So what does this actually mean? The bottom line is, even though the FED & bank regulators aren’t saying it, US Treasury Bonds which use to be the Tier One asset for banks and others to hold, no longer is. What’s left? The only Tier One Asset left is GOLD! That is why banks, sovereign wealth funds, institutions and individuals around the globe are scrambling to dump US Treasuries and US dollars and put their reserves into gold. The flows have only recently begun to accelerate and have a long way to go from here. Game, Set, Match! https://www.zerohedge.com/markets/treasury-debt-pristine-collateral-or-red-flag