For the first time in nearly 30 years, the world’s central banks now hold more gold than U.S. Treasuries.

It’s a massive shift with massive consequences. Central banks now own 36,000 tonnes of gold—worth over $4.5 trillion—compared to just $3.5 trillion in Treasury holdings. That’s the widest gap between gold and Treasuries since the mid-1990s, and it signals a loss of confidence in the dollar-based system that once ruled the globe.

In just the past six months, foreign central banks have dumped $183 billion in Treasuries. And that capital didn’t sit idle…

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In the first half of 2025, Poland bought more gold than any other European nation—105 tonnes—surpassing even Germany’s total purchases during the same period.