GOLD OVERTAKES U.S. TREASURIES IN GLOBAL RESERVES
For the first time since 1996, gold’s share of global central bank reserves has surpassed U.S. Treasuries.
By the end of 2025:
Gold: ~27% U.S. Treasuries: ~22% Euro: ~15%
This trend reflects how central banks are increasingly prioritizing reserve diversification, reducing geopolitical risk, and increasing exposure to assets that do not depend on a single issuing country.
However, a significant part of gold’s rising share comes from the sharp increase in gold prices, rather than entirely from capital flowing out of U.S. Treasuries.Gold is regaining its strategic role in national reserve portfolios.
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