Video News/In Focus with Jeremy Szafron

Joseph Cavatoni, Senior Market Strategist at the World Gold Council, says shifting demand dynamics are reshaping how gold is priced globally. Speaking with Kitco News anchor Jeremy Szafron, Cavatoni discussed the divergence between Western investment flows and strong physical demand in Asia, noting that central bank purchases and sovereign activity continue to support the market despite ETF outflows. Cavatoni highlighted how the World Gold Council tracks unreported buying, particularly in China, and examined the growing use of gold in sovereign liquidity strategies, including swaps by central banks such as Turkey. He also discussed France’s approach to marking gold reserves to market and identified recycling flows as a key metric to watch for signs of market stress. Cavatoni said changes in supply behavior could serve as a “warning sign” for the durability of the current gold bull market.