Gold dropped recently but remains near $5,000/oz. China is signaling a reduction in US Treasury holdings. Structural diversification by central banks (specifically China) away from US Treasuries creates a permanent bid for hard assets like Gold. The "scare trade" and geopolitical instability (Munich conference) reinforce the safe-haven status. LONG. Buy the dip (recent 4% drop) as the structural trend remains intact. A sharp rise in real yields if inflation data surprises to the upside could temporarily hurt gold.