For the first time in over two decades, gold has surpassed Treasuries in central bank foreign exchange reserves.

Official gold reserves now total approximately US$5 trillion, exceeding the US$3.9 trillion held in US Treasury bonds.

Since 2019, the global gold stock has tripled, driven by aggressive purchases by central banks and rising prices.

Meanwhile, the position in Treasuries has remained virtually stable.

This represents a structural shift in how central banks view risk, liquidity, and sovereignty.