Cavatoni: The Real Shock Wasn't the Correction, It Was the 'Unsettling' 30% Melt-Up in January

The market is repricing risk as capital rotates from the "Paper Economy" of tech stocks into the "Managed Economy" of strategic hard assets. In this episode of Kitco News, Anchor Jeremy Szafron is joined by Joe Cavatoni, Market Strategist for the World Gold Council, to break down the massive discrepancy in central bank gold buying data.While official IMF data reports approximately 326 tonnes of net buying for 2025, Cavatoni reveals that the "true" demand—including unreported OTC flows—is tracking closer to 680 tonnes. They discuss why sovereigns are "going dark" with their accumulation, the implications of the "Project Vault" price floors for critical minerals like Silver, and why the "violent" 30% melt-up in January was a bigger danger signal than the recent correction.Recorded: February 4th 2026.Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Joe Cavatoni on X: @JCavatoni_WGC (https://twitter.com/JCavatoni_WGC)CHAPTERS: 00:00 Introduction and Market Overview 00:08 Technology Trade Unwinds: The Rotation from AI to Hard Assets 00:29 Project Vault and Government Policy: The "Managed Economy" 01:49 Market Response and Gold Performance (Intraday Volatility) 02:07 Interview with Joe Cavatoni: Gold Market Insights 02:54 Central Bank Gold Buying Trends: The "Unreported" 350 Tonnes 06:04 Gold Market Volatility and Investor Behavior: The "Air Pocket" Rally 09:38 Silver as a Strategic Asset: Critical Mineral Risks 12:24 Central Bank Reserve Strategies: Uzbekistan & Price Insensitivity 15:52 Macro Drivers and Gold Allocation: The Tech Rotation 22:44 Conclusion and Key Takeaways#Gold #Silver #CentralBanks #Economy #Investing #KitcoNews #ProjectVault #WGC__________________________________________________________________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/kitconewsListen 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.comVisit: 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/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn 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.