Gold has surged to a new inflation-adjusted record high above $3,600 an ounce as the US economy flashes major stagflation warnings. With jobless claims hitting a four-year high and inflation running at its hottest level this year, legendary investor Ray Dalio is warning of a potential “market heart attack.”
In this interview, Kitco News Anchor Jeremy Szafron sits down with Joe Cavatoni, Market Strategist for the World Gold Council, to break down the powerful forces driving this historic gold rally. Cavatoni reveals exclusive data from a new WGC survey showing that 70+ central banks plan to become ‘less reliant’ on the US dollar, confirming a 15-year de-dollarization trend that is now accelerating.
Jeremy Szafron presses Cavatoni on the REAL story behind the headlines: Is the de-dollarization trend far bigger than anyone is admitting? We discuss new analysis of China’s customs data that suggests a colossal, under-the-radar gold buying campaign is underway. We also cover the bifurcation of the market, the impact of President Trump’s tariff policies, and what the WGC sees as the new “rising floor” for the gold price.
(This interview was recorded on September 11, 2025.)
Follow Jeremy Szafron on X: @JeremySzafron (
Follow Kitco News on X: @KitcoNewsNOW (
Follow Joe Cavatoni on X: @JCavatoni_WGC (
00:00 – Intro: Gold Hits Record Highs Amid Stagflation Fears
01:23 – WGC on Ray Dalio’s ‘Market Heart Attack’ Warning
02:05 – Gold vs. Copper: A Clear Signal of Stagnation?
04:12 – Resurgence of the Western Investor: ETF Inflows Surge
05:50 – Is the Rally Disconnected from the Consumer?
07:32 – The De-Dollarization Trend: India’s Proactive Pivot
08:45 – WGC Survey Exclusive: 70+ Central Banks to Be ‘Less Reliant’ on US Dollar
10:23 – The REAL Story of China’s Massive Gold Buying
12:16 – Unpacking the Trump Administration’s Tariff Policy on Gold
16:11 – Is the Global Gold Market Fragmenting?
19:25 – Has Gold’s Role in the Financial System Been Redefined?
21:00 – WGC’s Outlook: The Single Most Important Trend to Watch Now
#gold #goldprice #investing #stagflation #dedollarization #centralbanks #chinagold #finance #kitconews
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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
A huge thank you to Joe Cavatoni for his incredible insights.
One of the key takeaways was his confirmation of a 15-year trend of central bank buying, with a new WGC survey revealing 70+ central banks plan to be ‘less reliant’ on the US dollar.
The big question is: What's the primary driver for gold right now? Is it the stagflation crisis unfolding in the West, or the massive, strategic de-dollarization pivot happening in the East?
Let us know your thoughts in the replies below!
London can't steal India or China's gold either…like they did with Venezuela's gold and Russia's assets. Lest we forget US and UK's sins with sticky fingers.
Hi eggs, milk and gold have drastically increased in value in the past 18 months please address the complexities of inflation weighted in on gold price as opposed to central bank purchases my point many thing have increased cost (value) like everything including Gold
Let them buy it until the USA devalues gold back to $250 dollars.
If I was China, I'd buy gold. A tangible asset!
Hong Kong Panda gold certificates,half price. Larry the Schnozz
USA Collapsing soon says World order..De Dollarization..BRICS currency Change World Sanctions Terrif beautiful word says World order
Gold is now buying more oil than ever in history. And by a very large margin..
its now in fear trade territory. Its also very geo political.
Purchasing power will soon be more than currency devaluation.
China is the WEF .
😂😂😂😂😂🎉🎉🎉
金、きん、かね、ゴールドをしっかり正しく、よめるようにAI に設定してください❗️
トリフィンのジレンマはしばらく杞憂。レイダリオは、金が信用創造にとってかわられたことに気づいていないのかなあ?それとも空売りをさそって、その反動で自分の資産をふやそうとしているのかな?と感じる。
Jangan BICARA beli Emas , pikirkan untuk bayar utang US berikutnya akan sangat SULIT .
Hilang kepercayaan Timur tengah pada US+NATO
Dengan kasus Israel menyerang Qatar dengan pesawat+rudal.
Pangkalan militer AS di Qatar punya kewajiban perjanjian mencegah atau menangkal serangan apapun dari negara luar pada Qatar, ketika Israel tiba tiba menyerang Qatar dengan pesawat dan roket tentu PASTI atas persetujuan Amerika ,sebab bukti tidak ada reaksi militer apapun dari pangkalan militer US .
