. From the global financial crisis to the latest trends in digital gold, they explore how gold remains the bedrock of wealth preservation and why even the tech-driven world is waking up to its importance. Plus, hear why Peter believes tokenization is the key to democratizing access to gold for everyday investors.Peter shares his wealth of knowledge on the role of gold in modern portfolios, how blockchain is transforming the way we interact with real assets, and why long-term patience with gold has paid off for investors. Get ready for a deep dive into gold's resurgence and what it means for the future of investment.The Role of Gold as a Defensive Hedge (02:03)Why gold acts as a key insurance asset in uncertain times and how it has performed during global financial crises. Peter explains why gold often takes a short-term dip but then explodes as a long-term haven.Scaling Sprott to $20 Billion (03:06)Peter discusses the pivotal moment that drove the growth of Sprott, focusing on the creation of physically-backed ETFs that gained the trust of investors globally. Learn how this became a game-changer for the company's success.Real Assets and Family Office Strategies (09:14)A discussion on how real assets like gold and silver have become crucial in the portfolios of family offices, foundations, and institutional investors. Peter explains how real assets help hedge against inflation and government-controlled currencies.Gold's Role in Today's Macro Environment (12:09)How gold is perceived by investors in a high-debt, inflationary world. Peter shares his thoughts on why governments are turning to gold and how this is affecting the gold market globally.Tokenization of Gold and the Future of Blockchain (25:02)Peter outlines his involvement in tokenizing physical gold and the benefits it brings to the retail and institutional markets. We explore how blockchain is disrupting traditional gold storage and trading, creating 24/7 access with lower fees.The Gold vs. Bitcoin Debate (32:29)In a world where both gold and Bitcoin are being digitized, Peter shares his thoughts on how they can complement each other and why gold remains the more stable choice for wealth preservation.Gold in the Future of Investment (35:01)What's next for the precious metals market as governments try to navigate their debt crises and central banks keep a close eye on gold? Peter discusses the future of gold in both physical and digital forms.About Peter GrosskopfPeter Grosskopf is a renowned leader in the precious metals space, having served as the CEO of Sprott, where he played a pivotal role in scaling the firm's assets under management from $5 billion to over $20 billion. He is also the Co-Founder of Argo Digital Gold, a platform at the forefront of tokenizing physical gold. With extensive experience in both the resource banking and asset management sectors, Peter has advised family offices and institutional clients on real asset strategies. As a director of Agnico Eagle Mines and the World Gold Council, he brings deep insight into gold's macroeconomic role and its function as a defensive hedge in volatile times.Visit the Argo Digital Gold website: https://www.argovault.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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 store of value wanes, Chinese households are increasingly diversifying into gold in various and innovative ways. The conversation also dives into the transformation of China's jewellery market, including the rise of “hard pure gold”. While consumer confidence remains a key challenge in this high price environment, the episode highlights why China's gold market remains diverse, sophisticated, and structurally resilient. Subscribe to Unearthed wherever you get your podcasts, and visit Goldhub.com for more insights.   Notable Quotes “Real estate was a big piece of savings and now people are moving into portfolios and diversification.” – Joe Cavatoni “For more than 10 years, China has been the most important market for gold.” – Joe Cavatoni “The investment demand overpassed the jewellery demand in China. It's never happened before.” – Roland Wang “Consumers still like to buy it because they buy not only for the appearance, but also for the gold value behind it.” – Roland Wang “One of the leading gold ETFs in China attracted more than 40 million customers.” – Roland Wang “The increase in popularity amongst the Chinese ETFs has been a really big part of the story in gold, particularly over the last 12 months” – John Reade   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 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 of the U.S. economic landscape, including the nomination of a new Fed chair and its potential impact on gold investments. The conversation highlights the importance of understanding market trends and investor sentiment in navigating the gold market. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights. 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

While women leaders in finance are gradually becoming more common, that cannot be said the alternatives industry. But as traditional investment firms increasingly acquire alternatives and private markets firms, their leaders, styles and backgrounds are experiencing a changing topography. One of those to have been instrumental in helping build some well-known alts firms, from GLG to Moore Capital and now MCQS, is their President and CEO, Soraya Chabarek.Soraya discusses the characteristics of some of the top hedge fund performers, the egos and enigmas, females in finance, the art of selling, and how she helped reposition CQS from a hedge fund manager into an alternative credit platform.  She gives her view on where the risks and opportunities lie in today's credit market, how founder-led firms scale beyond star culture, and on resilience, grit, and what she looks for in a hire. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube 

Investors have flocked to gold in the past year, prompting the precious metal to notch a series of price records and eclipse its inflation-adjusted peak from 1980. Friday’s Fed-announcement drama notwithstanding, the price of gold is up 13% so far this year. It even smashed through $5,000 per troy ounce last week—a first. What’s fueling the record-breaking run and where could the price go from here? On this week’s episode of Merryn Talks Money, John Reade, market strategist for Asia and Europe at the World Gold Council, joins host Merryn Somerset Webb to offer some answers.Please note this conversation was recorded on Wednesday, January 28.See omnystudio.com/listener for privacy information.

Schalk Louw from PSG Old Oak weighs in on the Woolies update and why commodities are starting to trade like meme stocks – with copper, silver, gold, PGMs and aluminium all running hard. Krishan GoPaul of the World Gold Council unpacks the 2025 gold report, as record highs stack up and ETFs add more than 800 tonnes. Simon reflects on the value of patience, and letting your portfolio naturally rebalance itself

With gold above $5000, Krishan Gopaul, market strategist at the World Gold Council, explains what's driving record demand, renewed ETF inflows, cautious central banks and why investor momentum remains a powerful force.

Stephen Grootes speaks to John Reade, Market Strategist at the World Gold Council about the latest Gold Demand Trends data, after 2025 marked a record-breaking year for the precious metal. Global gold demand exceeded 5,000 tonnes for the first time, while prices set 53 new all-time highs, driving total market value to a record US$555 billion. The data shows strong investment demand, elevated central bank buying and resilient technology use, even as jewellery volumes softened in a sustained high-price environment. In other interviews, Nellis Bester, chairperson of the Ferroalloy Producers Association talks about the deep strain on South Africa’s ferroalloys sector as electricity costs push smelters to the brink. With only four of 48 ferrochrome smelters and four of 19 other ferroalloy plants currently operating, the industry warns that without internationally competitive power pricing, widespread closures, retrenchments, and a collapse in local minerals beneficiation are imminent. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 See omnystudio.com/listener for privacy information.

Joe Cavatoni with the World Gold Council talks about the yellow metal itself and ways investors can navigate it in 2026. After gold's explosive 2025 uptrend into the start of the new year, Joe urges investors to look ahead to economic factors in the U.S. and abroad to determine how much exposure they want to gold. He projects more upside with near to mid-term volatility. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

29 Jan 2026. The US Federal Reserve has kept interest rates on hold, as expected and the UAE Central Bank has followed suit, despite renewed pressure from President Trump for lower borrowing costs. Economist Daniel Richards explains what it means for the region. Plus, with gold prices at record levels, we get a first look at the World Gold Council’s annual report and where the yellow metal could be headed. And Emirates is reviving a luxury icon, investing $50 million to transform Wolgan Valley into the world’s first Ritz-Carlton Lodge, Tom speaks to Emirates’ Barry Brown.See omnystudio.com/listener for privacy information.

