中国运回大批黄金，特朗普准备换将，没时间了，美债恐出现抛售潮

Group 1 - Trump announced plans to replace the Federal Reserve Chairman in early 2026, with Kevin Hassett as a leading candidate, indicating a desire to remove current Chairman Powell [1][7] - Hassett, previously an economic advisor to Trump, is known for advocating immediate interest rate cuts if appointed, which raises concerns about the independence of the Federal Reserve [9][11] - The market reacted negatively to Trump's comments, with the dollar index dropping and gold and silver prices rising, reflecting investor anxiety over potential political interference in monetary policy [9][11] Group 2 - Concurrently, China has been repatriating gold reserves, increasing its holdings by $3 billion in November alone, marking the 13th consecutive month of gold accumulation [15][17] - Since 2022, China has sold nearly $300 billion in U.S. Treasury bonds, suggesting a strategic shift away from U.S. debt and towards gold as a financial security measure [17][21] - China's actions indicate a preparation for a potential "dollar credit crisis," as it seeks to establish a "non-dollar anchor" in its asset allocation strategy [21][30] Group 3 - The U.S. national debt has surpassed $38 trillion, with annual interest payments exceeding $1.5 trillion, creating a cycle of fiscal dependency on monetary policy [25][29] - Concerns are growing that if the Federal Reserve becomes politicized, it could lead to a loss of trust in U.S. debt, prompting other countries to reduce their holdings of U.S. Treasuries [27][29] - The global financial system may be transitioning from a "dollar-centric" model to a "multi-anchor" approach, with gold potentially playing a central role in international payments [21][30]