Video News/In Focus with Jeremy Szafron

Joseph Cavatoni, Senior Market Strategist at the World Gold Council, says recent market volatility reflects a broader repricing of risk as capital rotates away from technology and toward hard assets. Speaking with Kitco News anchor Jeremy Szafron, Cavatoni said the more significant signal was not the recent pullback, but the “unsettling” and “violent” 30% melt-up in January, which he described as a larger warning sign for investors. He said gold’s performance should be viewed within the context of shifting macro and policy dynamics. Cavatoni highlighted a significant gap between reported and actual central bank gold demand. While IMF data shows roughly 326 tonnes of net buying in 2025, he said total demand, including unreported over-the-counter flows, is closer to 680 tonnes. He explained that some sovereign buyers are “going dark” as they accumulate reserves and discussed how initiatives such as Project Vault are being evaluated by markets alongside gold and silver’s role as strategic assets. Cavatoni also addressed intraday volatility, reserve management strategies, and gold’s positioning as the technology trade unwinds.