Stephen Grootes speaks to John Reade, Market Strategist at the World Gold Council about the latest Gold Demand Trends data, after 2025 marked a record-breaking year for the precious metal. Global gold demand exceeded 5,000 tonnes for the first time, while prices set 53 new all-time highs, driving total market value to a record US$555 billion. The data shows strong investment demand, elevated central bank buying and resilient technology use, even as jewellery volumes softened in a sustained high-price environment. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Emerging Markets, once the darling of the asset allocators world, have found themselves increasingly discarded by those same allocators. Such became the re-allocation away from them and the magnetism of the US & its technology companies, that as recently as the end of 2024, Emerging Markets were at a 50 year low, relative to the S&P 500. With some improved relative performance, it may be asked if this is a flicker, or are we at the foothills of a bigger reallocation? East Capital's CEO, Peter Håkansson, discusses the opportunities, the lessons drawn from researching them for 3 decades, and what the drop in EM Government bond yields might be signalling. He explains why no central heating might indicate corporate failure ahead, which fundamentals matter, and why they prefer to take their bets in company position sizing, rather than in the country weights. He also discusses Frontier markets, the impact of foreign exchange and as a music lover he is, “reasons to be cheerful!” (Ian Dury & the Blockheads)The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube 

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 gold in investment portfolios, distinguishing between short-term tactical trades and long-term strategies.  Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.   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

As Mike Milken said on this podcast, “the greatest achievement of humankind in the 20th century, was the doubling of life expectancy.” If living longer seems a powerful goal, the caveat would be only if it goes hand in hand with being healthy whilst being older, AND in not running out of money!In this conversation, Dr Andrew Steele examines, diagnoses, evaluates, and prescribes the implications, actions, benefits, costs and possibilities associated with living longer, healthier lives. He examines the financial and health aspects, the drugs already breaking new ground, why reasons for optimism are well grounded, and the associated leaps in scientific understanding.  Subscribe to stay up to date with our range of fascinating interviews, featuring some of the biggest names in global finance and business!The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube 

