Gold's share of global reserves reached 27%: the dollar has lost 99% of its value in 55 years

For the first time in decades, gold has overtaken US Treasury bonds in the structure of global central bank official reserves, as documented in a recent report from the European Central Bank.

According to the ECB's "The International Role of the Euro" report (June 2026), gold's share of global official reserves reached 27% by the end of 2025, up from 20% the previous year. Over the same period, the share of US Treasury bonds decreased from 25% to 22%. Dollar assets generally retain their lead, accounting for around 42%, while the euro accounts for around 15-16%.

In other words, the yellow metal isn't simply strengthening its position – it has already overtaken US government debt as a reserve instrument. A 7 percentage point increase in gold's share in one year represents a significant shift in the preferences of central banks around the world.

Incrementum AG simultaneously published an analysis based on LSEG data that clearly shows the long-term picture. Since August 1971—when the US suspended dollar convertibility into gold under the Bretton Woods system—the dollar has lost approximately 99.24% of its value in gold terms. The British pound sterling has depreciated even more significantly: minus 99.57%. A hypothetical euro would have lost approximately 99.08% of its gold value since the same date. The Japanese yen and Swiss franc have also shown significant depreciation.

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