Unearthed: Tariffs, Fed Uncertainty, and Gold’s Surge

In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, examine the forces driving gold to fresh record highs – from tariff clarity in the US to renewed investor demand and shifting interest rate expectations.

They discuss the recent executive order confirming that gold bars can move across borders without additional tariffs, removing a key source of uncertainty for the market. Against this backdrop, they explore how slowing US economic data, rising prospects for rate cuts, and concerns about Federal Reserve independence are fueling Western investor flows into gold. With trillions parked in money market funds, the stage may be set for further investment momentum.

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Additional Resources:

Q2 2025 Gold Demand Trends Report 

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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.

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