Global gold reserves are now larger than foreign-held U.S. Treasuries.

Gold is quietly reclaiming its role as the monetary base layer.

Post–Cold War, USTs were treated as “better than gold”:

risk-free, liquid, and yield-bearing.

That illusion broke the moment the dollar system became a geopolitical weapon.

Sanctions, asset freezes, and the seizure of Russian reserves forced non-Western central banks to rethink counterparty risk.

My view:

This isn’t about yield anymore. It’s about sovereignty.

Gold has no issuer, no sanctions risk, no settlement gatekeepers.

USTs do.