For the first time since 1996, foreign central banks hold more gold than U.S. Treasuries in their reserves.
That’s a historic shift.
Why it’s happening:
• Record gold buying in 2022 (1,136 tonnes)
• Continued heavy accumulation in 2023–2024
• Rising U.S. debt concerns
• Growing geopolitical risk
• Gradual “de-dollarization”
this signals:
Central banks are prioritizing durability, neutrality, and safety over yield.
Gold’s share of global reserves has climbed to ~18% (2024), up sharply from the mid-2010s.
Notably, China, Russia, and Türkiye have been the biggest buyers over the past decade.
In October 2025, gold even broke $4,000/oz for the first time — a price move backed by real policy behavior, not just speculation.
Simple takeaway:
The world is slowly rebalancing away from dollars and toward hard assets.
Big question for markets:
If central banks are stacking gold… what should investors be stacking?
