De Nederlandsche Bank shifted more than a quarter of its gold out of American vaults and into London between March and August. The bank confirmed it this week and gave a reason: rising geopolitical unrest. The official justification is that Bank of England bullion is the most tradable in the world and therefore the most readily available if a crisis breaks. That reason is true and also incomplete, which is normal for central bank communication.

Private investors now account for 58.1% of all foreign holdings of U.S. federal debt, with official sources — foreign governments and central banks — holding the remaining 41.9%. As of December 2025, that translates to $5.4 trillion in private foreign hands and $3.9 trillion under official control. The split reflects a structural shift in who finances American sovereign borrowing from abroad, with implications that are qualitatively different depending on which cohort is asked to absorb future supply.