Episode Details

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.

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