<p style="text-align: start;">Your mortgage rate, your car loan and your savings rest on one assumption: that the world keeps buying American debt.</p><p style="text-align: start;">They stopped.</p><p style="text-align: start;">China held $1.32 trillion of U.S. Treasury debt at the peak. Today, roughly $659 billion. An 18-year low.</p><p style="text-align: start;">That money went into gold.</p><p style="text-align: start;">Beijing's central bank has bought gold 20 months straight, its longest streak in a decade. Goldman Sachs ran the London flows and put China's real buying at 4.8 times the official figure.</p><p style="text-align: start;">And the European Central Bank confirmed what has not been true in generations: gold has overtaken U.S. Treasury bonds as the world's #1 reserve asset. 27% gold. 22% our debt.</p>
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