Artinya : Pangkalan Militer US/Nato telah menghianati Qatar dan kawasan timur tengah , akibatnya gugur-hancur semua perjanjian skala militer dengan US/Nato .Negara Kawasan Timur Tengah terlihat jelas langsung mengirim utusan negaranya ke Rusia , Kawasan Timur Tengah akan menjadikan Rusia+Brics (Rusia&Cina) sebagai pelindung wilayah Timur Tengah secara militer .,tentu dengan menjadikan poros ekonomi utama.
Ukraine juga hancur akibat Penghianatan pangkalan militer US+NATO , lengkap sudah bukti US penghianat .
Diawali dengan signal, nilai dolar US terus menurun.
BAGAIMANA ,kelanjutan Amerika akan bayar hutang luar negerinya ? , semua negara bagian di US akan lepas tangan dari tanggung jawab hutang AS ,dan segera memisahkan diri dari Serikat .
This guy is a rabid western colonialist, anti-global south, protagonist.
Wenn das so wäre dann wär der Preis noch höher
Tqvm
Actually there is no need to use the word actually in a sentence. It serves about the same logic as a teenager inserting the word like four times in a sentence.
IF YOU CANT DEFEAT CHINA BY WAR DEFEAT CHINA BY ECONOMY,,,,,
IT'S BETTER FOR WORLD PEACE THAT CHINA IS POOR AND WEAK ,,CUZ IF NOT,, CHINA WILL OCCUPY CONQUER ITS NEIGHBORING COUNTRIES TERRITORY ENSLAVE IT UNDER COMMUNIST ATROCITIES SPREADING CHAOS AS CHINA DID IN MONGOLIA, NEPAL, TIBET, KAZAKHSTAN BECAME CHINAS TERITORY TOMORROW TAIWAN PHILIPPINES AND THE WORLD IF NOT ABATED,,,,,
ISOLATE CHINA FROM WORLD ECONOMY, IMPOSE ECONOMIC SANCTION, EMBARGO, BLOCKADE, TO MAKE IT POOR AND WEAK AS IN THE TIME OF DENG XIAOPING WHEN CHINA WAS IN HUNGER ,
POOR , AND ASIA WAS AT PEACE .
Now is the time..even its goin up and down..gold is best to tackle inflations trends (goin up and up).
So sad, Trump genius act can’t fool the whole world specially the BRICS nations! 🙄😫😵💫😵💫🥴🥴
For thousands of years, gold and silver have served the people in China, India and the Islamic world well and they have kept that tradition intact even in the face of the 'mighty' dollar. Time to go back to the time-tested system now that de-dollarization is knocking on the door.
africa kicking china out because gold copper rare earth minerals and such,ibrahim traore and other african leaders are doing the same to france and others
The David McWilliams ad is a SCAM
みんなが「金が上がる」と言ってるので、金は買いません😊
Sounds like this guy went to the same lip service school that the Mouth Bowel jerome powell went to😅 nexxxxt…!!!
USA THREATS TO SANCTIONS QATAR , USD AND RSERVES ETC !!!!
STILL WORTH KEEPING USD????
any truth??
Gold is the true wealth by the phase "in God we trust". Not the fiat money like US$ any more.
The latest inflation data indicates only 2.6% annual inflation — much less than MSM "experts" forecast (wrong yet again). Even the weatherman forecast is more often correct. Sounds like bad data and/or TDS.
Ray Dalio is a CCP member
They probably are most people think they have near 25000 tons
Great vid. thanks
From which country China buys gold ?
Less countries will trade with USA. America is fucked in 2 yrs-5yrs
BRICS probably going for a gold standard
Russia 🇷🇺 and China preparing to have USA and Europe to pay in real Gold sometime in the future no paper or digital currency. 😅 😂
USA and British can keep driving Gold prices until they can't afford gold in real Gold delivery. 😅 😂 😅
Kitco says "Buy Gold!". Quelle suprise
Why aren't Finance Commentators NOT discussing the grave information the Russian Govt Finance officials reporting re Trump's launch of Stablecoin (yet another dicey Trump cryptocurrency) and Trump's perceived intention to reduce the $37 Trillion US National Debt by tanking the $US against the value of Gold and defrauding countries that will stand to take hard hits eg EU, China, Japan etc AS WELL AS US wage earners probably again losing their jobs, homes & devastating hits to the real value of VA pensions and 401 Superannuation Fund values.
A gold refinery should be built in Nevada.
The Gold : 4750 juin 2026, 5250 december 2026, 7,000/10,000 USD 2028
big players outside the west are saying NO thank you to the crypto, especially bitcoin. it's seen as a western ploy to bury our debt and leave unsuspecting holding the bag