Gold Hits Biggest Milestone Since 1979: What’s Driving Western Demand and What’s Next – Cavatoni

Jeremy Szafron, Anchor at Kitco News, interviews Joseph Cavatoni, Senior Market Strategist at the World Gold Council, to analyze the findings from the Q3 2024 Gold Demand Trends Report. Cavatoni discusses how central bank purchases, ETF inflows, and over-the-counter markets pushed gold demand to historic highs. He explores the role of geopolitical instability, including the U.S. election and Middle Eastern tensions, in driving gold’s safe-haven appeal. Cavatoni also highlights the resurgence of Western investors in gold, the influence of technology-driven demand, record mine production, and how high prices are affecting consumer and jewelry markets.

Gold demand surged to historic highs in the third quarter, fueled by purchases from central banks, inflows to ETFs, and activity in opaque over-the-counter markets, as revealed in the World Gold Council’s Q3 2024 Gold Demand Trends Report. In an interview, Jeremy Szafron, Anchor at Kitco News, discusses these findings with Joseph Cavatoni, Senior Market Strategist at the World Gold Council. Cavatoni provides a detailed breakdown of how geopolitical instability, from the U.S. election to escalating Middle Eastern tensions, is driving investors toward gold as a safe haven. He also explains why the Western investor is getting back into gold. On top of that, he explores the impact of technology-driven demand, record mine production, and the constraints on consumer and jewelry purchases due to high prices.

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00:00 - Gold’s Record Year
01:51 - Western Investors Return to Gold
03:42 - Why Now? Western Interest Explained
05:30 - ETF Inflows Rebound
07:24 - Eastern ETF Demand Surge
10:14 - OTC Market Overview
12:07 - Challenges in Tracking OTC
15:24 - Central Bank Buying Trends
18:19 - India’s Gold Repatriation
20:14 - Geopolitical Risks & Gold
21:40 - LBMA Conference on Central Bank Demand
24:02 - Jewelry Demand Falls Globally, India Rises
26:22 - Growth in Tech Demand for Gold
27:49 - Trends in Bar & Coin Market
28:50 - Q3 Demand Surprises
30:43 - Conclusion

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