Steve Saretsky

dollars.

It's not for the other reason.

Just to share that, that was coming up.

I think, Rich, you were sharing earlier that China, though, they're selling their treasuries as well, because the chart shows it, right?

Yeah.

So if you look at a chart, you'll see China's treasuries holdings are declining, but the treasury holdings out of Belgium, they're increasing by roughly the same amount to the And by the way, if you're in the world of custodial banks, one of the biggest custodial banks in the world, it is in Belgium.

So it used to be Dexia and then RBC Dexia had a joint venture and then RBC bought it from Dexia because they went under during the

the European crisis.

So I think right now, actually, all these shares would be, all these treasuries are actually held under RBC's name in Belgium.

So it's, again, it's Canada's fault.

This is happening.

One of the... What are the other big...

holders of securities around the world is actually in Cayman as well.

So, you know, Cayman Islands.

So if you've ever been there, you might realize, how can this little island, you know, hold, you know, billions of dollars in securities?

It's because they're just held offshore in nominee name.

So again, the story is that Turkey is selling treasuries because they need U.S.

dollars.

They're also selling gold because they need U.S.

dollars to kind of stabilize their banking system.