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\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nMr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\n\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nFor many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nA Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nCentral bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nSelling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nGold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nChina\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nsaid Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\n\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nThose actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nEarlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nCentral Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nThe falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nThe dollar\u2019s weakness has further tilted the balance. Over the past year, Europe\u2019s Stoxx 600 index has gained nearly 30 percent in dollar terms\u2014about twice the return of the S&P 500. Much of that outperformance reflects currency effects rather than superior local-market gains, but for investors, the distinction matters little.<\/p>\n\n\n\n
The falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nCurrency Effects Favor Europe and Beyond<\/h2>\n\n\n\n
The dollar\u2019s weakness has further tilted the balance. Over the past year, Europe\u2019s Stoxx 600 index has gained nearly 30 percent in dollar terms\u2014about twice the return of the S&P 500. Much of that outperformance reflects currency effects rather than superior local-market gains, but for investors, the distinction matters little.<\/p>\n\n\n\n
The falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nAs a result, U.S. stocks now account for about 70 percent of the MSCI All World index, up from around 50 percent ten years ago. That concentration has left global investors heavily dependent on Wall Street\u2019s fortunes\u2014an exposure some are now questioning, especially with valuations elevated and artificial intelligence-driven optimism still largely unproven.<\/p>\n\n\n\n
Currency Effects Favor Europe and Beyond<\/h2>\n\n\n\n
The dollar\u2019s weakness has further tilted the balance. Over the past year, Europe\u2019s Stoxx 600 index has gained nearly 30 percent in dollar terms\u2014about twice the return of the S&P 500. Much of that outperformance reflects currency effects rather than superior local-market gains, but for investors, the distinction matters little.<\/p>\n\n\n\n
The falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nOver the past decade, U.S. equities dramatically outperformed global peers. A dollar invested in the S&P 500 would have quadrupled, while European stocks delivered roughly half that return.<\/p>\n\n\n\n
As a result, U.S. stocks now account for about 70 percent of the MSCI All World index, up from around 50 percent ten years ago. That concentration has left global investors heavily dependent on Wall Street\u2019s fortunes\u2014an exposure some are now questioning, especially with valuations elevated and artificial intelligence-driven optimism still largely unproven.<\/p>\n\n\n\n
Currency Effects Favor Europe and Beyond<\/h2>\n\n\n\n
The dollar\u2019s weakness has further tilted the balance. Over the past year, Europe\u2019s Stoxx 600 index has gained nearly 30 percent in dollar terms\u2014about twice the return of the S&P 500. Much of that outperformance reflects currency effects rather than superior local-market gains, but for investors, the distinction matters little.<\/p>\n\n\n\n
The falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nThe Weight of U.S. Dominance Becomes a Risk<\/h2>\n\n\n\n
Over the past decade, U.S. equities dramatically outperformed global peers. A dollar invested in the S&P 500 would have quadrupled, while European stocks delivered roughly half that return.<\/p>\n\n\n\n
As a result, U.S. stocks now account for about 70 percent of the MSCI All World index, up from around 50 percent ten years ago. That concentration has left global investors heavily dependent on Wall Street\u2019s fortunes\u2014an exposure some are now questioning, especially with valuations elevated and artificial intelligence-driven optimism still largely unproven.<\/p>\n\n\n\n
Currency Effects Favor Europe and Beyond<\/h2>\n\n\n\n
The dollar\u2019s weakness has further tilted the balance. Over the past year, Europe\u2019s Stoxx 600 index has gained nearly 30 percent in dollar terms\u2014about twice the return of the S&P 500. Much of that outperformance reflects currency effects rather than superior local-market gains, but for investors, the distinction matters little.<\/p>\n\n\n\n
The falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\n\u201cAnd if it shows up as weaker demand for U.S. equities, that\u2019s also not a good thing.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
The Weight of U.S. Dominance Becomes a Risk<\/h2>\n\n\n\n
Over the past decade, U.S. equities dramatically outperformed global peers. A dollar invested in the S&P 500 would have quadrupled, while European stocks delivered roughly half that return.<\/p>\n\n\n\n
As a result, U.S. stocks now account for about 70 percent of the MSCI All World index, up from around 50 percent ten years ago. That concentration has left global investors heavily dependent on Wall Street\u2019s fortunes\u2014an exposure some are now questioning, especially with valuations elevated and artificial intelligence-driven optimism still largely unproven.<\/p>\n\n\n\n
Currency Effects Favor Europe and Beyond<\/h2>\n\n\n\n
