🌎 Gold has just overtaken US Treasuries as the main reserve asset held by central banks according to the ECB – FT 🚨
📈 This is a very important signal as it is above all a story about trust, sovereignty, and the reshaping of the global monetary system. For decades, US Treasuries were the reserve asset by default as being backed by the dollar, the central currency of global trade and finance. However, a shift seems to be underway. The share of Treasuries has been gradually declining while the share of gold has risen sharply, especially in recent years.
⚠️ Let’s be clear, this shift does not mean that the dollar is disappearing or that the United States is suddenly losing its central role. The dollar remains outrageously dominant in international trade, financial markets, and global funding but it does show that central banks want to reduce their dependence on a single asset, a single currency, and a single financial system.
➡️ The key difference is that a Treasury is debt while gold is nobody’s liability. Therefore, in a world marked by geopolitical tensions, financial sanctions, US deficits, and the fragmentation of economic blocs, this neutrality is becoming extremely attractive again.
Gold is regaining a role many thought belonged to the past, that of a pillar of the international monetary system.
*FT link: https://ft.com/content/87ef8f25-eb81-4eed-919c-fe5b49a1ac2c?syn-25a6b1a6=1
🌎 Gold has just overtaken US Treasuries as the main reserve asset held by central banks according to the ECB – FT 🚨
📈 This is a very important signal as it is above all a story about trust, sovereignty, and the reshaping of the global monetary system. For decades, US… pic.twitter.com/bi8HcbiRdI
— Christophe Barraud🛢🐳 (@C_Barraud) June 2, 2026
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