Bose George Analyst Performance

I hope you listened. Because here's what happened. The stock did exactly what these hyped mega-listings do. It rocketed out of the gate, ran all the way to about $225 a share, and sucked in every retail investor who couldn't stand to miss out. In three trading days, it shed nearly a quarter of its value and erased over $600 billion. It briefly fell below its very first trading price. The people who chased the top got exactly what Wall Street needed them to be: exit liquidity. But all that liquidity that just left the stock? It's not going into a bank account. Smart money is rotating it right into the next asset they believe will pop-off.

China's US Treasury holdings have fallen from a peak of $1.32 trillion to roughly $659 billion, an 18-year low. Beijing's central bank has bought gold for 20 straight months, its longest streak in a decade. Goldman Sachs estimates China's real gold buying is 4.8 times the official figure. The European Central Bank confirms gold has overtaken US Treasuries as the world's top reserve asset, at 27% versus 22%. As foreign demand for US debt fades, rates and everyday costs may feel the pressure.