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Foreign Media: Gold May Have Surpassed US Treasuries to Become Largest Official Reserve Asset
Summary: According to foreign media reports, driven by the sharp rise in gold prices over the past year and active purchases by central banks around the world, gold is expected to surpass US Treasuries to become the largest reserve asset held by overseas governments. According to data released by the World Gold Council this month, the ...
According to foreign media reports, driven by the sharp rise in gold prices over the past year and active purchases by central banks around the world, gold is expected to surpass US Treasuries to become the largest reserve asset held by overseas governments. According to data released by the World Gold Council this month, the total global official gold reserves held by the US overseas exceed 900 million troy ounces (data for most countries as of November, with a few countries as of October). Based on the gold price on November 30, this is equivalent to $3.82 trillion worth of gold. In comparison, as of October, the value of long-term and short-term US Treasuries held by the US overseas government was close to $3.88 trillion. Assuming that the central banks' gold reserves remain unchanged by the end of the year, the value of the US global official gold reserves overseas would be $3.93 trillion by the end of the year, surpassing the size of overseas official holdings of US Treasuries.
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Link: Foreign Media: Gold May Have Surpassed US Treasuries to Become Largest Official Reserve Asset [Copy]
