$132 Billion in Gold Bought... But Who’s Really Buying? | Joseph Cavatoni
$132 Billion in Gold Bought... But Who’s Really Buying? | Joseph Cavatoni
Kitco News: 8-1-2025
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?
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
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