China’s Real Gold Buying May Be 10x Higher Than Reported World Gold Council Weighs In

Gold has broken through a new inflation-adjusted record at $3,600 an ounce, as the U.S. economy faces mounting stagflation risks. Jobless claims just hit a four-year high, and inflation is running at its hottest pace of the year. Now, legendary investor Ray Dalio is warning of a looming market “heart attack.”

In this high-stakes interview, Kitco News Anchor Jeremy Szafron speaks with Joe Cavatoni, Market Strategist at the World Gold Council, to break down the real forces behind gold’s historic rally—and what it signals for global markets.

Cavatoni unveils exclusive insights from a WGC survey showing over 70 central banks are actively reducing reliance on the U.S. dollar, confirming an accelerating 15-year de-dollarization trend. Szafron pushes further: Is China’s gold buying effort far bigger than official numbers suggest?

(This interview was recorded on September 11, 2025.)

Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
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Follow Joe Cavatoni on X: @JCavatoni_WGC (https://twitter.com/JCavatoni_WGC)

00:00 - Intro: Gold Hits Record Highs Amid Stagflation Fears
01:23 - WGC on Ray Dalio's 'Market Heart Attack' Warning
02:05 - Gold vs. Copper: A Clear Signal of Stagnation?
04:12 - Resurgence of the Western Investor: ETF Inflows Surge
05:50 - Is the Rally Disconnected from the Consumer?
07:32 - The De-Dollarization Trend: India's Proactive Pivot
08:45 - WGC Survey Exclusive: 70+ Central Banks to Be 'Less Reliant' on US Dollar
10:23 - The REAL Story of China's Massive Gold Buying
12:16 - Unpacking the Trump Administration's Tariff Policy on Gold
16:11 - Is the Global Gold Market Fragmenting?
19:25 - Has Gold's Role in the Financial System Been Redefined?
21:00 - WGC's Outlook: The Single Most Important Trend to Watch Now

#gold #goldprice #investing #stagflation #dedollarization #centralbanks #chinagold #finance #kitconews
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