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PANDORA’S BOX
EVERYTHING GOT OUT. THE HOPE IS AT THE BOTTOM.
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THE ONE-WAY DOOR
China Traded Its Treasuries For Metal Twenty Two Months Running
Xi lands at Joint Base Andrews on Wednesday and stands on the South Lawn on Thursday. The reserve decision he arrives with was taken a long time before the invitation.
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The buying started in November 2024. The People’s Bank of China has added to its official gold holdings in every month since, twenty two of them. In August it added 650,000 ounces, its largest single month since late 2023, taking the total to 76.73 million troy ounces, about 2,386 tonnes.
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Over the same stretch the other side of the ledger went the other way. Chinese holdings of United States Treasuries fell to 633.4 billion dollars in June, down from 659.3 billion in May, the smallest figure in that series since it began in 2011.
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22
MONTHS IN A ROW, WITHOUT ONE MISSED
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A Treasury bond can be switched off by the country that issued it. A tonne sitting in Beijing cannot. Twenty two months is not a trade. It is a decision running on a schedule. |
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On Wednesday the President meets Xi’s plane at Joint Base Andrews. On Thursday morning there is a state arrival ceremony on the South Lawn with 479 military personnel from every branch of the armed forces. It is the first White House visit by a Chinese leader in eleven years.
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If you have read a decade of headlines about the end of the dollar and stopped taking them seriously, that was the correct response. The share never moved much and the deadline never arrived.
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What moved was not the share. It was one buyer’s balance sheet, every month, on the same day of the month, with no statement attached to it.
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EVERY LEAD PASSES BEFORE IT RUNS
The One-Way-Door Test
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Can it be undone? Beijing can sell metal and buy paper again. It cannot unlearn the reason it stopped. |
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Who is already repositioning? The reserve managers. In the World Gold Council’s 2026 survey, 89 percent of them expected official holdings to rise over the following twelve months. |
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What does being late cost? Two days. The ceremony is Thursday morning, and both sides set their positions long before anyone walks onto that lawn. |
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FROM OUTSIDE THE BOX
We believe Executive Order 14241 has unleashed a potentially huge change to America’s money.
Republican or Democrat, whether you support or oppose Trump’s New Dollar, you could soon be using it. If you have savings in the bank or a stock portfolio, we believe you need to understand what’s unfolding, and take specific action to prepare.
In Porter Stansberry’s new documentary, you’ll discover:
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How the last time America reset its money, it minted 1,300 new millionaires a day, and why we believe what’s coming could be bigger still.
The 5 assets to own before America’s new money rolls out, including the one Porter would buy today for immediate exposure.
The critical resources Trump is moving heaven and earth to control, because America’s new money depends on it.
Why the U.S. government is suddenly buying ownership stakes in tiny American mining companies, a move not seen since the depths of World War II.
Why a single gathering of world leaders this December, at Trump’s own Miami resort, could be the moment America’s new dollar is revealed to the world as a done deal.
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Many thanks,
Jared Kelly
CEO, Porter & Co.
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THE MOVE · WHILE THERE IS STILL TIME
Read Thursday against what has already been bought, not against what gets promised.
Announcements are made in an afternoon. A reserve position is built over twenty two months and published monthly by the buyer itself, which makes it the one part of this you can check without anyone’s permission. The caveat that would prove this wrong: if the September figure due in early October breaks the streak, this was a cycle rather than a policy, and a single month will tell you which. |
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ALSO GOT LOOSE TODAY
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The Treasury Secretary met Chinese officials in New York on Saturday for the final preparatory talks before Thursday. |
MONEY |
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Xi is travelling with a large business delegation, according to reporting earlier this month. |
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This is the second meeting between the two leaders this year. The first was in Beijing in May. |
LAWS |
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SOURCES · CHINA STATE ADMINISTRATION OF FOREIGN EXCHANGE, AUGUST RESERVE DATA RELEASED SEPT 7 · U.S. TREASURY INTERNATIONAL CAPITAL DATA FOR JUNE · WHITE HOUSE STATE VISIT SCHEDULE · WORLD GOLD COUNCIL 2026 RESERVE MANAGER SURVEY
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WHAT’S LEFT AT THE BOTTOM
A reserve is the one thing a country cannot say one way and do another. It is published every month, in tonnes. WE WATCH THE BOX.
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