As gold holds near $3,300 an ounce, physically backed gold ETFs just recorded their largest semi-annual inflow since the 2020 pandemic panic – adding 397 metric tons and over $38 billion in capital. World Gold Council Chief Market Strategist Joseph Cavatoni joins Kitco News from the Rule Symposium in Boca Raton to break down what’s driving the shift: capital flight from fiat, rising institutional demand, and renewed interest from sovereign wealth funds.
Cavatoni addresses Asia’s record ETF buying, China’s shadow reserves, and why Western pension and long-duration capital may finally be returning to gold. He also discusses whether this marks a structural realignment or temporary safety play, and how miners, vaults, and supply chains are adapting to tighter physical conditions.
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Key topics:
-$38B ETF inflows and gold’s physical tightness
-Why Asia is punching above its weight in ETF flows
-China’s official gold numbers and sovereign accumulation
-Structural vs. tactical gold demand: who’s really buying?
-Sovereign wealth fund and pension interest in bullion
-Miners, ounces, and what tighter supply means for pricing
-Second-half 2025 catalysts and risks to watch
Follow Jeremy Szafron on X: @JeremySzafron (
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Follow the World Gold Council on X: @GOLDCOUNCIL (
00:00 Introduction
00:17 Gold Market Dynamics and Institutional Investments
01:05 Interview with Joseph Cone: Insights on Gold ETFs
03:34 Asian Market Influence and Central Bank Activities
11:22 Physical Gold Market and Future Risks
16:29 Conclusion
#Gold #JosephCavatoni #WorldGoldCouncil #GoldETFs #DeDollarization #CentralBankGold #InstitutionalInvesting #GoldDemand #KitcoNews #RuleSymposium #JeremySzafron #GoldStrategy #ChinaGold
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
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32 Comments
There's a big difference between moving into gold and moving into a ETF 😂
Given the current surge in the gold market, I believe that investors should concentrate on under-the-radar gold. The safest way to deal with it, in my opinion, is to diversify your investments by spreading them across a variety of asset classes, such as bonds, real estate, and gold, as this can lessen the impact of a market meltdown.
JEREMY, Please slow down. At my last appointment i was not understang over 50 percent of words. She then said I have good news and I have bad news. The good news its not from your hearings, the bad news is it's your brain.
38 billion into gold ETFs since the pandemic? That’s a signal. Who’s shifting into gold now—and how much of your portfollo is getting rebalanced?
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RIOFF ( Rio 2 Limited )
This mining company recently acquired full permits and its share price DOUBLED . The .99 cents per share price will certainly go much higher from here due to its low entry point , safe jurisdiction , and very experienced management team.
BKRRF (Black Rock Silver Corp)
With the USA safe jurisdiction , and Eric Sprott recently purchased 5 million dollars in this mining company, ( which undoubtedly allowed it to DOUBLE, in share price ) the.40 cents per share price will certainly go way up from here .
BKRRF
Black Rock Silver Corporation
As winds of war sweeps through the European continent Capital would flee to the United States
Gold ? Market is too small to absorb trillions in Capital
Just say NO to ETF's and yes to physical Gold & Silver ..
Up and up but nice that he has an eye on the downside 🎉
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The world is ditching US dollar for GOLD
China, US buying gold in huge quantities and theres a lot of talking it up,, yet no movement on price, something is manipulating price.
The stock market has roared higher off the lows ok?
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You are killing it Jeremy🔥
the fun begins when paper chases gold.
Exk is going to rocket!!!
Another fantastic discussion gentlemen. Thanks Kitco
Hey kids This Joseph Cavatoni did a marvelous soft shoe, Fred Astaire around the China issue He nose, butt he cant say or he gets slapped by Chairman XI
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I believe Gold and Silver will be a major player post WWIII
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