Gold has just pulled off something historic — for the first time in nearly 30 years, global central banks now hold more gold than US Treasuries. The shift marks a major turning point in global reserve trends and adds fresh heat to the debate over the dollar’s long-term dominance. According to recent data compiled by the European Central Bank and the World Gold Council, central banks collectively hold about 36,000 metric tons of gold, valued at roughly $4.5 trillion, compared to $3.5 trillion worth of US Treasury holdings. That’s the widest gap since the mid-1990s, signaling a deep structural change in global asset preferences.
Foreign central banks have cut exposure to Treasuries by nearly $183 billion since April 2025, redirecting funds into gold. Analysts say the move reflects rising concerns about US debt levels, inflation, and sanctions risk. The U.S. government’s soaring fiscal deficit — now over $2.1 trillion — and…