For years, gold was the asset nobody wanted to talk about. It sat there quietly while stocks and real estate continued to rip. Gold was for pessimists. For doomsayers and perma-bears.And then suddenly… gold didn't just wake up. It launched. As of mid-December 2025, spot gold is trading around $4,300–$4,400 an ounce, depending on the market, marking a gain of roughly 60% over the past year and pushing decisively into record territory. The obvious question is: why now? The short answer is that gold isn't reacting to one thing. It's responding to a stacking of pressures that have been quietly building for years and are now impossible to ignore.Start with central banks. For the better part of the last decade, central banks were net sellers or indifferent holders of gold. That changed dramatically after 2022. According to the World Gold Council, central banks have been buying gold at more than double the pace of the pre-COVID years, and 2025 continues that trend, with hundreds of tonnes added to reserves year-to-date. These aren't hedge funds chasing momentum. These are monetary authorities making deliberate, strategic decisions about what they trust to hold value. Why would central banks suddenly want more gold? Because geopolitics has re-entered the chat. We now live in a world where reserves can be frozen, payment systems can be weaponized, and “risk-free” assets depend heavily on political alignment. The World Bank has been explicit that rising geopolitical tensions and global uncertainty are key drivers of gold's surge this year. When trust in the global order erodes, gold benefits. At the same time, the U.S. dollar devaluation thesis is no longer fringe thinking. It is reality.Gold is priced in dollars, and when real yields fall and the dollar weakens, gold historically performs well. That dynamic is playing out again. Reuters has repeatedly pointed to a softer dollar and declining Treasury yields as near-term tailwinds for gold's rally . Bank of America's research echoes this relationship, emphasizing gold's inverse correlation to the dollar and the growing desire among nations to diversify away from dollar-centric reserves . In other words, gold isn't just going up because people are scared. It's going up because confidence in fiat discipline is eroding, slowly but persistently. So…Is gold still a buy or did we miss it? The truth is, both answers can be correct. Yes, gold is expensive relative to where it was a year ago. You don't go up 60% without pulling future returns forward. But what makes this cycle different is that many of the buyers driving demand are price-insensitive. Central banks don't care if gold is up 20% or down 10% in a quarter. They care about long-term reserve integrity. That's why major institutions aren't dismissing the move as a blow-off. Goldman Sachs has cited sustained central-bank demand and the potential for further ETF inflows as supportive of higher prices. J.P. Morgan continues to frame gold as a beneficiary of geopolitical instability and monetary uncertainty, and Bank of America is projecting prices as high as $5,000 an ounce into 2026. Of course, nothing goes up in a straight line. A shift toward tighter monetary policy or a sudden easing of global tensions could cool enthusiasm. Understand though, that gold's breakout isn't just about gold. There is a larger message that should be taken away from all of this. Hard money has come back into favor. Gold is the original hard asset. It's scarce, politically neutral, and has thousands of years of monetary credibility. But it's also heavy, difficult to move, and awkward in a digital world. Bitcoin exists on the same philosophical axis. Both gold and Bitcoin are reactions to the same problem: expanding debt, monetary dilution, and declining confidence in centralized control. Gold is the conservative expression of that view. Bitcoin is the aggressive one. Today, Bitcoin trades around $86,000, still volatile, still controversial, still misunderstood. But if gold's surge is signaling a regime shift toward hard assets, then Bitcoin may simply be earlier in that adoption curve. In other words, gold may be leading the parade. And if history is any guide, when institutions start moving into the oldest form of sound money, they eventually begin exploring the newest. That's the signal worth paying attention to. So this week, I interview Dana Samuelson, an old friend of the show and an expert in everything gold and hard money. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Gold isn’t reacting to one thing, it’s actually responding to a stacking, uh, pressures, uh, that have been quietly building for years and, and really right now are impossible to ignore. Welcome, everybody. This is Buck Joffrey with the Wealth Formula Podcast coming to you. From Montecito, California and today. Uh, before we begin, just a quick reminder. Uh, there is a, uh, website associated with this podcast called wealth formula.com. And, uh, that’s where you go to get deeply more deeply integrated into this community, including our accredited investor club, AKA investor club for you to join. And, uh, once you get onboarded, all you do is you, you have an opportunity to see private deal flow, uh, that, uh, is not available to the general public. If you are an accredited investor, meaning that you have, uh, make $200,000 per year or $300,000 per year, uh, for the last two years with the reasonable expectation of continuing to do so, or you have a million dollars outside of your personal residence, a net worth, then you are an accredited investor and. All you need to do is sign up and join the club. Just go to wealth formula.com and sign up and get onboarded. Now, let’s talk a little bit about something that has been extraordinary this year. It’s gold. You know, for years, gold was the asset that nobody wanted to talk about. I mean, it sat there quietly. Well, stocks and real estate continue to rip. Um. Gold really is really, you know, was for the pessimists. For the doomsayers and the perma bears. I mean, I, I gotta tell you, I kind of am was one of those people, right? And then suddenly gold didn’t just wake up. It, it totally launched, exploded in his mid-December 2025. Spot Gold is trading around, I know, 4300, 4400 an ounce, depending on the market, gaining roughly 60% over the past year. Pushing decisively into record territory. Now the obvious question is why now? Well, the short answer is that gold isn’t reacting to one thing. It’s actually responding to a stacking, uh, pressures, uh, that have been quietly building for years and, and really right now are impossible to ignore. And this is an interesting shift because. The thing is that in the old days, and I’m even talking about 15, 20 years ago, uh, you would look at gold as something that didn’t really go up when the stock market was doing well, right? It was kind of a reaction. It was a fear-based thing. It still is sort of a fear-based thing, but now it’s not just fear of, you know, whether the stock market’s gonna crash. It’s fear of geopolitical concerns. That’s where the central banks come in, right? So for the better part of the last decade, central banks were net sellers. Or really indifferent of holders of, of gold, and that changed dramatically after 2022. So according to World Gold Council, central banks have been buying gold at more than double the pace of the pre COVID years. And 2025 continued that trend with hundreds of tons, uh, added to reserves year to date Now. These are central banks. They’re not hedge funds chasing momentum, right? They’re monetary authorities and they’re making deliberate strategic decisions about what they trust to hold value. And why would central banks suddenly want more gold? Well, because again, geopolitics has reentered that chat. We live in a world now where reserves can be frozen, right? Payment systems can be weaponized. Risk-free assets depend heavily on political alignment. Now of course, I’m talking about the United States when I’m mentioning all those things, right? Uh, how we can kind of just freeze assets of Russia and that kind of thing. I’m not, uh, pro-Russia, I’m just pointing out the fact that. Countries don’t like it when you freeze their assets. Right? The World Bank, uh, has been explicit that rising geopolitical tensions and global uncertainty are the key drivers of gold surges this year. And when trust in the global Ory roads, of course that is now when gold benefits and at the same time, the US dollar devaluation thesis is no longer just kind of fringe thinking. It’s reality. No one, no one even bothers to pretend that that’s not happening. So gold is, uh, of course, priced in dollars and when real yields fall, uh, and the dollar weakens gold historically performs well so that that dynamic is playing out again as well. In fact, Reuters has repeatedly pointed to a softer dollar and declining treasury yields as near term tailwinds for Gold’s Rally Bank of America. Uh, their research shows, uh, this relationship emphasizing gold’s inverse correlation to the dollar and the growing desire among nations to diversify away from the dollar centric reserves. In other words, gold isn’t just going up because people are scared. It’s going up because confidence in the fiat discipline is eroding altogether slowly. Persistently. So the question is, is gold still a buyer? Did we miss it? I mean, I just mentioned that it just went up by like 60%, right? So that’s a tricky question. It really is. I could certainly see some volatility there. But here’s the thing. I mentioned that central banks were big buyer, right? Central banks don’t care if gold is up 20% or down 10% in a quarter. They care about long-term reserve integrity. So they’re a price insensitive buyer. Um, and that’s why major, major institutions aren’t dismissing the move, as you know, just a big blow off. Uh, Goldman Sachs cited sustain central bank demand, and the potential for further ETF inflows is supportive of higher prices. Banks, uh, like JP Morgan and um, and, and Bank of America. I mean, they’re continuously talking about how gold is a beneficiary of this geopolitical instability. Bank of America is projecting prices high as $5,000 a ounce in 2026. So that’s still a big move, right? Of course, nothing goes up in a straight line. So shift toward tighter monetary policy or sudden easing of global tensions. Well, I, I could, they could cool enthusiasm, right? The less fear in the world. Well, that isn’t. That’s not good for gold. I understand though that gold’s breakout isn’t just about gold. There’s a larger message that should be taken away from all of this, and that is that hard money, real assets have come back into favoring, and gold is the original hard asset. It’s scarce, it’s politically neutral, tens of thousands of years of monetary credibility, but it’s also heavy, difficult to move and awkward in a digital world. Now, of course you know where I’m going with that. I don’t wanna make every gold conversation conversation about Bitcoin, but just as a reminder, Bitcoin exists on that same philosophical access, right? Both gold and Bitcoin are reactions to the same problem. Expanding debt, monetary dilution, declining confidence and centralized control. Gold is the conservative, you know, version of that, the expression of that Bitcoin is the crazy youngster, the aggressive one. They’re, they’re following the same rails. And today Bitcoin trades around $86,000. It’s still volatile, still controversial, still misunderstood, and really, listen, the market cap is 2 trillion bucks. Um, you know, no asset that has ever reached $2 trillion. Market cap has ever gotten to zero. But on the other hand, there’s it, it’s pretty small, and you could still move those markets really quickly, and that’s why you’ve got volatility. But if gold surge is signaling a, a, a shift towards hard assets, it’s really hard to not see that. Uh, Bitcoin may simply be, uh, you know, early in that adoption curve. In other words, gold may be leading the parade. And if history is any guide, uh, when institutions start moving into that, you know, oldest form of sound money, they eventually begin exploring the newest. And that’s, that’s a signal. Worth paying attention to. Anyway, this week what we’re gonna really focus on though is gold and hard money. We’ll talk a little bit about Bitcoin as well. My guest is Dana Samuelson, who is. An old friend of the show, and we will have that conversation right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own. Bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying. You compound interest on that money even though you’ve borrowed it at result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique, it’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its back. Turbo charge your investments. Visit wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show everyone. Today my guest on Wealth Formula podcast ad Samuelson. He is been on the show before. He’s friend of the show. He is a professional. How do we see this numismatist since, uh, 1980. Working with some of the most influential, precious metals trading companies in the country. Before founding his own American Gold Exchange Incorporated in 1998. Uh, for nearly a decade, he was a personal protege of James U. Blanchard ii, one of the true giants of the industry, and the individual most responsible for re legalizing the private ownership of gold in the us. American Gold Exchange Inc. Is a national mail order, precious metals and rare coin dealership that makes competitive buy and sell markets in mainstream, modern, gold, silver, platinum, palladium, bullion coins and bars and classic pre 1933 US Gold and silver coins and World War ii European Gold coins. I don’t know if I left anything out, but welcome Dana. How are you doing? I’m doing great, buck. Thanks for having me back. I really appreciate it. Well, it was funny, we had a little conversation, uh, just before we started and I said, well, gosh, you know, uh, we’ve had you on the show before, maybe once, maybe twice. And, you know, and, and you, um, I think Apley described the gold market as watching paint dry. And I, I think that’s, I think that’s pretty adequate. Um, I mean, for, I mean, the last decade or so before this all happened. So, so let’s start talking about it. So, gold gold’s moved into price territory that, you know, very few people would’ve predicted even a couple years ago. So what, from your perspective, having lived lived through multiple gold cycles, what feels fundamentally different about this move? Uh, this market is a globally driven market and it’s focused on physical. There’s been a move into gold this year, and silver now platinum two. To a degree palladium, uh, in a physical level that we haven’t seen since the late seventies when we had the last really, you know, red hot market driven by fears over debt inflation. Geopolitics. Uh, you’ve got the bricks, nations that are trying to divorce themselves of the dollar, but they really can’t do it easily because there’s not a good viable alternative except for gold. And that’s been one of the leading drivers of this gold price surge that has really, you know, almost doubled in price since, uh, two years ago. A lot of it is, you know, underpinned by Central Bank Gold buying, you know, between 1950 and 2010, after the dollar became the world’s reserve currency backed by gold. And even after we un pegged the dollar to gold in the 1970s, 1971, central bankers had had gold on their, physically in their vaults from pre-World War ii when gold was money, uh, they shed that. From the 1950 all the way to 2010, they became net buyers after the great financial crisis due to the global debt explosion and primarily quantitative easing printing money outta thin air. But they were buy, they were modest buyers, you know, 500 tons a year until Russia invaded the Ukraine in 2022. And we sanctioned Russia and weaponized the dollar. The last four years, they bought, you know, almost a thousand tons of gold year or double. That really became material last year in price as the cumulative effects of their continually buying about a fifth of what the mines make every year started to really impact supplies and price movement. And now we’ve