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China's gold reserves hit 74.1 million ounces, an all-time high.

At the same time, China's holdings of US Treasuries plunged to $682.6 billion, the lowest in 18 years.

China has slashed its Treasury position by over -$600 billion since the 2013 peak.

At the same time, the country's gold reserves more than DOUBLED.

China is actively diversifying away from Dollar-denominated assets into hard assets.

Expect this trend to accelerate.

![](https://m.stacker.news/127919)

China is dumping US Treasuries and loading up on gold

The US M2 money supply jumped +4.6% YoY and +0.4% MoM in December to a record $22.4 trillion.

M2 has soared +$7 TRILLION since the 2020 Crisis and surpassed the previous peak of $21.9 trillion recorded in March 2022 by $500 billion.

M2 has been rising by an average +6.3% a year since 2000.

The value of the US Dollar is dropping at a rapid pace.

Investing is one of the few ways to preserve purchasing power.

![](https://m.stacker.news/127846)

US M2 money supply is SURGING

Japan's 10+ year government bond total return index has collapsed -40% from its August 2019 peak.

This index captures both price changes and coupon income, showing mark-to-market losses for institutions required to value holdings at current prices.

While principal is returned at maturity, the unrealized losses along the way are massive for balance sheets.

The relentless decline has erased all gains between 1996 and 2019...

![](https://m.stacker.news/127663)

This is one of the most severe bond bear markets in history

The market dislocation index for Japanese government bonds spiked to 9.5 basis points, the highest ever and way higher than in the Great Financial Crisis.

This index measures the divergence of Japan's bond yields from their theoretical values, with higher readings indicating WORSE market functioning.

This comes as just $280 million in trading triggered a $41 billion wipeout across Japan's $7.2 trillion bond market on Tuesday.

The market has become dangerously illiquid as the BoJ reduced bond purchases and life insurers pulled back at a record pace.

Foreign investors now account for 65% of monthly cash JGB transactions, up from just 12% in 2009.

These shorter-term foreign traders have replaced long-term domestic holders, amplifying volatility.

Japan's bond market has become a systemic WEAK SPOT in the global financial system.

![](https://m.stacker.news/127602)

The Japan bond market the world's 3rd-largest is trading like an emerging market

The US Dollar is falling for a 3rd consecutive day to its lowest since September on speculation of joint US-Japan intervention.

The yen rallied +1% to ~154 per USD, the highest in 2 months.

This comes as rate checks conducted by both US and Japanese authorities suggest coordinated preparation for direct market intervention.

The US has not joined a coordinated effort to intervene in Japanese currency markets since March 2011, when it sold yen following the Fukushima earthquake.

Importantly, policy coordination would signal a willingness to tolerate easier global Dollar conditions, which could reinforce further US Dollar downside.

A stronger yen could trigger a violent unwinding of carry trades, or spark fears of unwinding and lead to the stock market sell-offs, similar to July-August 2024.

Watch closely what is happening in Japan.

![](https://m.stacker.news/127599)

US and Japan may coordinate FX intervention for first time in 15 years

US large corporate bankruptcies reached 749 in 2025, the most in 15 years, the year following the Great Financial Crisis.

They have DOUBLED since 2022.

Over the last 3 years, 2,071 companies have gone bankrupt.

Corporate bankruptcies remain high, driven by tighter liquidity, rising debt burdens, and persistently high interest rates.

As economic uncertainty remains elevated, expect bankruptcies to rise further.

![](https://m.stacker.news/127546)

US big companies bankruptcies are at multi-year highs

China’s holdings of US government bonds dropped -$6.1 BILLION in November, to $682.6 billion, the lowest since the Financial Crisis.

Since the 2013 peak, the country's holdings have fallen -$634.1 BILLION.

![](https://m.stacker.news/127417)

China is still DUMPING US Treasuries

Year-to-date, Magnificent 7 stocks have declined -2.2%, underperforming the broader market.

Apple, $AAPL, alone has dropped -8.8% while Microsoft stock, $MSFT, has fallen -3.7%.

NVIDIA, $NVDA, has advanced a mere +0.6%.

This earnings season is setting up extremely interesting.

![](https://m.stacker.news/127416)

Magnificent 7 not so magnificent anymore?

New home prices in 70 cities fell -0.37% MoM in December and -2.7% YoY.

Home prices have declined in 42 of the last 45 months.

Resale home values dropped -0.7% MoM, the steepest decline in 15 months.

All 70 major cities saw 2nd-hand home prices fall.

Nationwide residential sales tumbled to 7.3 trillion yuan ($1 trillion) in 2025, the lowest since 2015. Sales are down -55% from their 2021 peak. 

China's property sector is in a structural collapse.

![](https://m.stacker.news/127295)

China's housing CRISIS is deepening

The S&P Technology, Media, and Telecom sector is up to a record ~47% share of the total S&P 500 market cap.

This is even ABOVE the peak levels seen during the 2000 Dot-Com bubble.

TMT share has risen ~12 percentage points since 2023.

After the 2000 bubble burst, this weight collapsed to ~20% by 2002.

This comes as mega-cap tech stocks continue to dominate US stock market performance.

We are back at bubble-era concentration levels.

![](https://m.stacker.news/127108)

The market concentration bubble is still surging

Institutional investors sold -$9.2 billion in US equities last week, marking the 5th straight week of selling.

They dumped -$8.1 billion in single stocks and $1.1 billion in ETFs, bringing the 4-week average to -$3.5 billion.

