Dutch bank shifts 86 tons of gold from New York to London

The Dutch central bank just moved 86 tons of gold out of New York and Ottawa into London, the clearest sign yet that even close US allies are treating American vaults as less reliable in a crisis. Bond markets are flashing the same concern on inflation re-acceleration, lifting September rate-hike odds while the dollar and yields both climb. Bitcoin’s 4 percent bounce and exchange outflows sit on top of a hashrate still 15 percent below its early-year level and a network whose builders show no fresh commitment. The contradiction no one is pricing is that official-sector hedging is rising at the same moment monetary policy is tightening, not easing.

What happens to risk assets if the Fed actually hikes into visible inflation and sovereigns keep pulling physical reserves away from the dollar system at once?