Gold is trading near record territory, and silver is surging, but the real story is who controls the metal. For decades, price discovery has been dominated by London and New York. Today, physical demand in Asia, central bank accumulation, and sovereign wealth fund activity are forcing investors to ask if the marginal ounce is moving East.
In this interview, Kitco News Anchor Jeremy Szafron sits down with Joe Cavatoni from the World Gold Council to dissect the Q1 Gold Demand Trends report. Cavatoni breaks down the disconnect between Western ETF outflows and Eastern physical premiums, how the WGC tracks China’s unreported gold buying, and why central banks like Turkey are using gold swaps for emergency dollar liquidity. They also explore France’s recent gold mark-to-market strategy and the single recycling metric that could signal a top in the current gold bull market.
Recorded May 7 2026
Follow Jeremy Szafron on X: @JeremySzafron (
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Follow Joe Cavatoni on X: @JCavatoni_WGC (
0:00 Introduction
0:45 Is Price Discovery Moving East?
3:15 Western ETFs vs. Asian Physical Demand
4:50 Unwrought Gold Exports to London
6:10 China’s Unreported Gold Accumulation
9:55 Turkey’s 60-Tonne Sale & Gold Swaps Explained
12:20 France’s Mark-to-Market Gold Strategy
14:50 Will Western Investors Chase the Price?
19:25 What Breaks the Bull Market?
20:55 Washington D.C. on Critical Minerals
22:25 Silver’s Structural Deficit & Independence
23:55 Final Thoughts: Fear vs. Structural Change
#KitcoNews #Gold #Silver #WorldGoldCouncil #JoeCavatoni #Macroeconomics #Investing #CentralBanks #GoldETFs #Commodities
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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
GAPPPPPP
Thank you for your video….. The increasing price of gold and silver is bittersweet. Our financial system is becoming very unstable as is the world. If bonds are really starting to unwind, it’s a serious red flag for the broader economy. Gold has always been a safe haven, sure but in today’s world, crypto is becoming the modern version of that hedge. It’s decentralized, global, and not tied to the same fragile institutions that are cracking under pressure. I still respect gold, but let’s be honest Bitcoin has outperformed almost every asset over the past decade. Grow a Portfolio of around 87k to a decent 675k in the space of a few months.Thanks again, Linda Keichian for the regular insight&signals..
A lot of research for an alternative material to silver, by China & other nations / companies.
Pls shed some light on this.
В британии хронить золото….😂😂😂😂😂это самые большие воры.
Very bad advice. IF YOU DON'T HOLD IT, YOU DON'T OWN IT.
Just look at Venezuela's gold… oh, and ARGENTINA's!!!
Gold is no different that any other asset in this regard. People who are pumping it are talking their book.
The entire financial system is collapsing.. and these guys are on here telling you to sell your gold. I just swing by to see the current manipulation for the week.
US stock market at 220% of GDP. Highest ever, by a lot
Central banks are net buyers and are long on both gold and silver these are people that shorted the market for 50 years now all the sudden everybody is long on the market and everybody is calling for $300 why are they doing that because the comex and the ldma are set to fail if you have your money and paper contracts you are going to be left holding paper contracts gold and silver are set to decouple
Conflict between USA and Iran keeps gold out of resuming its purpose.
Nothing is going to break the bull market because Chinese are now settling their silver contracts in Gold that means a gold and silver correlation in the east are tying gold to Silver once again together that means no more 50/60 120 to 1 it's going to settle around 25 to 1:00 and even if gold is only at 6500 when it does it you're looking at $750 silver
👍🏾👍🏾👍🏾
How come the COMEX gold and silver price rise more in the middle of the night when the Chinese are using a different system ? They don''t use it.
Viva Trump
Big players want data transparency. Caarden’s ecosystem is built to deliver that.
Thank you for your video….. The increasing price of gold and silver is bittersweet. Our financial system is becoming very unstable as is the world. If bonds are really starting to unwind, it’s a serious red flag for the broader economy. Gold has always been a safe haven, sure but in today’s world, crypto is becoming the modern version of that hedge. It’s decentralized, global, and not tied to the same fragile institutions that are cracking under pressure. I still respect gold, but let’s be honest Bitcoin has outperformed almost every asset over the past decade. Grow a Portfolio of around 125k to a decent 775k in the space of a few months.Thanks again, Linda Keichian for the regular insight&signals..
"…higher beta expression…"??? Well, that went straight over my head.
Fiat currency: If you hold it you don't own it.
Gold going up!
Same story. Asians rally; USA banks crash it.
Your absolute ticket to generational wealth is the SPCX20B presale. Be sure to avoid missing out!
Way too many bots in these comments
Buy precious metal and you should be just fine, never mind the bull and bear predictions. Get rid of fiat whenever and wherever possible.
14:00 "if your gold is held by the Bank of England, you should feel confident that your gold is held appropriately"
Excuse me, the British illegally seized $2 billion worth of Venezuelan gold. I would have ZERO confidence in the UK.
14:40 That is pure bovine manure. 100% there is risk and there are facts and events that proved this.
gold! thanks
China started buying gold in 1983, bought the wests divestment during the bear market, still buying today, 43 years. Just from mining(leading producer) they have 8,000 tonnes, no gold leaves China.
They have up to 30,000 tonnes.
Well prepared for new financial system, and for new financial centre of world
Dub the vídeo please
People want physical Not paper
Chinese citizens, on average, buy gold as a long-term safe investment from all different fiat currency debasement, even the Yuan. The Chinese government encouraged this since 2002.
In the West it is an interest-rate play. Very short-term thinking. The West is changing but China and its citizens will be sitting on a huge amount of gold; not to mention the rest of Asia.
The West will be sitting on tons of fiat currency being debased daily. The West is better in other hard assets but less so in gold especially audited and not hypothecated gold.
Is all your gold audited and unhypothegated. In a major meltdown can they just give you a cash settlement at their chosen value or go broke. Ask your AI.
Wish they’ll just carve out a small island for our big bro make him king and supreme leader over there and fill the island with everything he loves, wants, and desires, thrones, crowns and all. So he will leave this stock market alone, to trade purely on macro and technicals. We have enough land mass to carve out something for him.
Trump killed the usa $
Mining companies are the suckers in this paper market and why would they want to sell in a manipulated market like Comex. They will gravitate to the market that gives them a better price unless their controlling shareholders are banks.
Couldn’t focus, too verbose, please get your bullet points up front, not droning us thru a half hour conversation, with the style of a guy like this. Thanks Kitco – sometimes we Just Need to get to the Point (of your title/why we clicked).
If we hypethetic 1 oz of gold 10 ways Springs the price of gold down why do these paper investors keep doing it they are not making money they're losing money the more people that jump into the paper Market. Take the physical who cares how heavy it is. Grow some muscles and lift your money
It was a smart move by the French by bringing the last of its gold in the US to France. It was even smarter to sell the US non-standard legacy bars in the US and buy current standard gold bars from London. LGBs are universally liquid. Touché!
Why does $SPAX21K feel like the only coin actually moving up when everything else is flat?
I’m holding !!SPAX21K!! ugly, through noise, through dips, whatever
Amazon might integrate !!SPAX21K!! into their system, is this the start of a rally?
What gold bull market? Is this a joke?? In 2026 it's just another speculative commodity.
This kind of content often leans toward:
👉 “There’s hidden risk → therefore big event coming”
But in reality:
Gold leasing/swaps have existed for decades
They’re part of normal central banking operations
No clear evidence of imminent breakdown