got President Trump this year, you know, throwing a monkey wrench into the World Trade order with his tariffs. And I think that that’s created a lot of uncertainty, some fear. And of course the debt just continues to go higher and higher. And now interest payments on our debt are over a trillion dollars for the first time ever. So debt servicing is starting to become problematic. The cumulative effects of all this have caused the, the people around the world, including central governments to buy gold at record rates. Um, but it’s not the phenomenon that’s happening in the United States. ’cause we don’t have a gold culture in our country, like almost every other country does. It’s interesting. Um, so what, you know, you’ve been talking about really is central banks around the world have it really been accumulating gold at levels we haven’t really seen in modern times. Right. And, and, uh, why do you think the US Central Bank. It doesn’t do the same because is it an admission of the debasement of the dollar? Because really the gold, gold is the anti dollar. I’ve always viewed it as the anti dollar maybe. Maybe that’s not the, you know, you may not agree with that a hundred percent, but I’ve always viewed it that way, and so why wouldn’t the US hedge and accumulate more? Well, we’re the world’s reserve currency. That Right. That’s, that’s created a paper culture in our, in our world. It’s now three generations old, right? Since 1945, when the dollar became the world’s reserve currency and we, the world went to a paper money standard instead of a gold money standard, which was the world’s standard from ancient times all the way till the 1930s. You know, the, our monetary system when the country was founded in 1793 was based on gold and silver coins. A copper penny was the size of a half dollar because that’s what one penny’s worth of copper was worth in 1793. Right. Um, you know, after World War ii, we had a couple things that the rest of the world didn’t have. We had a manufacturing, uh, industries that were, uh, unaffected by the, physically by the war. And we had, you know, the ability for markets to work properly, which should allow the dollar to become the world’s reserve currency. Backed by, you know, 8,200 some odd tons of gold, the biggest pile of gold that any country had. Actually, at that time it was more like 20,000 tons of gold. Uh, but by the time we got to the seventies and we un pegged from gold, we were down to about 8,000 tons. That’s still more than anybody else is supposed to have. I do think China could have more gold than that. Now they’re just not telling us they do. You know, officially they’ve got about 2,400 tons of gold, uh, and the second and third are, you know, 3000 tons of gold. So we, we still have a lot of gold. And there’s talk about auditing Fort Knox and monetizing it, but it only gets us about a trillion dollars. It’s not enough to really, you affect the 38 trillion, maybe pay the debt off for a year, or, you know, for six months. Six months, yeah. Something like that. Our, our debt is starting to matter too. You know, it’s doubled twice in the last 20 years. It gonna double again in the next 10 to 70 trillion, 78 trillion. People hear about the, the whole, uh, the bricks phenomena, right? And part of, part of what you were just discussing in the, uh, accumulation of gold. Explain that, explain what’s going on over there for people who aren’t paying attention, and you know how that is, how that is playing into all of this. Well, when we sanctioned Russia after they invaded the Ukraine. And seized their assets and threw them off of the Swift International Bank Transfer Payment System. We forced countries that were concerned that if they ran politically afoul of us, we could do the same to them. They forced them into thinking, oh, how do we get some independence from that vulnerability? Potential vulnerability? It’s not easy to replace the dollar. What they’ve, what they’ve been doing is replacing the Swift Bank transfer payment system with a payment transfer system of their own right so they can move money amongst themselves outside of the SWIFT system, number one. And since there isn’t a good viable alternative to the dollar, really the only other asset that makes sense is gold. Gold is a neutral asset. It’s not like you need it for oil or grain or steel. Nobody really needs gold, right? But it’s universally trusted. It’s immediately liquid, and it’s got a couple other things going for it that are unique. Number one, it has no counterparty risk. It’s one of the only assets. It isn’t simultaneously someone else’s liability. And number two, uh, gold in a vault can’t be seized or sanctioned. Right, so they’ve been going to gold, like they’ve been going to gold for, for centuries. It’s just, it hasn’t been that way since after World War ii. It’s a, it’s kinda like a back to the past kind of a situation. It’s sort of back to the future. It’s back to the past. That’s the allure for gold and the reason why they’re accumulating. In fact, they just launched their own currency unit called the unit. 40% backed by gold. The bricks nations have now it’s in its infancy and it’ll take a while for it to really, you know, work. But they’ve been building the components and the infrastructure to get to this point, creating the transfer of payment systems and all the components to go along with that so that they could announce something that they could use as a, as a settlement vehicle for trade, which is really what this is all about. And they’re backing at 40% by gold. Which is material and it’ll become bigger as time passes. Let’s, let’s try talk a little bit about that price movement. Huge. Um, is 60% in the last couple years, is that about right? This year alone, gold’s up 67% on a 12 month rolling basis, 67%. I mean, those are like bitcoin num, you know, type movements in the past. Right. They’re kind of crazy. So a lot of people are looking at those prices today and they’re thinking, well, I’m late to the party. Uh, are they late to the party? How do you, uh, what, what do you think’s going on there? I think the party’s about halfway through. We haven’t got to the late innings yet. I, I really do think this, and this is why this is the fourth major bull run in gold we’ve seen since we went off the gold standard in 1971. We had a a 20 to one run for gold in the seventies that was built on two oil shocks. 18% inflation and a crisis of confidence in the US then for the next 30 years. You know, 25 years a good part of my career. You know, watching gold was like watching paint dry. It traded routinely between three and $500 an ounce until we got into war, uh, following the nine 11 attacks, Iraq and I, Afghanistan, and we went into deficit spending. Then we had a second financial crisis when the great financial crisis hit another bull bull market in gold. Then we had COVID economic closures, another bull market in gold. Now we’ve got a fourth, but it’s lacking what the first three had, which was fear in the US over either economics or geopolitical events. So this gold price has essentially doubled since March or April of 2024. With no fear and a lot of complacency in the US markets. So my, my thinking is what happens if the economy slows down and, you know, the Fed’s gonna lower rates anyway. We know that’s coming with a new Fed chairman in the next five months, six months, number one, that’s good for gold. What happens if we go into a real economic slowdown and the Fed really has to drop rates, or God forbid, go to QE again, right? Or inflation rears its ugly head because the fed’s too accommodative in it. Situation where, you know, supplies are kind of tight still because of the monkey wrench, president Trump has thrown into the World Trade Order. You know, if we get fear in the US that’s when gold could go from 4,000 to, you know, 8,000. And I’m not saying that’s gonna happen, but I do think the trends have driven gold higher are not gonna change anytime soon. One of the things that you’re mentioning is those trends and like even. You know, in the last 15 years ago when I’ve been sort of involved in the investor world, the, the things that we talk about with trends with with gold have changed. I mean, usually you don’t see AI stocks going up with gold, right? Like, I mean, not that AI was around, but the point is tech stocks, that kind of thing. How is that thesis fundamentally changed? Um, I’m not quite sure I understand your question. Well, what I mean is like if gold was, gold used to be, I think it’s, you know, something again that people would buy when they were afraid of, of what’s going on in the equity markets. Right. Uh, that’s clearly not the case now. No, no, not at all. Right. Talk about that change. When did that change happen? How did it happen? This is a globally driven market. It’s not a US-centric market. This is fear around the world. You know, central banks started to underpin this market in 2022 when they stepped up their buying and doubled it. But this year, because of the uncertainty, uh, and some of the fear that President Trump’s tariffs and the way they’ve been deployed, kind of knee jerky, um, and inconsistently. Certainly not diplomatically, right? You know, it’s caused a lot of concern around the world. And for example, in April when President Trump announced the reciprocal tariffs on April 2nd, what happened? The bond market went into the complete dislocation, yields spiked from 4% to 4.5% in a week. The bond values tumble because investors started pulling money out of the, and taking it back home. Money that’d come in from Europe and Asia started to go back. So what did President Trump do? He pulled back the reciprocal tariffs on every country, but China and China said, well, we’re not gonna drop tariffs on you. And he said, well, we’ll ramp ’em up on you. So we went toe to toe with him. Until a week later, we were at 145% tariffs on China, and they were 125% on us. Well, if you’re a Chinese investor and you have real estate or stocks to invest in, and both of which have done badly since COVID or gold, what are you gonna do when your best customer suddenly says, Hey, we really don’t want your products, because that’s what 145% tariffs say to the Chinese. We don’t want your products. You can’t sell ’em here. You gotta go sell ’em somewhere else, but we’re their best customer. So they bought gold. They bought gold handover fist, and they drove the gold price up $500 by themselves during that month. That’s what I mean by fear outside of the us. Yeah. We don’t get it inside. Well, and and that’s fear outside of the markets too, right? I think that’s, that’s the fundamental shift I was trying to get at is true. It used to be that gold was, uh, gold would react on fear of the markets, but now there’s another level of fear, which is geopolitical. And it doesn’t seem like there’s any time soon that that’s gonna end. No, no. I, I, I’ve called it like a run on the bank only. It’s not a run on the bank of like George Bailey’s run on the bank and it’s a wonderful life. This is a run on the gold market, the physical gold and silver and platinum markets. That’s really what this is, and it’s a global rush to buy. And it’s not just central banks, it’s the public as well. Due to uncertainty, part of it’s fear of missing out now that we’ve had a big run in prices too. That’s FOMO in there too. That’s what I’m trying to, that’s part of what I was wondering too though, is like, you know, again, there’s people out there now who, um, are, are looking at this and they might even be listening to us going, gosh, yeah, it really makes sense and I happen to have no gold. What do I do? You know, what do I do now? Do I buy now? And, and I’ll, you know, and, and the next thing you know. I find out this was a frothy market and, and I’m down 20% for the next three years. I mean, that kind of thing. So I, I think it’s a, it is a tricky time, but, so that sort of, I guess, brings up when you think of gold, um, in a portfolio. I mean, you say, you’ve said in the past, it’s not about getting rich. Well, some people really did get rich this time. Uh, you said it’s about preserving wealth, right? So how should investors think about Gold’s role alongside stocks, real estate, and other assets right now? Well, even I think JP Morgan Chase has said this year, you know, instead of a 60 40 portfolio, you should have a 60 20 20 portfolio with 20% bonds and 20% precious metals. Gold in particular, because of what’s been happening. And now we don’t have a gold culture in our country, like most every other country does. So most Americans don’t get it. And that’s part of. We’ve ingrained because the dollar is the world’s reserve currency and it insulates us from currency shocks in commodity pricing primarily. Uh, without that insulation, you know, they might think things a little bit differently, but you know, any good financial planner will say you should have a little bit of precious metals as part of your portfolio, uh, as a hedge against financial uncertainty. And it certainly worked perfectly well during the great financial crisis. And when COVID hit because. Gold tends to counter cyclically, perform in price against stocks and bonds, and it’s always liquid. Now, you’re a real estate investor, you understand real estate. What couldn’t you get in 2009 alone? Right? Bankers wouldn’t give anybody money, right? But if you had gold, you could get liquidity, right? And gold, you know, almost doubled between 2008 and 2011 at the same time when most assets were dropping 50%. That’s an insurance policy for the rest of your money. That’s why I said, look, it’s a way to preserve wealth and have a hedge against financial uncertainty. But in the market that we’re in now, you know, having more than just the, the minimum, which is five to 10% of assets as a, you know, potentially an investment instead of just an insurance policy. That makes sense. But you’re right, you could buy and you could, you know, tie up money that won’t produce anything for a couple years, maybe longer. You also have an insurance policy in case the wheels do come off like they did during the great financial crisis or during COVID. Yeah. Yeah. I was listening to, uh, another podcast. I listened to the, these, uh, guys, the All In podcast, and, uh, Tucker Carlson was on there, and apparently he’s a, you know, huge, uh, physical gold guy. And, and he said, and I, I think he was serious. He said he buries it in his backyard and then he spreads a bunch of, um. Uh, a bunch of, you know, silver beads, uh, out there too, like, just in case no one can like, use a medical metal detector and find it is gold. Uh, let’s talk about that nuance of, of physical gold versus, you know, buying ETFs and all that stuff. What’s your take? I mean, what, what do you tell people when they say, well, gosh, you know, uh, it might be hard for me to store that gold and, and why shouldn’t I just get an ETF and, and talk a little bit about that? Well, I trade ETFs in my IRA account. When I think the, when I think I can harness price movement, that’s what I use ETFs for. You know, they’re a paper representation of gold, uh, that you can trade at the click of a button, physical gold. Is valuable. It’s, you have to find a place to store it. It’s pretty inert, so you can, you can bury it in your backyard, keep the elements out of it, but then there’s some risk there because it could be found, it could be stolen, so you do have to store it somewhere. You can put it in a bank safe deposit box, but I don’t really recommend that because what happens if there’s a banking holiday and you can’t get to it? So having a home safe or maybe, you know, maybe bearing it in the backyard. Is an option if that’s what you wanna do. Or there are independent professionally run storage facilities. There’s a few of ’em around the country that are run by precious metals dealers that are, you know, big entities. Uh uh. So I think they’re trustworthy and they certainly have the ability to service and aren’t properly insured. So that if something happens, you know your value is protected. And that’s primarily what you pay for as a storage fee is a percentage of value. Not so much number ounces that you have there, but the value