Peter Boockvar: Foreign Selling Could Hit Treasuries #treasuries #bondmarket #bonds #markets #macro

Peter Boockvar says foreign selling of U.S. assets could become a key risk for Treasuries if global liquidity tightens or reserve holders need cash. He points to the U.S. net international investment position at nearly -$27 trillion as evidence that foreign investors are heavily exposed to U.S. financial assets, including Treasuries, and that any repatriation pressure could push yields higher. For metals, the implication is indirect but important: a Treasuries selloff and higher real yields would typically weigh on gold, while any destabilization of the broader dollar/liquidity backdrop could also revive safe-haven demand. The piece frames foreign capital flows as a macro transmission channel that could matter for USD direction, rate volatility, and cross-asset positioning. Near term, the key catalyst is whether global funding conditions tighten enough to force asset liquidation rather than incremental rotation. Traders should watch foreign demand at Treasury auctions, rate volatility, and dollar strength for spillover into bullion pricing and gold hedge flows.