$132 Billion in Gold Bought... But Who’s Really Buying? | Joseph Cavatoni

Video Description

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 (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Joe Cavatoni on X: @JCavatoni_WGC (https://twitter.com/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 __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: 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.