percentage, because it is an insurance, uh, related value, right? The value goes up, they’ve gotta get more insurance so they get a higher storage fee for that same amount of metal if the value increases, which is unlike other assets. So I do have a couple of those I recommend that are run by professional. Companies that have been in business for years that we know would trust and have performed perfectly. If you wanna store, um, physical metal now gold is compact. You know, a hundred ounces is smaller than a paperback novel and it’s $450,000 worth of value today. You could, I could literally have one bar in each one of my coat pockets and be walking around with almost a million bucks in my pockets, and no one would know. Silver. You know, silver creates a bigger problem because it takes 70 ounces of silver to equal an ounce of gold. So there’s a lot more volume involved and a lot more weight, which is why sometimes these facilities make more sense if you wanna store something that’s more bulky like silver. But if you’re gonna store gold somewhere, that’s not easy to find. You wanna make sure somebody you trust behind you knows where it’s just in case something happens to you. Right? Yeah. Um. What, um, how difficult is it, uh, Dana, for someone to, I guess, say they wanna sell, say maybe they need to sell one of those bricks in your pocket there? Uh, and, and, um, is that a, um, a process that, I mean, it’s, you know, it’s not as easy as clicking a button at that point, right? But to make sure that you get the best possible price for your gold and all that, I mean, you’re not gonna go to a pawn shop and. Oh, that, so like, I, I’m just curious on the mechanics of that. ’cause I’ve, you know, I’ve, I’ve never sold, you know, physical gold for anything. So, so our, our company’s a physical dealer. We’re a hybrid between Amazon and a financial institution. And that, uh, we sell something online or over the telephone. The price is always changing on a minute by minute basis, but it’s like you’re buying shoes. It’s just, you know, you don’t quite know what the price is gonna be. So we physically, you know, figure out which product you should purchase, what’s best for you, and then we ship it to you if you want to sell it, it’s just the reverse of the transaction. You have to present it for delivery, which means you have to ship it back to, uh, your dealer, or, you know, physically deliver to them, and you get paid immediately upon delivery. So, um, you know, we, we do business like a financial institution. You can call us up, place a transaction over the phone. Uh, if it’s a smaller transaction, we’ll do that without deposit funds. If it’s a bigger transaction, we don’t know, you will want funds first, but once we lock in, that’s the price. Just like when you buy stock and then you pay the balance or, or we ship you the merchandise, whichever comes first. Um. You get it, inspect it, make sure you, you got what you’re supposed to get. In fact, it, you know, in the last two years with this gold price just climbing higher and higher, we’ve got a lot of clients that are complacent. They like the stock market that’s been hitting record highs, uh, and they’ve been shedding gold. We’ve actually bought more gold as an industry, not just our company, but as an industry in the last year than we’ve bought in a single year in 20 years. So it’s very easy to reverse the transaction. But what I would tell you. For your listeners is, and this is important, you should buy sovereign minted products, gold ounces, silver ounces, one ounce gold coins. They’re really just round bars made by the US Mint, the Royal Canadian Mint, the British Royal Mint. The Austrian Mint instead of refinery made. One ounce bars or 10 ounce bars or kilo bars of gold because we have a modest but growing problem with Chinese counterfeits. The Chinese can take tungsten and plate it with gold and pass it off as reel, and they can do that much better with refinery made bars that have plain design pictures stamped onto them. They can replicate those very well, but they cannot replicate the intricate pictures. The US Mint or the Canadian Mint, or the Austrian mint, British royal mint stamp onto that one ounce gold coin. We call it a coin. It’s just a round bar made by a mint that struck with dyes like a coin. And all of the mints around the world have introduced minute anti-counterfeiting design elements into the picture that they stamp on their coins to deter Chinese counterfeits. And it’s working. So the most important thing is, you know, do business with a reputable dealer that’s been around a long time, that has a good reputation, not a, not some new entity, right? You wanna find a, a trusted member of the community and develop a relationship that makes buying again or selling very easy. Once you have a relationship with a dealer, and we know the product you’ve purchased, we’ll take it back very easily. Uh, silver is, you know, people talk a lot about it in the context of, you know, the lump it with gold but has very different characteristics. Um, how do you think about silver today? I love silver today. Uh, it’s, it’s a metal at times as hard to love because every time it makes a big gain, it can give it up pretty easily. It’s more volatile than gold, but gold’s about 90% monetary metal in 10%. Commodity metal silver’s about 50 50, but what silver has going for it is, uh, a couple of unique characteristics that virtually no other metal comes, uh, as close to, which is conductivity of heat and electricity. Silver is amazing in that it’s the best at conducting both heat and electricity. I’ve got a one ounce silver coin on my desk here, and if you take this coin and hold it between your fingers and take an ice cube. You can literally cut that ice cube in half in about 6, 7, 8 seconds with a pure silver coin because the heat from your fingers gets transmitted to the coin and goes right through the ice cube. That’s just a simple example of how conductive silver is for temperature, and we have a structural supply deficit in the silver market that we’ve had for about five years now, where the industry. Is consuming more silver than comes out of the ground on an annual basis. So we’re eating into the above ground supply. Uh, so fundamentally that’s the supply and demand equation favor silver. Uh, plus because gold is moved up so much in price, silver is getting a rotation into it because it’s underperformed relative to gold until just recently where it’s played catch pretty sharply in just the last three or four months. If you measure. How many ounces of gold, uh, how many ounces of silver it takes to equal an ounce of gold, the gold to silver ratio back in April. That was a hundred to one, you know, which was an extreme. Today that ratio is a, is a little under 70 to one. It’s 67, 68 to one. So silver has played up in ketchup in price. Where is that historically? Uh, well. Normally it’s between about 40 to one and 80 to one with about 60 to one as the, as the pivot point where it’s in, they’re in equilibrium. But in the last four or five years with gold leading and silver lagging, we’ve routinely been in the 85 to 90 to one range. Uh, and we actually hit a hundred to one in April of this year, uh, which was the highest it’s been, um, except for when we had a kind of a knee jerk in the medals during COVID, which was an anomaly. Uh, didn’t last. So, but anyway. Silver is playing ketchup because it’s been undervalued relative to gold. Um, and we’ve seen, you know, people that wanna be in the metals, but think gold’s a little expensive. They’ve rotated out of gold, and we’ve seen some of that money move into silver and also into platinum. Now, platinum was under a thousand dollars this time of year ago, and it’s almost $1,900 announced today. So it’s almost platinum’s up, uh, almost a hundred percent now. This year where silver’s up 120% this year and a lot of this demand is driven globally. We’ve seen huge demand in silver in India this year because gold is so, has become so expensive, and that’s what I mean by a global run on the, on the bank. It’s not just China, Japan, it’s India too, and Europe as well. Physical buying and et f buying ETFs are available around the world in precious metals now that really haven’t been very impactful until this year. Um, but that’s what the world’s doing, you know? No discussion these days on gold is complete without at least mentioning Bitcoin. Uh, you know, and, and it’s, it’s interesting because, um, you know, even within the, uh, uh, gold world, I mean, there’s, there’s some prominent people who are really bought in to Bitcoin. Like I, Lawrence Lepert has been on the show multiple times now, and Larry’s all in. Um, just curious as a, you know, as a gold person, what do you see where, what do you see the role or do you not believe in this thing? Do you believe it is a, a parallel? Um, I, there’s so many things that you say about gold. That I’m like, yeah, you can say that about Bitcoin too and carry, you know, millions of dollars in your pocket. You can, you know, it’s, uh, there’s a very little amount of it. Um, obviously it’s new, right? Gold has been around for, since the beginning of time and, and now we’ve got 2009 for Bitcoin. What is your view? How are you seeing it? May, how are your colleagues seeing it in the gold space? Well, a couple different points to make here. Um, you know, when, when Bitcoin came out in 20 10, 20 11, you know, one of my friends in the, in the precious metals business told me I should buy it when it was 20 bucks and I didn’t get it. So I didn’t do it, and that was a big mistake on my part. But Bitcoin has one advantage that no other currency or gold has, which you can move serious money over borders easily. You’re right, you can carry it around in your pocket, in your wallet and, um, you know, you carry a lot of value around and transfer it at the, you know, click of a button. And no co counterparty risk, just like you said with gold, right? Yeah. Well, there’s some modest counterparty risk with, with bitcoin that you, you have counterparty risk with gold and theft as well. Um. Bitcoin is volatile. It’s, you know, it’s, it’s very volatile. It’s still the speculative investment. I mean, it was 124,000, you know, four months ago, and now it’s about 85,000, 90,000. So there’s volatility there that gold doesn’t have. But more importantly, what I’ve seen in my career is a generational divide. The older, older people, you know, 45 and older, like gold and silver. Younger people that grew up with phones in their hands like Bitcoin. The volatility in Bitcoin that we’ve seen in these two big selloff cycles in Bitcoin have not the first one, but the second one have helped to bring some of those younger people into the stability of gold, especially in the year when gold is doing pretty well. ’cause it then it kind of has a little bit of that Bitcoin allure, which is, you know, get rich quick. But, um. Bitcoin’s volatile, but it’s here to stay and it is now the most respected cryptocurrency. Like I almost bought Ethereum, you know, 10 years ago when one of my friends was explaining both to me and said that Ethereum basically had better fundamentals. But you know, it’s kind of inventing, it’s kinda like investing in a. What, uh, beta, beta max instead of VHS back in the day. Some of the older people remember that. You bet on the wrong horse, you know? Yeah, exactly. Well, you’ve, uh, you know, you built this, uh, firm on transparency, integrity, uh, in an industry that doesn’t always have the best reputation. Right? So for investors who decide that precious metals belong in their portfolio. Uh, how can they get a hold of you? Well, our website is, uh, A-M-E-R-G-O-L d.com. Uh, we don’t have, you know, 10,000 items on our website. We have a, we have a small listing of what available products are because we stick with mainstream items, products that are primarily easy to sell, uh, competitively priced, widely traded, and easily understood. Um, uh. Uh, email address is info I nfo@amggold.com. Uh, we have a toll, toll free number 806 1 3 9 3 2 3. Uh, we’re consultative in nature. We’ll, we’ll answer any questions. Happily, gladly, uh, no transactions too small or too large. What we really wanna do, uh, is help people because if we do that, we help ourselves. And when you treat people right, it, it comes back. And our industry does have a chair of bad actors. And, um, you, you wanna make sure that you do business with someone reputable that’s been in the industry a long time. And I understand some people may wanna do this locally where they can actually walk into a place of business. Do this instead of over the phone. So look for dealers that have, you know, longstanding, uh, businesses and good reputations. If you see a reputation that, uh, has some complaints, you know, there are other choices for you. But, um, we just try and help people buck. That’s really what we try and do. We certainly have the reputation for it. Dana. So thank you so much for being on Wellfor podcast. Well, thanks for having me. It’s great to see you again, and I wish you a great success in 2026 and a happy holiday season. You too. You make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens to you. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to Show England. Hope you enjoyed it and, uh, I will. Uh, I should admit though, that if you go back and you listen on my, uh, past shows, this is one that I was wrong on. I, I’ve never been a gold bug. My biggest issue with gold. Um, has always been, you know, from an investment thesis that it doesn’t really do anything, doesn’t yield anything, and what’s the point of owning it rather than owning, uh, real estate. And actually, if you just look at what I said, it’s, it’s still, it’s still, it’s still kind of true, right? I mean, you can argue, well, yeah, the real estate markets really did, uh, did struggle over the last couple years. But listen, at the end of the day. The real estate market struggled because of leverage, right? Gold. There’s no leverage, no one’s borrowing, buying gold on leverage, and so it can go up and down and it doesn’t really hurt anybody. If you take the last couple decades and you know how much people made from, uh, real estate versus Bitcoin, even though there’s this huge, uh, huge uptick in Bitcoin now it’s, it’s probably the case that they come out pretty close. If not, uh, you know, real estate still being the winner. But anyway, uh, I do want to say and admit that I was wrong. That, uh, that the gold wasn’t really worth, uh, owning. I think, uh, you know, I wish I had owned some, just like a lot of people wish they’d own Bitcoin at $6,000, right? Um, in fact, I will say that one of the things in hindsight that I think of is gold in many ways for the last several years was on sale. And I haven’t really been talking about this as much, but I’ve been reflecting on this a great deal about making sure that as an investor you wake yourself up once in a while and ask, okay, well, what’s on sale? Well, gold was on sale for a while. Silver was definitely on sale. Right? Um, doesn’t mean you have to go in, have, you know, 50% of your portfolio in something like that, but when something’s on sale, it’s not a bad idea to look around. And maybe get, you know, get a little bit of exposure. I do think that real estate is there right now. I think real estate, you know, if you’re in the credit investor group, you’re seeing on a routine basis 30%, uh, discounted offerings from just a couple years ago. And I do think that’s on sale right now. But there are other things as well, arguably. I mean, I, I actually think that Bitcoin is, uh, uh, sort of on sale right now. I mean, sitting at 86,000, anybody who thinks it’s not gonna go to a hundred thousand at some point in the next, you know, 12 months is, I mean, I think it’s highly unlikely that it doesn’t go to a hundred thousand, right? So think about that right now. That’s like a 14% gain right then and there. Anyway, sometimes it’s good to just look around and see what’s on sale. Uh, that’s my message for this week. Uh, this is Buck Joffrey with Wealth Formula Podcast signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealthformularoadmap.com.

