🇨🇳China has been increasing their gold reserves YTD

Gold price keeps going up - major central banks continue to load up

Gold is a hedge against USD. Tariffs are a medium of USD weaponization

👉 Expect US securities sell-off for gold by People's Bank of China

China sold US treasuries and bought gold - just like I wrote over 3 months ago

gold now accounts for ≈6% of PBoC international reserves, while US treasury holdings are ≈40% from their peak in 2013

off-ramp from USD debt to alternative assets continues its progress