Foreign media: Gold may have surpassed US debt to become the largest official reserve asset

CoinVoice has learned that, according to foreign media reports, driven by the past year’s surge in gold prices and active purchases by central banks around the world, gold is expected to surpass U.S. Treasuries and become the largest reserve asset held by overseas governments of the United States. According to data released this month by the World Gold Council, the total global official gold reserves held by overseas governments of the United States exceed 900 million troy ounces (most countries’ data are as of November, with some as of October).

Based on the gold price as of November 30, this amounts to $3.82 trillion in gold. In comparison, as of October, the value of long-term and short-term U.S. Treasuries held by overseas governments of the United States was close to $3.88 trillion. Assuming the scale of central banks’ gold reserves remains unchanged by the end of the year, and using the end-of-year price, the total value of overseas global official gold reserves would be $3.93 trillion, surpassing the scale of overseas official holdings of U.S. Treasuries.