A sharp drop in foreign holdings of US Treasury bonds over the last five weeks
has raised concerns that China is quietly withdrawing its funds from the
United States, leaving the dollar increasingly vulnerable.

"We won't know if China is behind this until the Treasury releases its TIC
data in November, but what it does show is that world central banks are in a
hurry to get out of the US. They don't seem to be switching into other
currencies, so it is possible they are moving into gold instead. Gold is now
gaining momentum across all currencies and has broken through resistance at
500 euros," he said.

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