How gold overtook U.S. Treasurys as number-one reserve asset
1 min readAnalysis by AlgoThesis Editorial Desk
Market Memory
What changed after the headline
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Price since this story
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The story
Gold has surpassed U.S. Treasurys as the top reserve asset held by central banks globally, reflecting a structural de-dollarization trend that has accelerated since 2022 sanctions on Russia. This regime shift creates a persistent bid under gold and a structural headwind for long-duration Treasurys, especially as central banks diversify away from dollar-denominated assets.
The two-sided take
The house read
Wrong ifA sharp U.S. recession or risk-off flight-to-quality could temporarily bid TLT even as gold rises, compressing the spread; also, the story may already be priced into gold after its 2023-2024 run to ATHs, leaving limited incremental upside on the long leg.
Published read · research, not advice