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Gold Breaks Record High, Central Banks Shift Reserves Significantly

This year, the value of gold reserves hit a 30-year high, marking a clear shift in the attitude of global central banks. Data shows that the total value of gold has surpassed that of US Treasuries, with more countries adjusting their foreign exchange structures—reflecting not only a change in asset allocation strategies but also a deeper reflection on the global monetary system.

Last year, gold prices increased by 115%, yet central banks around the world accelerated their gold purchases. In 2024, central bank gold buying is approaching historic peaks, and it is expected to maintain high levels of accumulation for the fourth consecutive year in 2025. What does this counterintuitive move indicate? The market no longer has absolute confidence in a single reserve currency.

The pressure on US Treasuries is gradually becoming evident. The $38 trillion US debt, combined with rising financing costs, has led many central banks to reassess their holdings. Meanwhile, risks of asset freezes and geopolitical uncertainties have increased demand for "stateless, default-risk-free" assets.

The real transformation lies in the diversification of the monetary landscape. Reducing US Treasury holdings, increasing gold reserves, and promoting local currency settlement—countries are building a more resilient foreign exchange system. This is not simply "de-dollarization," but the establishment of a multipolar reserve framework—while the US dollar remains important, it is no longer the sole option.

In the long term, the role of gold as a value anchor is strengthening. This trend could continue for years, with profound implications for the perception of value in commodities and cryptocurrencies.