Intragovernmental holdings were at 4859 bn on 10/2/2012 and have been lower ever since. The most vivid example is between 10/30/12 and 11/2/2012. On both dates, the total debt was almost the same (16204 and 16206), but the trust funds dropped by 37 bn and the debt held by the public rose by 39 bn.
If this number has peaked, then Debt Held by the Public must rise to account for the decrease. The Treasury is using one credit card (debt held by the public) to pay for the other (intragovernmental holdings).
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Update: I previously thought that 10/18/2011 was a high. At that point, intragovernmental holdings were at 4744 bn. So even if this isn't the peak, we are near it.
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