The market is repricing risk as capital rotates from the “Paper Economy” of tech stocks into the “Managed Economy” of strategic hard assets. In this episode of Kitco News, Anchor Jeremy Szafron is joined by Joe Cavatoni, Market Strategist for the World Gold Council, to break down the massive discrepancy in central bank gold buying data.
While official IMF data reports approximately 326 tonnes of net buying for 2025, Cavatoni reveals that the “true” demand—including unreported OTC flows—is tracking closer to 680 tonnes. They discuss why sovereigns are “going dark” with their accumulation, the implications of the “Project Vault” price floors for critical minerals like Silver, and why the “violent” 30% melt-up in January was a bigger danger signal than the recent correction.
Recorded: February 4th 2026.
Follow Jeremy Szafron on X: @JeremySzafron (
Follow Kitco News on X: @KitcoNewsNOW (
Follow Joe Cavatoni on X: @JCavatoni_WGC (
CHAPTERS:
00:00 Introduction and Market Overview
00:08 Technology Trade Unwinds: The Rotation from AI to Hard Assets
00:29 Project Vault and Government Policy: The “Managed Economy”
01:49 Market Response and Gold Performance (Intraday Volatility)
02:07 Interview with Joe Cavatoni: Gold Market Insights
02:54 Central Bank Gold Buying Trends: The “Unreported” 350 Tonnes
06:04 Gold Market Volatility and Investor Behavior: The “Air Pocket” Rally
09:38 Silver as a Strategic Asset: Critical Mineral Risks
12:24 Central Bank Reserve Strategies: Uzbekistan & Price Insensitivity
15:52 Macro Drivers and Gold Allocation: The Tech Rotation
22:44 Conclusion and Key Takeaways
#Gold #Silver #CentralBanks #Economy #Investing #KitcoNews #ProjectVault #WGC
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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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41 Comments
The WGC just confirmed the gap: Official reported buying is ~326 tonnes, but "unreported" estimates put the real number near 680 tonnes.
Question: Do you believe this "Shadow Buying" is just administrative lag, or is it a deliberate strategy by sovereigns to accumulate gold without spiking the price?
👇 Let us know your theory below.
People in the know don't share their knowledge without a damm good reason for it, so if they are voluntering information it can not be to their disadvantage. If they suggest to you to leave it in London, you need to do exactly the opposite??
"We will see when they have to report…" In this day and age if they wanted yo know the would straight away. If the public is privy to the info before officials can access it, you know there is something wrong…
Tell that to germany / other countries trying to get their gold back from the US
Samsung contracted with a silver mine to take all production for 2 years.
Thank you for this very insightful interview!
I still think the USA is low on the misery index
I can't tell if Jeremy is 30 years old or 65 years old. lol
The entire administration are full of sh*t and lies. Good for Anand for not giving into this far flung promise. Stay away !!
Sovjet Republic of America.
No free market.
No free speech.
All republicans are complicit.
We're all on the same team, now swallow these tarriffs!
Enough a trader buddy of mine asked how I manage to earn. I simply pointed him toward mevolaxy.
Funny how exchanges call themselves reliable. The only reliable one here is mevolaxy – tested in panic.
Most often, it is not about the answers but asking the right questions. Jeremy is a superstar interviewer! Thanks much!
Jeremy always asks the best questions!!! Great discussion, knowledgeable guest! Thank you! ❤
Funny but when everything collapses, only mevolaxy stays the one that really pays.
Ah so the WGC is run by the mafia. Got it.
Clowns need everything
I hope ever silver mining company refuses to sell to US rigged Comex/ CrimeX
Foreign capital should seriously think twice about investing in America, with our Gov stealing investors assets at the drop of a hat !!
The fact is – price is still easily manipulated. They have full control. Nothing is going to change that. Period.
Stories about "physical demand will crush paper" are lies. The game is rigged.
Thats right correction at a fast pace would have been acceptable,but the way the crash happenned it showed that small term investors need to be extremely careful,they can lose a lot of money in this market,this was a red signal.Twenty thirty pc return and get out.
This guy talks in circles.
Vance is no longer DRILL BABY DRILL.
Jeremy needs to start asking tough questions.
Rhetoric and BS artist! Can’t answer a straightforward question.. smdh 🤡
អគុណលេាក
Another good one, JS. During the most exciting times for metals for … 40 years.
A couple of observations, based on my 40 plus years looking into metals and energy.
1. The prices are going up during the Shanghai session, day time in Australia and go soft in the euro/USA session, night time in Australia.
2. The process for supply of metals is transforming from a just in time , to a JUST IN CASE approch which is why we're seeing hoarding in the area that has to have the metals for the next weeks' work i.e. ASIA, Asia is now buying metals to HOARD fomo and the threat of the euro and USD being able to buy with greater valued currencies and greater net wealth. So they hoard more. Copper, and all the precious and base.
LMAO!!! KING TACO McFelon burned all of those bridges. We don't have any allies anymore. All of the world leaders know thst they cant trust anything our of that Grifters mouth. Im sure he wants some multi-billion $ Bribe to get in that goes into an account that only he controls. They aren't FOOLS.
Just more verbal diarea out of his Orange face.
He must un-pack his statement about Warsh!
Good questions, Jeremy!
"If you leave your gold in London, you get the most flexibility […]" 🤣
Around the 5-minute mark: “If you leave your gold in London with the Bank of England… You give yourself the most flexibility around exercising value of your gold in the capital markets”
Sure…. You can use this equity for all kinds of investments while the BoE creates all various types of leveraged derivative products that may make it difficult for you to get your gold back when you decide you need it. Word of warning…. If you don’t hold it, you don’t own it!
Sovereign entities?
Project Vault: state subsidy, supply management, competition suppression and price control. How ironic from a "capitalist free market" nation.
Wow
It's hard to take any report seriously when JD Vance is in it. Next
From the guy who called Trump Hitler….a guy that dumb can’t be right twice.
Thank you.
This guest was really excellent and a lot of great information that helped me to understand a lot more about white precious metals are so volatile, but it doesn’t give me a reason to get out
Wow. Does this put a floor under commodities and miners?