MacroSnapsJune 2026
No. 02The world's central banks now hold more gold than US Treasuries for the first time since 1996.
Gold and US Treasuries as a share of global central bank reserve assets, 1990 to 2026. Percent.
Why this is happening
- The gold price nearly doubled in a year, from about 2,700 to over 5,400 dollars.
- Central banks kept buying gold and trimming dollar reserves, wary of sanctions risk since 2022.
- A higher price on bigger piles lifted gold's share while the dollar's share slipped.
The take
Central banks built the dollar's dominance. When they quietly swap their dollars for gold, it says more about the next decade than the next quarter.
Source: Morgan Stanley, IMF (2026)