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China spends so much money on American debt, why not just buy gold for spot storage?
As a part of international reserves, gold reserves are only one aspect of measuring national wealth. High gold reserves will enhance the ability to resist the impact of international investment funds, help make up the balance of payments deficit, and help maintain a country's economic stability. However, excessive gold reserves will lead to an increase in the holding cost of the central bank, because the yield of gold reserves is basically zero in the long run, and the importance of gold reserves has been greatly reduced after the disintegration of the gold standard. Gold reserves are more strategic reserves. At present, China's gold reserves are about 600 tons, or 600 million grams, with an average of less than 0.5 grams per person.

Buying American debt is an economic and diplomatic threat to the United States, which has a developed economy and strong repayment ability, and is careless about the risk of default and price reduction.