China’s Gold Hoard

China isn’t just a near-term competitor to the United States in the AI race.

China puts the ‘C’ in BRICS. A leading group of countries uniting to avoid dependence on the U.S. dollar – as well as the U.S.-backed SWIFT payments system.

It’s no surprise that China has been stockpiling gold. What is surprising? The current rate at which they are:

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After years of speculation, China is being more transparent about the size of its gold holdings
(Source: Steno Research)

Gold holdings are soaring in China, and China’s central bank is one of many that continue to accumulate the metal, regardless of its dollar price.

In overnight trading, the Shanghai market drove gold over $3,600. Gold has more than doubled in three years.

All things remaining equal, the gold trend higher is just getting started.

~ Addison

P.S. from gold to crypto: Grey Swan Live! returns this afternoon at 2 p.m. ET with Ian King.

Ian’s hot on an upcoming event that he forecasts will trigger a new crypto boom, sending the market cap of the space to $8.5 trillion by 2030.

We’ll be looking at his latest moves in the cryptocurrency market – including the rise of Ethereum as the rally in bitcoin takes a pause. What’s it all mean? And where do we stand regarding President Trump’s plans for a Strategic Bitcoin Reserve?

All that and more. Ian will also cover his list of the top token opportunities in the cryptocurrency space as this asset class continues to push higher and gain regulatory guidance.

Remember the new time!

Grey Swan Live! with Ian King will begin at 2 p.m. ET/11 a.m. PT today.

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.

China isn’t just a near-term competitor to the United States in the AI race.

China puts the ‘C’ in BRICS. A leading group of countries uniting to avoid dependence on the U.S. dollar – as well as the U.S.-backed SWIFT payments system.

It’s no surprise that China has been stockpiling gold. What is surprising? The current rate at which they are:

Turn Your Images On

After years of speculation, China is being more transparent about the size of its gold holdings
(Source: Steno Research)

Gold holdings are soaring in China, and China’s central bank is one of many that continue to accumulate the metal, regardless of its dollar price.

In overnight trading, the Shanghai market drove gold over $3,600. Gold has more than doubled in three years.

All things remaining equal, the gold trend higher is just getting started.

~ Addison

P.S. from gold to crypto: Grey Swan Live! returns this afternoon at 2 p.m. ET with Ian King.

Ian’s hot on an upcoming event that he forecasts will trigger a new crypto boom, sending the market cap of the space to $8.5 trillion by 2030.

All that and more. Ian will also cover his list of the top token opportunities in the cryptocurrency space as this asset class continues to push higher and gain regulatory guidance.

Remember the new time!

Grey Swan Live! with Ian King will begin at 2 p.m. ET/11 a.m. PT today.

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.

Sunday night, Powell addressed the probe head-on in a video post — a rarity. He accused the White House of using cost overruns in the Fed’s HQ renovation as a pretext for political interference.

The White House denied involvement. But few in Washington believed it.

What followed was bipartisan condemnation of the investigation. Greenspan, Bernanke, and Yellen co-signed a blistering rebuke, warning the U.S. was starting to resemble “emerging markets with weak institutions.”

Estimates now indicate that the average consumer will default on a minimum payment at about a 15% rate – the highest level since a spike during the pandemic lockdown of the economy.

President Trump’s proposal over the weekend to cap credit card interest at 10% for a year won’t arrive in time to help consumers who are already missing minimum payments.

Not to fret, the other 85% of borrowers continue to spend on borrowed time. Total U.S. household debt, including mortgages, auto loans, student loans, and credit cards, reached record highs in late 2025, exceeding $18.5 trillion. This surge was driven partly by rising credit card balances, which neared their own all-time peaks due to inflation and higher interest rates.

There’s an old Wall Street maxim: “Don’t fight the Fed.”

This year, you could add a Trump corollary.

A wise capital allocator doesn’t fight that storm. He doesn’t argue with it. He respects it the way sailors respect the sea: with preparation, with humility, and with a sharp eye for what breaks first.

In 2026, the things that break first are the stories. The narratives. The comfortable assumptions.

Total municipal, state and federal debt service costs soared to nearly $1.5 trillion in the third quarter of 2025. Debt’s easy to accumulate when rates are low. Trouble is, you are obligated to refinance them even after rates go up.

It’s also a key reason why the Trump administration is demanding lower interest rates – even if it means reigniting inflation.