Central banks are now hoarding more gold than US treasuries
Global central banks are now holding more gold than US Treasuries for the first time since 1996. As of May 2025, they've built up 36,344 tons of gold.
In recent years, their annual gold purchases have more than doubled compared to before 2020.
This marks a big shift as countries look to spread out their risks in a changing world.
Gold's growing role in central bank reserves
Gold now makes up nearly 20% of central bank reserves—higher than the euro's share and second only to the US dollar at 46%.
Even though gold buying slowed in early 2025, almost half of central bankers say they plan to buy more within a year.
It's clear: gold is becoming way more important in global finance.
Shift away from the dollar
Rising US debt and global tensions have made some countries question how safe it is to rely so much on the dollar.
Gold is attractive because it holds its value and doesn't depend on anyone else keeping promises.
Emerging economies especially want less dollar-dependence, so they're turning to gold as a safer bet.