Unearthed: What 'Wholesale Digital Gold' could mean for market infrastructure

Allan recently joined the Unearthed podcast from the World Gold Council to discuss a significant market innovation: Wholesale Digital Gold and the introduction of Pooled Gold Interests (PGIs).

In conversation with Joe Cavatoni and John Reade (Senior Market Strategists at the World Gold Council), Allan explores how PGIs could help modernise the way gold is traded, owned, and connected into the wider financial system—bringing a more digitally native layer to wholesale market activity while remaining anchored in established market structures.

Key themes covered in the episode

• What PGIs are (and why they matter): A practical route to representing pooled wholesale gold interests in a way that’s compatible with evolving digital market infrastructure.
• Implications for key participants: What this could mean for clearing banks, exchanges, ETF issuers, and digital asset innovators—and why interoperability and market utility are central to adoption.
• What happens next: An update on project progress, including an upcoming pilot programme in the London OTC market, and the milestones that will indicate movement from concept to operational reality.

Why this matters

Across capital markets, the direction of travel is clear: greater digitisation, improved operational efficiency, and infrastructure that can support new products without compromising market integrity. The episode provides a grounded view of how the wholesale gold market might evolve—where innovation is tied to real participant needs and clear implementation pathways.

Listen now

You can hear the full conversation here: Unearthed: Wholesale Digital Gold ft. Allan Guild, Hilltop Walk Consulting (World Gold Council)