On the other hand, hedge funds bought for a 5th consecutive week, while retail investors bought for the 2nd straight week.

As a result, net selling rose to -$6.3 billion, from -$2.6 billion in the prior week.

What do they know?

![](https://m.stacker.news/127095)

Professional investors are MASSIVELY dumping US equities

US equity ETFs attracted a record $400 billion over the last 3 months, the most EVER.

January inflows were running at 5 TIMES the average for the month.

Leveraged-long ETFs held $145 billion in assets, while funds betting on market declines held just $12 billion.

Furthermore, credit markets were behaving like 2007, with risk premiums on junk bonds as tight as ever.

Investors went all in on risk right before the selloff began.

![](https://m.stacker.news/126853)

This is what happened before the market started SELLING OFF

17,604 companies went bankrupt in Germany last year, the most in 20 YEARS, according to the Leibniz Institute for Economic Research Halle (IWH).

This marks the 4th consecutive annual increase.

Bankruptcies have risen +115% since 2021 and sit +57% above the pre-pandemic average from 2016 to 2019.

Even during the Financial Crisis in 2009, the figure was ~5% lower.

The manufacturing industry was hit the hardest.

Germany is going through a crisis.

![](https://m.stacker.news/126721)

Bankruptcies are SKYROCKETING in Germany

China's trade surplus rose +19.7% in 2025, to $1.2 trillion, AN ALL-TIME HIGH.

African exports led the growth, surging +25.8% Y/Y, while Association of Southeast Asian Nations exports rose +13.4%, EU exports increased +8.4%, and Latin American exports grew +7.4%.

Meanwhile, shipments to the US DROPPED -20% Y/Y.

The US makes up only 11.1% of China's exports, falling from 14.7% in 2024, now at one of the lowest levels since the 1990s.

![](https://m.stacker.news/126704)

China trade is at RECORD levels despite the US tariffs

The US government paid a record $1.267 trillion in interest on its public debt over the last 12 months.

This is a massive $3.5 BILLION per day.

Interest costs now reflect 25% of total government revenue, making it the 2nd-largest spending category after Social Security.

This surpasses defense spending and exceeds Medicare, Medicaid, and all other healthcare expenditures.

Since 2020, interest costs have more than DOUBLED.

The US public debt spiral is out of control.

![](https://m.stacker.news/126265)

This is INSANE

The combined contribution of stocks with a weight of 3% or more in the S&P 500 is up to a record 29%.

Since 2017, the percentage has more than DOUBLED.

By comparison, at the 2000 Dot-Com Bubble peak, this metric was just 5%.

Currently, NVIDIA alone has a 7% weight in the S&P 500, near an all-time high.

Just a few stocks account for an enormous share of the US stock market cap.

Truly wild.

![](https://m.stacker.news/126159)

The US stock market concentration BUBBLE is still surging

Tech funds posted a -$0.9 billion outflow last week.

This marks the 3rd consecutive week of outflows, the longest streak since February 2025.

Are investors quietly rotating out of the technology sector?

![](https://m.stacker.news/126047)

Investors are taking money out of technology funds

Asset managers have aggressively increased their VIX futures shorts to the highest level since July 2024.

In other words, funds are betting heavily on continued low stock market volatility.

Such extreme short VIX positioning often leaves markets vulnerable to sharp volatility spikes if sentiment turns.

A similar setup occurred in July-August 2024, when a sudden shift in risk appetite drove a nearly -10% market drop.

Are we heading for a pullback?

![](https://m.stacker.news/125665)

Is the volatility index VIX set to spike?

Gold and silver somehow continued their run.

Meanwhile, volatility stayed subdued with option markets showing little fear. 

Is the volatility set to spike over the next few weeks?

Performance this week:

S&P 500 +1.6%
Nasdaq +1.9%
Russell 2000 +4.6%
Dow Jones +2.3%
US 10-year Treasury yield -2 bps
Bitcoin +0.1%
Bank Index +2.1%
VIX -0.1% front mth VIX futures +0.1%
US Dollar Index +0.8%
Gold +3.2%
Silver +1.8%
WTI Crude Oil +3.1%

![](https://m.stacker.news/125596)

US stocks ended the week higher; small caps led gains despite mixed data.

Net supply of Japanese government bonds is set to surge +8% to ¥65 trillion ($415 billion) in the fiscal year starting April, the largest increase in at least 15 YEARS.

This comes as the Bank of Japan continues stepping back from the market.

BoJ holdings are expected to shrink by ¥46.5 trillion next fiscal year, compared with ¥41.1 trillion in the current period, as monthly purchases are cut by more than a quarter.

This leaves private buyers with way more issuance to absorb.

Meanwhile, 10-year JGB yields have surged to 2.13%, the highest since 1999.

Japanese government bonds already lost -6% last year, the worst performance among 40+ sovereign markets tracked by Bloomberg.

More supply + fewer BoJ purchases = higher borrowing costs for the world's most indebted developed nation.

Brace for more volatility in the Japanese bond market.

![](https://m.stacker.news/125402)

Japan's bond market is facing its toughest year in over a decade..

US household equity holdings have surged to a record 47% of total financial assets.

This exceeds the 2000 Dot-Com Bubble peak by ~8 percentage points.

At the same time, the S&P 500 CAPE ratio rose to ~45, the highest reading since the 2000 bubble burst.

The two metrics have moved in lockstep for decades.

Both peaked together in 2000, followed by a -50% crash.

Both peaked again in 2007, followed by a -57% crash.

What's next?

![](https://m.stacker.news/125303)