Gold has become the second largest reserve asset globally, with Central Bank reserves surpassing U.S. Treasury bonds.

Reuters analyst Jamie McGeever recently pointed out that the rising share of gold in Central Bank reserves seems unstoppable. He noted that concerns about inflation, the deterioration of U.S. fiscal health, disputes over the Fed's independence, and geopolitical turmoil are prompting the market to question the stability of “the world's traditional safest asset”—long-term U.S. Treasury bonds. In response, multiple Central Banks are returning to gold, and gold has surpassed the euro to become the world's second-largest reserve asset, just after the U.S. dollar; at the same time, the share of gold in Central Bank reserves has also exceeded U.S. Treasury bonds for the first time since 1996.