Here's an interesting phenomenon: over the past year, the scale of a major country's US debt holdings has been shrinking rapidly. In October last year, they held $2.41 trillion, but by October this year, it was only $190.7 billion. This wasn't a sudden decision, but a continuous reduction.

Where did the money go? Which way did it flow? The data clearly shows the answer — during the same period, gold reserves comfortably increased to about 880 metric tons, and foreign exchange reserves remained stable at around $685 billion. In other words, US debt is shrinking while gold holdings are increasing. What is the logic behind this? Market participants should think more about it. The subtle changes in global capital allocation can sometimes be inferred from these data.