Silver Rises Over 120% YTD 
Recent Treasury market volatility has been driven by concerns about foreign investor support, with some fearing that tariff tensions might cause investors to sell Treasuries.
While foreign investors own about 30% of the Treasury market, Goldman Sachs’ William Marshall notes there’s little evidence of active selling by foreign central banks.
However, long-term diversification away from dollar assets remains a possibility. The Treasury market faces three main challenges: concerns about the US economy, reassessment of tariff implications, and potential shifts away from dollar assets.
Despite these challenges, positive factors such as potential regulatory changes could help banks better absorb Treasury supply, potentially offsetting some headwinds within the next two years.
