Gold’s Quiet Takeover of Global Reserves
Gold overtaking U.S. Treasuries in central bank reserves feel less like a flashy headline and more like a quiet sign that trust is shifting because central banks keep buying at scale while prices keep rising and concerns around U.S. debt and geopolitical risk continue to build. The ECB said gold became the world’s second largest reserve asset at market prices in 2024 and Reuters later reported that its share of reserves moved above Treasuries for the first time since 1996. What makes this feel important is the follow through because reserve managers still appear to want more gold and Brazil’s central bank doubled its holdings in 2025. To me that does not read like nostalgia for bullion. It reads like a search for safety in a world that feels harder to trust.