How gold overtook U.S. Treasurys as number-one reserve asset
Macro
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.
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Angle
↔ PAIR+8% target-4% stop2-4 months
Long GLD / short TLT pair trade — structural central-bank de-dollarization keeps a floor under gold while pressuring long-duration Treasurys.