As they sharply increase their gold reserves, China and Russia are selling off their U.S. Treasuries, with their hunger for the metal coming amid a strict diet excluding dollars. Gold is appealing to these countries because it shields them from the U.S. government's ability to control the value of their holdings. Gold is a country-less currency. A continuing trend of reserve buildup and Treasury sales might weaken the dollar and pressure gold prices higher.

China and Russia have officially added almost 50 million ounces of gold to their central banks while selling off more than $267 billion of Treasuries.