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What Breaks The Gold Bull Market? WGC Reveals The ‘Warning Sign’ Hidden In The Data
Description
Gold is trading near record territory, and silver is surging, but the real story is who controls the metal. For decades, price discovery has been dominated by London and New York. Today, physical demand in Asia, central bank accumulation, and sovereign wealth fund activity are forcing investors to ask if the marginal ounce is moving East.
In this interview, Kitco News Anchor Jeremy Szafron sits down with Joe Cavatoni from the World Gold Council to dissect the Q1 Gold Demand Trends report. Cavatoni breaks down the disconnect between Western ETF outflows and Eastern physical premiums, how the WGC tracks China’s unreported gold buying, and why central banks like Turkey are using gold swaps for emergency dollar liquidity. They also explore France's recent gold mark-to-market strategy and the single recycling metric that could signal a top in the current gold bull market.
Recorded May 7 2026
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0:00 Introduction
0:45 Is Price Discovery Moving East?
3:15 Western ETFs vs. Asian Physical Demand
4:50 Unwrought Gold Exports to London
6:10 China's Unreported Gold Accumulation
9:55 Turkey’s 60-Tonne Sale & Gold Swaps Explained
12:20 France's Mark-to-Market Gold Strategy
14:50 Will Western Investors Chase the Price?
19:25 What Breaks the Bull Market?
20:55 Washington D.C. on Critical Minerals
22:25 Silver’s Structural Deficit & Independence
23:55 Final Thoughts: Fear vs. Structural Change
#KitcoNews #Gold #Silver #WorldGoldCouncil #JoeCavatoni #Macroeconomics #Investing #CentralBanks #GoldETFs #Commodities
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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.
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.