Turkey sold 89% of its U.S. Treasury holdings in just 30 days.
From $16.9 billion down to $1.78 billion.
The largest monthly liquidation in its history.
At the same time, Japan sold $47.7 billion.
And China’s holdings fell to their lowest level since 2008.
In March alone, seven of the world’s ten largest foreign holders of U.S. debt were net sellers.
But the more important question is:
Where is all that money going?
For the first time since 1996, central banks around the world now hold more gold than U.S. Treasuries.
Approximately:
• $4 trillion in gold $XAU
vs
• $3.9 trillion in U.S. government bonds
Back in 2015, Treasuries represented about 33% of global reserves, while gold accounted for just 9%.
In only ten years, the balance has dramatically shifted.
And when central banks move at this scale, they are usually positioning for decades not quarters.
This is bigger than portfolio rebalancing.
It may be the early stages of a structural transformation in the global monetary system.
The real question is:
Are you still investing based on assumptions from the old financial order?
