Joseph Cavatoni, Chief Market Strategist at the World Gold Council, joins Jeremy Szafron for a deep-dive into Q2’s record-breaking gold demand – and the surprising forces behind it.
In this Kitco News interview, Cavatoni reveals the sharp decline in U.S. retail gold buying, the surge in Chinese bar and coin demand, and why over 90 tonnes of gold were purchased off-book by unnamed official sector entities. With ETFs flooding back in, jewelry demand collapsing, and shadow central bank buying accelerating, Cavatoni outlines a gold market that’s strong in value – but fragmented in volume.
Key topics:
– $132B in quarterly gold demand: what’s behind the record?
– ETF inflows spike amid macro shock and rate cut bets
– U.S. retail investors disappear, China steps in
– Stealth central bank accumulation: who’s buying and why?
– Jewelry demand plunges in India and China
– Off-market OTC buying and sovereign strategy
– Is gold’s rally built on real demand or speculation?
Follow Jeremy Szafron on X: @JeremySzafron (
Follow Kitco News on X: @KitcoNewsNOW (
Follow Joe Cavatoni on X: @JCavatoni_WGC (
00:00 Introduction
01:06 Gold Demand Analysis
02:30 Investment and ETF Flows
05:47 Geographic Participation in Gold ETFs
07:11 Bar and Coin Demand
09:16 Central Bank Gold Accumulation
11:46 Jewelry Market Trends
14:14 Supply Side and Mining Production
17:23 Conclusion
#Gold #JosephCavatoni #KitcoNews #GoldDemand #CentralBanks #ShadowBuying #ETFs #Macro #GoldPrice
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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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26 Comments
Stealth buying. OTC flows. Vanishing retail.
$132 billion in gold demand… but who’s really behind it?
Joseph Cavatoni from the World Gold Council breaks down the real story – and what the mainstream headlines miss.
Those who want to preserve the Stolen Wealth through the AI Lies + Scam are Piling up on Gold. But Gold is in a super Bubble also which will crash. No where is safe except LAND….Land is the only Valuable Resource…..China buys only Land.
I was
How far has the mighty economic system fallen if we need a non productive asset like gold to bail all of us out. Are you not entertained by the clowns elected to the highest offices?
Thanks
Ripple Labs for Ripple Bank
This guy is probably human.great video.
Chief market manipulator just spoke
these guys make their money by selling books ,,,,,,,,,,,, offering crap courses ,,,
making back room deals to promote stuff, they are rearing their faces on rigged fake shows ,,,,,,,,,,
,,,,, and a lot of circle jerking around ,,,,,"blowing smoke",,, having their agenda in smokescreens
they are all compulsive liars psychopathic "besserwisser" personalities,so
Warren Buffett Quote. If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy
All together now
Warren Buffett.
If one want's to listen to a lot of propaganda?
y de donde esta saliendo tanto oro? no que es escaso?
People choose to buy gold for various reasons, such as it’s historical role as a store of value and medium of exchange, it’s potential as a hedge against inflation or currency devaluation, and it’s relative scarcity compared to other commodities. Gold also offers diversification benefits to investment portfolio due to its low correlation with stocks and bonds. However, investing in gold carries risks and may not be suitable for everyone. Investors should carefully evaluate their objectives, risk tolerance and financial situation before deciding.
If thus would happen, China could buy the whole world with their Gold.
Therefore this is phantasie, will never happen…
Good interview questions.
Thanks Rudy.I will sleep well. Actually I might buy more.
BLABLABLABLABLABLABLA, AND THEN YOU SAY BLABLABLABLA.
So many shilling posts by bots or bad actors here. Someone should moderate these comments.
Mostly due to federal government terminations
Central banks = strong hands
I’m more and more bullish on precious metals as the analysts Jeremy interviews look wealthier and wealthier. Up until recently all the Gold bugs and silver stacker have been some combination of old pale overweight and bald
Very Informative video thanks. Just to note Schwab has blocked European residents from buying physical Gold and silver ETFs even the Banksters Gld claiming wrongly that regulations block it. Have no such problems in Europe. They want to Coral investors into the Mag7 bubble. Sh1sters !!!!
Cascabel ranks among the biggest copper gold silver discoveries globally. With multi-billion-dollar financing secured, major backing from industry leaders, and a tight timeline aiming for 2028 production, it's poised to be Ecuador’s flagship miner.
Estimated at ~3.3 Mt of copper, ~9.4 Moz of gold, ~30 Moz of silver—and has the potential to become the largest silver underground mine, third-largest gold, and sixth for copper globally .
아하
지금도 현물을 모으고 있지만
더 쌀때 사지 못한게 아쉽네
hello