Central banks hold more money in gold reserves than in U.S. Treasuries for the first time since 1996. As of 2025, gold constitutes about 27% of total central bank reserves globally, while U.S. Treasuries account for about 23%. In dollar terms, central banks' gold assets are valued at approximately $4.5 trillion, surpassing their $3.5 trillion holdings in Treasuries. This shift reflects a strategic move away from paper assets toward physical gold amid concerns about U.S. fiscal policies, debt accumulation, and the stability of the dollar. The ratio of gold to Treasuries in central bank reserves is roughly 27:23, meaning there is more central bank money in gold than in Treasuries by a notable margin.?

In summary:

• Central Bank Gold Reserves: ~27% of total reserves, ~$4.5 trillion
  
  
• Central Bank Treasury Holdings: ~23% of total reserves, ~$3.5 trillion
  
  
• Gold exceeds Treasuries in central bank reserves for the first time since 1996, with a gold-to-Treasury ratio of about 1.17 to 1.
  
  

This change highlights a significant trend in reserve management toward hard assets over U.S. debt.?