“In fact, most economies around the world are reducing reliance on the world’s largest bond market..”
20-Year Bonds: A $13 billion auction on January 21, 2026, saw “well above average demand”.
https://www.google.com/search?q=latest+treasury+auction+results
AI:
“The yield on 10-year Treasury bonds has recently declined, reflecting investor concerns about economic growth and inflation. This trend indicates a cautious outlook as the Federal Reserve considers its monetary policy in response to these economic factors.....Short-term U.S. bonds have seen declines in yields”.
And most important:
Overview of Central Bank Gold Buying
Central banks are increasingly purchasing gold as part of their reserve management strategies. This trend reflects a shift towards diversifying reserves away from dollar-denominated assets.
Recent Trends in Gold Purchases
In November 2025, central banks bought a net total of 45 tonnes of gold.
Year-to-date purchases reached 297 tonnes, indicating strong demand, particularly from emerging markets.
The National Bank of Poland was the largest buyer, acquiring 12 tonnes in November, bringing its total to 95 tonnes for the year....”
I will add, another historic first: five Central Banks are now adding Silver to their holdings.
Hi Ho Silver!