They Brought In Judy Shelton To Do The Unthinkable With Gold
In a recent CapitalCosm interview, host Danny sat down with the KING KONG of Gold & Silver, Eric Yeung to examine reports that Judy Shelton may be positioned to manage a new Chinese gold hub in Hong Kong and the far-reaching implications for U.S. debt, global gold markets, and monetary realignment.
Yeung described Shelton’s potential role as linked to the creation of U.S. Treasury Trust Bonds, or TTBs. These instruments are framed as 50 year bonds that give the holder the option to redeem principal in paper U.S. dollars or in physical gold measured in kilograms. “I see this as an American ‘Treasury bond’, or what is known as TTB. Well, that’s what she calls TTB,” Yeung said.
He argued that the U.S. Treasury is likely negotiating so that the Chinese system and the new Hong Kong gold center will accept these bonds as gold. “It is likely that the U.S. Treasury will negotiate it to be linked to the gold center in Hong Kong. This means they are likely to negotiate some kind of agreement with the Chinese so that the Chinese regime in the future, and the gold center in Hong Kong and abroad, will accept these bonds as gold.”
The Hong Kong over the counter gold trading center, launched in July, supports trading, delivery, and settlement of physical gold denominated in yuan. Yeung called this an effort to internationalize the renminbi and noted that Hong Kong functions as a test site for an offshore Shanghai Gold Exchange style system that could expand to places such as Singapore, Dubai, or Moscow. He highlighted large physical flows into the hub. “Russia has sent unprecedented quantities of physical gold to Hong Kong in the past six months.”
Because entities such as Russia and Iran cannot readily use U.S. Treasuries as collateral, Yeung said the gold now held in Hong Kong is being used for liquidity. “I think all that gold in Hong Kong is now being used as collateral for liquidity. Because these people cannot use U.S. Treasury bonds as collateral for liquidity.”
On the U.S. side, Yeung addressed rising Treasury yields and recent volatility, including a sharp drop in the 10 year yield from 5.36 percent to 5.04 percent. He suggested bond buybacks and possible yield curve control are already in play, and that issuance of roughly 2 trillion dollars in TTBs could ease pressure on conventional Treasuries. “If they are able to issue 2 trillion in Treasury bills they will relieve some of that pressure on U.S. Treasury bonds.” He noted that gold revaluation alone is insufficient. “Even if they revalued it to 10,000, that would be about 2 trillion of total U.S. debt. The total U.S. debt is approximately more than 40 trillion.” Any revaluation would need to be paired with bond measures and yield curve management.
Yeung also flagged extreme geopolitical risk around Iran. “The whole situation in Iran is extremely volatile. I heard rumors that the United States might drop a nuclear bomb on Iran before the midterm elections.” He warned that a sudden reversal in metals prices could be violent, with gold potentially rising by hundreds of dollars in a week or two.
The conversation touched on Greenland as well. A September 22, 2026 agreement between President Trump, Denmark, and Greenland updated the 1951 defense treaty and opened the door to mining critical minerals, including platinum group metals and rare earths, under NATO protection. Yeung framed this as part of a broader Western push to secure strategic resources.
Throughout the interview Yeung presented these developments as interconnected pieces of a larger monetary transition. Hong Kong’s gold hub, possible TTB acceptance of physical gold, U.S. efforts to manage its debt burden, and resource deals in places such as Greenland all point, in his view, to a system in which gold is regaining a formal role in international finance and collateral.
The interview leaves open whether the United States can successfully counter China’s gold based initiatives or whether these moves simply accelerate the shift toward physical metal as the ultimate settlement asset.