In this Christmas special, we reshare our conversation with Nicky Gumbel!  Very occasionally one individual can have a disproportionately powerful impact on a collection of people, but very rarely does that person's impact grow in time and reach, and expand beyond anyone's expectations and for millions, be responsible for enhancing their lives. In this episode we explore a slightly different realm: religion. Our guest, the Reverend Nicky Gumbel, talks of his own odyssey from barrister to clergyman, before widening both awareness and access to Christianity to those outside the church via the Alpha Course.  Alpha - a term which we usually employ in a very different context on the podcast - effectively rebranded and modernised Christianity for a new generation in the 1990s, with tens of thousands of courses being run by the end of the decade. The programme has now been translated into 112 different languages, and 30 million people have taken part.  In this interview he explains his own pivot to faith, how he was asked to take charge of the Alpha Course development, and in the subsequent years how its reach was extended globally. He explains how he built it into a global brand, how charismatic leadership can be relevant to all fields, the changing relationship between faith and secularism, the role of religion for prisoner rehabilitation, as well as thoughts on morality, money and giving! The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube 

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 cooling US economy. Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.   Additional Resources: Gold Outlook 2026: Push ahead or pull back   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, 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 introduction of Pooled Gold Interests (PGIs). Joe and John walk through the implications for market participants, from clearing banks and exchanges to ETF issuers and digital asset innovators. Allan also shares an update on the project's development, the upcoming pilot program in the London OTC market, and key milestones that will signal progress as PGIs move from concept to operational reality. Subscribe to Unearthed wherever you get your podcasts, and visit Goldhub.com for more insights on gold markets, innovation, and investment trends.   Notable Quotes “When we hear a lot about crypto and technology and digitization, there's not a lot being said about the gold market that's actually really changing. Maybe wholesale digital gold can fill that opportunity gap and bring us into a more modern era.” – Joe Cavatoni “Right now, you've got a universe of participants that support the gold market, but I'm hearing about a market that will allow those that may not have a full vault or custodian capability to be more active.” – Joe Cavatoni “We're seeing something like $250 billion of gold changing hands every day… so physical gold works. I'm interested to hear what wholesale digital gold can do to improve a market that's performing pretty well.” – John Reade “Gold is a unique asset with this combination of a physical market and a financial market. Wholesale digital gold can address the gaps that stop gold from being a top-tier financial asset in terms of its utility.” – Allan Guild “PGIs are uniquely positioned to power a future set of digital end-user products in the gold market.” – Allan Guild   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

