Description
Everyone says the West dumped gold this quarter. The World Gold Council's data says that's wrong, the selling was narrow, American, and almost entirely paper.
Speaking with Kitco News at the Rule Symposium 2026 in Boca Raton, WGC senior market strategist Joseph Cavatoni said North American investors fled gold ETFs on rate fears while Asia bought "at a record pace." Gold's worst quarter in 13 years, he argued, was the work of short-term traders, not a broken thesis, as a safe haven, gold "cuts both ways," sold for cash and margin calls after a 160% run to January's record.
The real buyers never left. Cavatoni said central banks kept accumulating well above their long-run average, with nearly 90% of those surveyed planning to hold or add gold, and confirmed it is "probably fair to say" gold has now overtaken US Treasuries as a reserve asset. He also unpacked gold's quiet shift into Tier 1 collateral, now accepted by clearing houses, central banks, and even crypto lenders.
Recorded July 09, 2026.
Special thanks to our sponsor, Aris Mining, for making this coverage possible. To learn more, visit: https://www.aris-mining.com/
Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)
Follow Joseph Cavatoni on X: @JCavatoni_WGC (https://x.com/JCavatoni_WGC)
00:26 - Who Really Sold Gold This Quarter
01:58 - Why Central Banks Put a Floor Under Gold
03:25 - China and Asia's Gold Ecosystem
06:14 - Can You Trust Official Gold Data?
07:31 - Record Dollars, Barely More Gold
09:35 - The War, the Fed and Rate Noise
12:49 - Safe Haven vs Liquidity: Why Gold Fell
15:21 - Gold vs Treasuries and Repatriation
17:40 - Gold Becomes Tier 1 Collateral
19:39 - The Hidden 20% of Gold Supply
20:37 - Final Takeaways
#Gold #GoldPrice #CentralBanks #WorldGoldCouncil #KitcoNews
__________________________________________________________________
Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.
FOLLOW US:
X: https://x.com/kitconewsnow
Instagram: https://www.instagram.com/kitconews
Facebook: https://www.facebook.com/KitcoNews
LinkedIn: https://www.linkedin.com/company/kitconews
Listen to the PODCAST on
🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof
🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233
🎧 All podcast episodes available here → https://kitconews.buzzsprout.com
Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.
Live gold price and chart: https://www.kitco.com/charts/gold
Live silver price and chart: https://www.kitco.com/charts/silver
Live crypto market data: https://www.kitco.com/price/crypto
Learn more about Kitco News: https://www.kitco.com/news/about/
For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising
Disclaimer:
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.