If it is, it sure isn't showing up in the Foreign Central Bank holdings of Treasuries that are in custody at the New York Federal Reserve.
Here is the chart.
Look folks, I am just as concerned about the US Dollar as the next guy but when I look at the competition, I see one set of assorted problems or another. What that means is that the idea that the world is going to drop the Dollar and move to some sort of as of yet undefined currency in which to conduct the bulk of its trade simply does not carry much weight with me at this time.
Could this happen - yes, it could at some point but I have no idea what it might take to make the world move en masse away from the greenback and to some other currency or basket of currencies. We have all read the stories and heard the talk for years now. The problem with the talk is that there is not yet a viable substitute. If one does arise, hopefully we will be able to see it.
For now however, the US Dollar is still moving higher against several of the majors and US Treasuries seem to be finding willing buyers, even as interest rates move lower over geopolitical uncertainty and safe haven buying.
The world - at least as foreign central banks are concerned - seem more than happy to continue buying US Treasuries. Given the size of the US national debt, that is somewhat consoling for now.
One quick look at the inflation expectations chart or TIPS spread - it continues to move lower. Those buying gold are not buying it out of fears of inflation - they are buying it over geopolitical concerns.
