Central banks now hold more gold than U.S. Treasuries for the first time in over 20 years.

Central banks have reportedly crossed a major reserve milestone: gold now accounts for 24% of global reserves versus 21% for U.S. Treasuries, after Treasuries were 33% and gold 9% in 2015. The key takeaway for the desk is that sovereign reserve managers are visibly rotating away from U.S. government debt and toward gold, underscoring a structural bid for bullion rather than a cyclical trade. The speaker argues this shift reflects central banks’ assessment of the dollar, rising debt burdens, and long-term purchasing power, with gold increasingly viewed as the preferred reserve asset for conservative capital allocators. The framing is directional rather than transactional, but the implied message is clear: official-sector demand remains a persistent support for gold’s medium-term valuation. For trading, this is supportive for dips and reinforces the narrative of official-sector de-dollarization, which can matter when positioning becomes crowded on the long side. The near-term catalyst is whether this reserve mix continues to deteriorate for Treasuries in upcoming reserve data and central bank buying updates; the risk is that the claim is presented without a primary-source citation in the transcript, so it should be treated as a strong narrative signal rather than verified data.