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China Slashes U.S. Debt Exposure

China’s reported US Treasury holdings have fallen to about $680 billion, described as an 18-year low, alongside a stated rise in gold reserves to near 74 million ounces, and the pairing is being framed publicly as a deliberate rotation out of US paper into bullion.

Northern European investors are also reportedly increasingly wary of holding US assets. This comes after Sweden’s largest private pension fund has divested up to $8.8 billion in US Treasuries, marking the most significant withdrawal yet from American government bonds since President Donald Trump’s Greenland crisis erupted.

You can read more on the matter here.

What’s going on?

• Indonesia Revokes Permits for 28 Companies After Deadly Sumatra Floods (theDeepDive)

• Canadian fugitive Ryan Wedding arrested in Mexico (Globe)

• Canadian Oil Headed To Non-US Countries Surges, China Leads (theDeepDive)

• UK and EU to renew talks on defence fund access (FT)

• Trump Pauses EU Tariffs Following NATO Deal (theDeepDive)

• California suing Trump administration over Sable oil pipeline restart (Reuters)

• Sweden’s Largest Pension Fund Dumps $8.8B in US Bonds (theDeepDive)

• The Newsom-Trump Showdown Heats Up Davos (WSJ)

• Japan Brings Back Largest Nuclear Plant Unit (theDeepDive)

• Trump withdraws Carney’s invitation to Board of Peace (Globe)

What’s the latest?

• Mineral Rights: President Donald Trump signaled U.S. interest in mineral rights in Greenland as part of a broader security framework, widely seen as an effort to limit China’s access to rare earths, where it dominates global supply. Greenland holds ~1.5M metric tons of rare earth reserves (8th largest globally), including major projects like Kvanefjeld and Tanbreez, though mining faces high costs and infrastructure constraints. While Trump downplayed economic motives, analysts view priority access as a long-term strategic hedge rather than an immediate supply need.

• Binance: Changpeng Zhao denied any business ties to Donald Trump’s family after his Oct 2025 pardon, saying links were misconstrued around a US$2B MGX investment that used USD1 stablecoin from World Liberty Financial. Zhao said the payment choice was MGX’s, Binance later converted out of USD1, and he had no role in the pardon process, despite scrutiny over lobbying and media reports.

• Market: Canada’s S&P/TSX rose 124.72 points to 33,127.42, lifted by commodity stocks as oil climbed to US$60.88/bbl and gold rose to US$4,975/oz. U.S. markets were mixed (Dow −249.76, S&P 500 +13.30, Nasdaq +137.87), while the CAD strengthened to US$0.7277 in late-morning trading.

• Tech: Forum Ventures plans to launch 18 AI startups in two years from its Toronto studio, backed by ~US$25M, betting on Canada’s deep AI talent pool after 17 launches to date. Despite strengths tied to Toronto’s AI legacy, Canada raised just US$2.1B in venture funds last year and has 25× fewer VC-backed firms than the U.S., pushing founders south—an outflow Forum Ventures aims to reverse by keeping builds and jobs in Canada.

• Economics: Statistics Canada reports retail sales rose 1.3% to $70.4B in November, led by food and beverage retailers (+3.0%)after B.C.’s liquor dispute ended, with beer, wine and liquor sales rebounding +14.3%. Core retail sales increased 1.6% and volumes rose 1.1%, but an advance estimate points to a 0.5% decline in December (subject to revision).

Why Gold And Silver Stay High Even After Rate Cuts

The stock market and stuff

• Oracle-Led TikTok US Deal Clears China Despite Algorithm Concerns (theDeepDive)

• Equinox Gold Cuts Senior Debt To $580 Million After Sale Of Brazilian Operations (theDeepDive)

• Gold heads for best week since 2008 as Greenland crisis rattles dollar (FT)

• Tesla Disputes Reports of 1,700 Job Cuts at German Factory (theDeepDive)

• Capstone Copper Sees Sulphide, Oxide Operations Halt At Mantoverde Following Strike Action (theDeepDive)

In the juniors

• Steadright Subsidiary NSM Capital Sarl Applies For License At Titanbeach One (theDeepDive)

• Tinka Resources Provides Update on Silvia Gold-Copper Project with Completion of Initial 1,400 Metre Drill Program (JMN)

• Goliath Resources Accelerates Option Agreement On Golddigger While Reducing NSR (theDeepDive)

FULL DISCLOSURE: Antimony Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Antimony Resources. The author has been compensated to cover Antimony Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.