Gold just overtook US Treasuries as the biggest reserve asset on earth. First time since 1996. And the buying is accelerating.

A record 45% of central banks plan to add more gold over the next 12 months. Highest reading the World Gold Council has ever recorded in 9 years of running this survey. 1% plan to sell.
Look at how they’re funding it —
Half the banks buying said they’ll purchase straight from domestic miners in local currency. Stacking gold without spending a dollar to get it. The rest are selling down existing reserves to make room, and a lot of what’s getting sold is US Treasuries.
So the institutions that spent 80 years treating American debt as the safest asset in the world basically just voted with $4 trillion that gold is safer.
All of this with gold trading more than $1,000 below its January peak