The central Asian banks have been buying U.S. debt instruments in brobdignagian proportions because they’re using it as an unofficial index currency on which to peg their own currencies. That party may be ovre soon: they’re talking about establishing a new Asian Currency Unit index to serve that role. If they reduce their investment in dollars you can expect the dollar to go to hell in a hurry. Wonder if that has anything to do with the price of gold.