Over $130 Billion in Gold Bought This Year – But Who’s Really Pulling the Strings?

As gold prices hover near historic highs, a new report reveals the market isn’t what it seems.

In this exclusive Kitco News interview, Joseph Cavatoni, Chief Market Strategist at the World Gold Council, joins Jeremy Szafron to break down Q2’s unprecedented gold demand—and the hidden forces behind it. With U.S. retail demand collapsing, China ramping up physical buying, and over 90 tonnes of gold quietly accumulated by undisclosed official sector players, Cavatoni exposes how global de-dollarization and geopolitical risk are reshaping the market.

He also unpacks why ETF flows are surging, jewelry demand is waning, and “shadow” central bank buying may now be driving the price floor. This is a must-watch for investors trying to make sense of a fractured gold market where volume is shrinking but value remains rock solid.

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
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