The chart below shows gold holdings (in yellow) and US Treasuries holdings as a percentage of foreign reserves. is now a larger holding than US Treasuries for the first time in 30 years.
We might be witnessing one of the most significant global rebalancing we’ve experienced in recent history, in my view.
Source: Tavi Costa, Crescat Capital, Bloomberg
Where’s the World’s Gold Really Sitting?
This chart shows the official gold reserves by country and the numbers are surprising.
US has 8,133 tonnes—by far the leader. Then comes Germany (3,350 tonnes), Italy (2,452 tonnes), France (2,437 tonnes), Russia (2,330 tonnes), China (2,299 tonnes) and Switzerland (1,040 tonnes).
Note that the US holds more gold than the next three countries combined. Switzerland punches way above its weight, with more gold per capita than almost anyone else. Let’s also keep in mind that China and Russia have been steadily growing their reserves in…
