Gold replaces US Treasuries as top reserve asset, ECB says
petethomas
34 points
11 comments
June 02, 2026
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Discussion Highlights (4 comments)
andsoitis
Dual reason: partly accumulation, partly mark-to-market. Central banks have been buying gold aggressively since 2022 as a response to USD reserve weaponization, and gold has rallied 70% in that window. The headline can be erroneously interpreted as de-dollarisarion.
burnt-resistor
Unpaywalled: https://archive.is/YvcCI Also, it'd be interesting to know how many and how much $ is going into currency swap lines to avoid bond dumps and keep yields under control.
karp773
Gold is back in vogue. Look at the White House, for example. All gold and glitter. Of course, others are trying to immitate the style, hence the demand for gold.
hnburnsy
>The move was driven by valuation effects - gold purchases actually slowed down last year, but prices (GC00) surged. Using 2023 prices, Treasurys would still be the top holding, at 26% vs. 16% for gold, the ECB said