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Lawrence Lepard points to data from the latest FFTT report by Luke Gromen, highlighting that long-term U.S. Treasuries have declined by 85-90% in value when measured in gold terms since global central banks stopped growing their U.S. Treasury holdings in 2014.
Lepard suggests this trend supports the perspective of gold investors, who have favored gold as an alternative to traditional government bonds.
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Lepard previously noted a $50B jump in Fed swap lines, likely related to Japan. He also commented on unprecedented liquidity from U.S.-Japan yen support measures. Both references emphasize the central banks' ongoing involvement in global markets.