The dollar\u2019s weakness has further tilted the balance. Over the past year, Europe\u2019s Stoxx 600 index has gained nearly 30 percent in dollar terms\u2014about twice the return of the S&P 500. Much of that outperformance reflects currency effects rather than superior local-market gains, but for investors, the distinction matters little.<\/p>\n\n\n\n
The falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\n\n\u201cAnd if it shows up as weaker demand for U.S. equities, that\u2019s also not a good thing.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
The Weight of U.S. Dominance Becomes a Risk<\/h2>\n\n\n\n
Over the past decade, U.S. equities dramatically outperformed global peers. A dollar invested in the S&P 500 would have quadrupled, while European stocks delivered roughly half that return.<\/p>\n\n\n\n
As a result, U.S. stocks now account for about 70 percent of the MSCI All World index, up from around 50 percent ten years ago. That concentration has left global investors heavily dependent on Wall Street\u2019s fortunes\u2014an exposure some are now questioning, especially with valuations elevated and artificial intelligence-driven optimism still largely unproven.<\/p>\n\n\n\n
Currency Effects Favor Europe and Beyond<\/h2>\n\n\n\n
The dollar\u2019s weakness has further tilted the balance. Over the past year, Europe\u2019s Stoxx 600 index has gained nearly 30 percent in dollar terms\u2014about twice the return of the S&P 500. Much of that outperformance reflects currency effects rather than superior local-market gains, but for investors, the distinction matters little.<\/p>\n\n\n\n
The falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n
For many investors, the shift reflects something <\/a>deeper than short-term market positioning.<\/p>\n\n\n\n
\n\u201cThe world looks to the U.S. as a beacon of democracy and rule of law, and I think that is starting to change a little bit,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
Mr. McIntyre said. <\/p>\n\n\n\n
\n\u201cThis is not about risk-seeking. It\u2019s about diversification and the reassessment of risk.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
In that sense, the \u201cSell America\u201d trade is less a vote against the United States than a signal that its long-assumed financial and institutional dominance is no longer taken for granted.<\/p>\n","post_title":"How \u2018Sell America\u2019 became Wall Street\u2019s latest trade","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"how-sell-america-became-wall-streets-latest-trade","to_ping":"","pinged":"","post_modified":"2026-02-01 18:56:08","post_modified_gmt":"2026-02-01 18:56:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=10292","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":8},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};
\nsaid Steve Englander, a currency strategist at Standard Chartered. <\/p>\n\n\n\n
\n\u201cAnd if it shows up as weaker demand for U.S. equities, that\u2019s also not a good thing.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n
The Weight of U.S. Dominance Becomes a Risk<\/h2>\n\n\n\n
Over the past decade, U.S. equities dramatically outperformed global peers. A dollar invested in the S&P 500 would have quadrupled, while European stocks delivered roughly half that return.<\/p>\n\n\n\n
As a result, U.S. stocks now account for about 70 percent of the MSCI All World index, up from around 50 percent ten years ago. That concentration has left global investors heavily dependent on Wall Street\u2019s fortunes\u2014an exposure some are now questioning, especially with valuations elevated and artificial intelligence-driven optimism still largely unproven.<\/p>\n\n\n\n
Currency Effects Favor Europe and Beyond<\/h2>\n\n\n\n
The dollar\u2019s weakness has further tilted the balance. Over the past year, Europe\u2019s Stoxx 600 index has gained nearly 30 percent in dollar terms\u2014about twice the return of the S&P 500. Much of that outperformance reflects currency effects rather than superior local-market gains, but for investors, the distinction matters little.<\/p>\n\n\n\n
The falling dollar has also made foreign equities more attractive to U.S.-based investors, reinforcing capital flows away from American markets.<\/p>\n\n\n\n
Central Banks Reassess U.S. Assets<\/h2>\n\n\n\n
Earlier versions of the sell-America trade were largely confined to central banks seeking to reduce dependence on the U.S. financial system after Washington seized Russian dollar assets following the invasion of Ukraine.<\/p>\n\n\n\n
Those actions triggered a broader reassessment of the safety of sovereign reserves. <\/p>\n\n\n\n
\n\u201cThe safety of U.S. assets started to get reassessed,\u201d <\/strong><\/p>\n<\/blockquote>\n\n\n\n
said Ryan McIntyre, president of Sprott Inc.<\/p>\n\n\n\n
China\u2019s holdings of U.S. Treasuries have fallen steadily for nearly a decade, dropping from about $1.1 trillion in early 2021 to under $700 billion late last year. Brazil and India have also sharply reduced their Treasury exposure.<\/p>\n\n\n\n
Gold, Not Another Currency, Takes the Lead<\/h2>\n\n\n\n
Selling Treasuries reduces the need to hold dollars, weakening the currency further. Yet no single fiat currency has emerged as the clear alternative. Instead, much of the capital has flowed into gold and other precious metals.<\/p>\n\n\n\n
Central bank gold purchases roughly doubled after the seizure of Russian assets and accelerated again late last year, according to the World Gold Council. Private investors have followed suit, pouring money into gold-backed exchange-traded funds as they seek havens beyond U.S. markets.<\/p>\n\n\n\n
A Reassessment of Risk, Not a Panic<\/h2>\n\n\n\n