GOLD
By the end of 2025, gold was trading at a record high of just under $4 300 per ounce.
Gold: locked and loaded
Gold continues its meteoric rise, reaching several all-time highs in January alone to reach over $5 000 oz. But what is driving this surge in demand? Are traditional buyers simply increasing their allocations to the precious metal, or has a new player entered the market and begun to reshape the landscape? For answers to this and other important questions, Modern Mining caught up with the World Gold Council’s John Reade for insight into the world of gold.
A nd yes, beyond the traditional investors that include central banks, private investors, the jewellery industry and exchange-traded funds (ETFs), is Tether, and not the gold back BRICS currency, the Unit, which has muscled in on the market, says Reade. So, what is Tether and how has it edged its way in? Tether is the issuer of the world’s largest
USD-pegged stablecoin (USDT) that has rapidly emerged as a major player in the physical gold market, leveraging its immense profitability to amass an estimated 148 tons of gold (valued at ~$23–24 billion as of early 2026). Through its tokenised gold product, Tether Gold (XAU₮), and direct, aggressive physical gold acquisitions, Tether now controls over 60% of the gold-backed stablecoin market.
John Reade, World Gold Council Market Strategist for Asia and Europe.
10 MODERN MINING www.modernminingmagazine.co.za | April 2026
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