China's been quietly rotating out of US Treasuries for years... and stacking gold like it's going out of style. From nearly 30% share back in 2011 down to just 7.3% now, while their official gold reserves keep climbing (over 2,300 tonnes and still buying month after month).

Smart hedging or slow de-dollarization? Either way, the chart looks pretty clear. ($PAXG -$XAUT )

XAUT
XAUTUSDT
4,734.62
-1.08%
PAXG
PAXGUSDT
4,736.08
-1.14%