When we interviewed Howard Marks in March of 2025, he observed, “It's the pioneers who get the arrows”. Many consider a 21st century investment pioneer to be Cathie Wood. She embraces disruptive innovation themes early, has faced intense criticism during large drawdowns, has reshaped ETF thinking and is characterised as bold, influential, and controversial.  Cathie explains why studying under Arthur Laffer inspired her to think about private sector disruptive innovation driving growth.  She explains how multiple S curves can operate simultaneously, and how Ark fuses the macro and thematic with bottom-up conviction, along with the volatility.  She continues by discussing idea generation and Ark's big themes including multiomic sequencing, energy storage and robotics. She discusses risk, benchmarks, setbacks, and where to go to find work in an AI disrupted world. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube 

Ares is recognised as one of the leading global alternative investment managers, investing across credit, real estate, private equity and infrastructure. Listed on the NYSE, it has over 4,000 employees, $595billion in assets* and a substantial geographical footprint. Blair explains the high yielding Ares-managed listed vehicle, ARCC, which as a business development company (BDC) structure must distribute 90% of taxable income and averages 9% of yields*. He discusses how being a public entity gives them a “currency” which is highly valued by employees, and also how it has helped with brand recognition as its growth accelerated. We discuss European capital markets and the structural reliance on bank debt versus private credit (the inverse of arrangements in the US). He explains how it is changing, as well as the current headwinds and opportunities ahead. He discusses why over 1,400 conversations take place in Europe each year, but Ares makes less than 50 loan investments in direct lending, how they are deploying over $100 billion of dry powder firmwide, and the criteria that matter for them. He explains their focus on the middle market, their ownership of sports assets – including a $500 million preferred equity stake in Chelsea FC – and their other media and entertainment investments. Finally, Blair responds to the question around the growth of credit secondaries and continuation vehicles, assessing the motivation behind the growth, and risks associated with the wealth management sector's increasing allocation to this space.   The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.  Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube  (*AUM as of 30/09/25, BDC distribution stats as at 04/11/25)

