Historical Breakthrough: Gold Total Market Value Surpasses US Debt, Becomes the Largest Official Reserve Asset of Governments Worldwide

According to the latest data from the World Gold Council and market prices, the total market value of gold has surpassed that of US Treasury bonds, becoming the largest asset category in official reserves held by governments around the world.

Data shows that as of the end of November last year (some data as of the end of October), the total official gold reserves of governments worldwide exceeded 900 million troy ounces (approximately 28,000 tons). Based on the December 2025 closing price of $4,322 per ounce, the total value of these reserves has reached about $38.9 trillion.

Meanwhile, the total value of US long-term and short-term Treasury bonds held by countries worldwide is approximately $38.4 trillion (data as of December 29). This means that, based on year-end market value estimates, the total market value of official gold holdings has for the first time exceeded the total value of US debt holdings.

Analysts believe this is mainly driven by the sharp rise in gold prices over the past year and active purchases by central banks, directly boosting the total market value of their reserves. This makes gold—a non-sovereign, counterparty risk-free physical asset—surpass financial bonds backed by US national credit in total value.

Overall, this change is not merely a numerical surpassing but also signals a potential shift in the global reserve asset landscape into a new phase.

It also reflects a profound transformation in how central banks define asset safety amid complex geopolitical and economic environments.

In other words, governments are increasingly inclined to increase holdings of “hard assets” (gold) independent of any single country's credit system, to strengthen the resilience of foreign exchange reserves and the independence of national economies.

#黄金 #US debt