In the past 30 years, the global central banks' gold reserves have exceeded US Treasury bonds for the first time.

When observing changes in the gold market, one phenomenon to note is the decreasing percentage of US dollars in the reserves of various central banks, while gold is being increasingly reallocated by more countries. The latest statistics show that since 1996, gold's percentage in central bank reserves has surpassed US Treasury bonds for the first time. The price of gold has risen by nearly 50% overall from the beginning of the year to now, compared to an increase of about 300% ten years ago. Central banks of various countries have been increasing their holdings of gold, breaking the consensus on global reserve security, making gold an inevitable choice to reduce the risk of US dollar reserves. At the same time, central banks of emerging economies have become the main force in purchasing gold, making gold a more reliable reserve option. In the second quarter of 2025, the total value of global central bank gold reserves will exceed the size of their holdings in US debt for the first time. Gold is replacing US debt, becoming the preferred safe-haven asset in the eyes of countries around the world.