Foreign central banks are moving their gold off American soil and buying more of it, a vote of no confidence in the dollar that is good for gold holders and bad for anyone sitting on US bonds.

• The Dutch central bank shifted 86 tons of gold — worth about $12 billion — out of New York to London, cutting its US-held share from a third to under a fifth, citing global unrest.
• The trigger is fear of confiscation: Bessent said fresh bank sanctions are coming week after week, cutting targets out of the dollar, the Fed wire and SWIFT.
• Central banks are also buying hard: monthly gold purchases jumped from 37 tons in February to over 100 tons in July.
• US borrowing is the deeper cause — $1.8 trillion added in ten months, a record $432 billion deficit in July, and interest on the debt now past $1 trillion a year.
• Gold is up 15% from recent lows and rising even as bond yields rise, breaking the usual pattern and signalling that investors expect money printing.

Outlook: Expect more countries to bring their gold home and keep trimming Treasury holdings, with the dollar losing ground to hard assets either slowly or in a sudden crisis.