Show Notes
In this episode of Unearthed, co-hosts Joe Cavatoni and John Reade, Senior Market Strategists for the World Gold Council, are joined by Amanda Krichman, Chief Operating Officer of Funds at the World Gold Council. Together, they unpack the fundamentals of gold-backed ETFs, taking a closer look at how these products work and address some of the most common myths in the market. The conversation covers everything from how gold ETFs are created and redeemed to the role of authorised participants (APs) in maintaining price stability and liquidity. Together, they also reflect on 20 years since the launch of GLD, the first U.S.-listed gold ETF, and explore how ETFs have revolutionised access to gold for both retail and institutional investors. Notable Quotes: “An ETF, or as it's known, an exchange-traded fund, pools assets from many different investors and gives them an easy option to buy into a diversified product. They'll buy shares of this product, which will allow them to get access to many different underlying investments.” — Amanda Krichman “I've seen it with my own eyes. For the two products that we work on with GLD and GLDM, the gold is there. The shares of the fund won't be released until the physical gold bars are delivered and allocated within the accounts for each of the ETFs.” — Amanda Krichman “You might be wondering, how do these authorised participants make money? It’s based on the arbitrage of how that's trading in the secondary market and to help keep the price as close as possible, less expensive to the underlying value of the gold per share.” — Amanda Krichman Disclaimer: For additional information on SPDR® Gold Shares (GLD®) and SPDR® Gold MiniShares (GLDM®), please visit www.spdrgoldshares.com.
The information is for educational purposes only and is not intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments. Investing involves risk, including any investment in GLD or GLDM. Before making any investment, you should read GLD’s prospectus which is available here and GLDM’s prospectus which is available here and consult your tax and financial advisor. Additional Resources www.gold.org Amanda Krichman LinkedIn About World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market. You can follow the World Gold Council on X at @goldcouncil and LinkedIn. Terms & Conditions | World Gold Council
Correction notice: Please note a small error in this recording. At 3mins 47sec Amanda notes that the custodian releases the shares once the gold is delivered to the custodian. However, technically it’s the admin that releases the shares once the gold is delivered to the custodian.
More from Unearthed
This episode was recorded on 15 October 2026. In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack why gold has been stuck in a holding pattern, with prices largely flat after a September pullback. With the U.S. midterm elections around the corner, they consider what the outcome could mean for gold, and why the answer may have less to do with party politics than investors might think. In the midst of conference season, they also turn to the topic dominating conversations on both sides of the Atlantic: central bank buying. After years of strong purchases and a sharply higher gold price, they ask what comes next for the sector, and what that could mean for the market in the years ahead. 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 filmed on Wednesday 15th July and is part 2 of a 2 part series with Argor-Heraeus.
This episode was recorded on Thursday 3rd September 2026. In this episode of Unearthed, hosts Joe Cavatoni and John Reade break down a volatile August for gold, with prices reaching highs of roughly $4,700 before correcting following hawkish comments from Kevin Warsh. They discuss the rally and how it looks narrower and more speculator-driven than the broad-based buying seen in late 2025/early 2026. They also touch on muted safe-haven demand despite ongoing Middle East tensions, as well as the Dutch National Bank's move to relocate gold from Ottawa and the US to London. Looking ahead, John and Joe flag the catalysts they're watching into September, from the FOMC meeting and incoming US data to signs of a broader physical demand recovery across China, India, and Southeast Asia. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. Terms & Conditions | World Gold Council
This episode was filmed on Wednesday 15th July and is part 1 of a 2 part series with Argor-Heraeus. In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Dr. Robin Kolvenbach, CEO of Argor-Heraeus a major precious metals refining company located in Mendrisio, Switzerland. Together they unpack the drivers behind the refining industry, often the least understood link in the gold value chain. Episode one dives into the economics of the refining industry, why a rising gold price is a cost and a risk to refiners, and how metal lease rates shape the business. In the conversation they cover sourcing patterns reshaped by downstream demand for responsible supply, the scale and significance of bar and coin demand, physically segregated production lines and the tracing processes that allows a gold bar to be identified with a phone years after it leaves the refinery. 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
This episode was recorded on 13 August 2026. In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack gold's push toward $4,400/oz, as softer US economic data clouds the outlook for further Fed rate hikes. They dig into a sharp pickup in ETF flows this month, continued central bank buying, and why the rally so far looks more tactical than broad-based — plus a surprisingly quiet seasonal demand out of China and India. Looking ahead, John and Joe flag the catalysts they're watching heading into the fall, from the Jackson Hole symposium to the U.S. November elections, and discuss what it would take to see the kind of retail enthusiasm that could take gold materially higher. You can follow the World Gold Council on Twitter at @goldcouncil and LinkedIn. Terms & Conditions | World Gold Council