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 implications of upcoming economic data on gold prices.  Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights. 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 September we held our inaugural Money Maze Allocator Summit and over the two days there was fantastic discussion, debate, insights, disagreement and a lot of learning. It proved incredibly popular & much of that was a result of the quality of panels, moderators & topics. Of all the conversations, one that particularly resonated with us was the chance to interview Sir Chris Hohn about two topics with which he is fantastically acquainted: investing and philanthropy. As you will discover in this episode, he perhaps stands above most mortals with the clarity of his thinking and the extraordinary generosity and effectiveness in both disciplines. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.  Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube 

On 30th September and 1st October 2025 we held our inaugural Money Maze Allocator Summit (MMAS). We gathered 120+ global investors & allocators - many of whom have been previous guests - for 2 days of fascinating investment discussions. It proved incredibly popular & much of that was a result of the quality of panels, moderators & topics! The moderator was the brilliant Annachiara Marcandalli, Global Head of Sustainability at Cambridge Associates.  The panel was Brian Menell (Chairman and CEO, TechMet), Per Lekander (CEO, Clean Energy Transition), Bill Orum (Partner, Capricorn Investment Group) & Kristin Eshak Weldon (Senior Managing Director, CCI).  The climatic changes challenging our world should not be in doubt. The responses, the consequences and the investment opportunities and risks are profound. The panel encompasses rare earths, electrification, power sources, uses and solutions, the EV charge, the continued role of hydrocarbons & much more… -- MMAS  - More Info & 2026 Event Registration - Please note that the 6th/7th October date indicated on the webpage remains provisional (as of 30/10/25). The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. 

Stephen Grootes speaks to Joe Cavatoni, Market Strategist at the World Gold Council, about the World Gold Demand Trends Q3 report, which highlights how central bank buying, resilient investment demand, and strong consumer interest in jewellery continued to support the gold market amid global economic uncertainty. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Stephen Grootes speaks to Geoffrey Nolting, senior economist at the Public Investment Corporation (PIC) and co-author of a new research paper, about how South Africa could create 250,000 jobs and generate R100 billion in economic uplift over the next five years by doubling down on re-industrialisation efforts. In other Interviews: Stephen Grootes speaks to Joe Cavatoni, Market Strategist at the World Gold Council, about the World Gold Demand Trends Q3 report, which highlights how central bank buying, resilient investment demand, and strong consumer interest in jewellery continued to support the gold market amid global economic uncertainty. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa Follow us on social media 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Gerald Celente rips into America's unraveling economy: gold rises past $3,600 as weak jobs fuel dollar collapse and looming rate cuts. Trump's gtrowing crypto empire , debt dragflation threatens a financial “heart attack,” and the World Gold Council plots digital bullion to rival the dollar. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHTFind out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

Gerald Celente rips into America's unraveling economy: gold rises past $3,600 as weak jobs fuel dollar collapse and looming rate cuts. Trump's gtrowing crypto empire , debt dragflation threatens a financial “heart attack,” and the World Gold Council plots digital bullion to rival the dollar. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHTFind out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.