In what can only be described as the latest humiliating blow to the crumbling Pax Americana,gold has officially overtaken US government bonds as the world's top reserve asset.
The FT reports that,according to a fresh report from the European Central Bank released Tuesday, bullion now accounts for27% of global central bank reservesat the end of 2025 - up sharply from 20% the prior year.
US Treasuries, once the untouchable king of the reserve world, have been knocked down to22%from 25%. The euro's share remained flat at 15%.
This isn't some organic portfolio rebalancing. It's afull-scale de-dollarization revoltyears in the making, turbocharged by Washington's own weaponization of the dollar.
“Geopolitical tensions continue to drive strong central bank demand for gold,”wrote ECB President Christine Lagarde in the report - in the driest possible bureaucrat speak while watching the system she helped build slowly circle the drain.
Central banks are now sitting on more than36,000 tonnesof gold — nearly matching the peak hoarding levels seen during the final days of the Bretton Woods system (38,000 tonnes). You know, back when money was still somewhat tethered to reality.
The message from the periphery is crystal clear:trust in the US dollar as the ultimate reserve currency is eroding fast.
The catalyst? The same one we have been screaming about for years - thereckless weaponization of SWIFT and dollar reserves.
After Washington froze Russia's FX reserves following the 2022 Ukraine invasion, every finance minister from Brasília to Beijing got the memo:Never let them do this to us.
The numbers tell the story of quiet desperation.
Source: ZeroHedge News
