$9 trillion in US government debt must be rolled over in the next 12 months. Foreign central banks in China, Japan, India, Saudi Arabia, and the UAE, once reliable buyers, are now net sellers of Treasuries.

Their proceeds are going into gold instead. With traditional buyers stepping back, the gap left behind raises questions about who absorbs the debt and what that means for the dollar's purchasing power.

Garrett Goggin, CFA, CMT, Lead Analyst and Founder of Golden Portfolio, breaks down what this shift could mean for gold prices.