6th April 2026
For decades, central banks treated US Treasuries as the ultimate safe asset.
Now, for the first time in a generation, they're choosing something else.
Historic crossover: Central bank gold holdings reached $5.1 trillion—surpassing US Treasury reserves for the first time since 1996.
Record accumulation: 1,237 tonnes purchased in 2025—more than double the pre-2022 average.
Broad participation: Over 40 central banks buying, from Poland and China to Turkey and Southeast Asia
Dollar retreat: USD share of global reserves fell to 57.8%, the lowest since 1994.
Sanctions shock: The 2022 freezing of Russian reserves reframed dollar assets as politically contingent.
Inflation hedge: Oil shocks and geopolitical instability are reinforcing gold’s role as a neutral store of value.
Self-reinforcing loop: Selling Treasuries raises yields → increases US debt costs → weakens confidence → drives more gold buying.