Description
Gold fell as much as $135 an ounce on Nov. 12 to a new low for the year, even as central banks keep buying. The World Gold Council estimates central banks bought 321 tons last quarter, but only 120 tons was reported, leaving 63% undisclosed.
Joe Cavatoni, the council's senior market strategist for the Americas, said the most active buyers "are either not reporting or reporting late," and that central banks tend to step in when prices dip. He said gold "overshot" in January and that the pullback is closer to what the council expected.
Cavatoni also explains why gold gets sold when investors need cash, why American investors stepped back this year while Europe and Asia stepped in, and how central banks earn a return by lending gold. Looking to 2027, he said he expects gold to be "closer to 5,000 than 3,000," with some of the roughly $7 trillion in money market funds finding its way back to the metal.
This interview was recorded on Nov. 12, 2026.
Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)
Follow the World Gold Council on X: @GOLDCOUNCIL (https://twitter.com/GOLDCOUNCIL)
00:00 Gold Hits a New Low for the Year as Nvidia Loses Its CEO
01:44 Why Gold Fell $135 on a Day of Fear
03:39 East vs West Gold Demand
04:41 Gold's Safe-Haven Role Cuts Both Ways
07:15 Three Signals That Marked Gold Recoveries Since 2005
09:15 The Yen at 160 and a Stronger Dollar
10:52 "We Overshot in January"
12:14 Sticky Inflation and a Likely December Hike
13:55 Nearly Two-Thirds of Central Bank Gold Buying Went Unreported
17:53 Where Central Banks Store Their Gold
20:26 Central Banks Earn Yield by Lending Gold
21:55 Asian Buyers Step In as Americans Step Back
25:04 A 16-Year Low in Home Sales and What to Watch
26:36 Washington, AI and the 2027 Gold Outlook
29:15 US Debt, Reserve Managers and Family Savings
31:55 "Closer to $5,000 Than $3,000": His View on Gold in 2027
33:56 Will Central Banks Keep Buying in 2027?
35:56 What He's Watching Into Year-End
#gold #centralbanks #WorldGoldCouncil
__________________________________________________________________
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.