Central banks have crossed a symbolic line: their combined gold reserves now exceed their U.S. Treasury holdings for the first time in nearly three decades.

The crossover underscores a gradual diversification away from dollar-denominated securities and toward hard assets.

This visualization, via Visual Capitalist’s Bruno Venditti, tracks how these shares have evolved from the 1970s to today.

The data comes from Crescat Capital macro strategist Tavi Costa.

From Petrodollars to De-Dollarization

After the end of Bretton Woods, soaring real interest rates and the rise of the petrodollar steered reserve managers toward U.S. Treasuries through the 1980s and 1990s.

In the 2000s, the dollar’s depth and liquidity reinforced that preference. Since 2022, however, heavy official gold buying has picked up again — 1,136 tonnes in 2022, a record — with 2023 and 2024 maintaining historically strong accumulation. The trend is even more striking considering that nearly one-fifth of all the gold ever mined is now held by central banks.

Date
Gold Holdings As a % International Reserves
U.S. Treasuries Holdings As a % International Reserves
1/30/1970
48%
13%
1/29/1971
43%
23%
1/31/1972
36%
32%
1/31/1973
39%
31%
1/31/1974
50%
17%
1/31/1975
50%
15%
1/30/1976
44%
18%
1/31/1977
41%
20%
1/31/1978
41%
23%
1/31/1979
44%
18%
1/31/1980
60%
8%
1/30/1981
54%
11%
1/29/1982
51%
13%
1/31/1983
57%
13%
1/31/1984
51%
15%
1/31/1985
46%
17%
1/31/1986
46%
16%
1/30/1987
44%
18%
1/29/1988
41%
19%
1/31/1989
37%
21%
1/31/1990
37%
19%
2/28/1990
36%
20%
1/31/1991
30%
21%
1/31/1992
29%
23%
1/29/1993
27%
23%
1/31/1994
27%
23%
1/31/1995
24%
24%
1/31/1996
23%
28%
1/31/1997
19%
31%
1/30/1998
16%
31%
1/29/1999
15%
31%
1/31/2000
14%
29%
2/29/2000
14%
29%
3/31/2000
14%
29%
4/28/2000
13%
29%
5/31/2000
13%
29%
6/30/2000
14%
28%
7/31/2000
13%
28%
8/31/2000
13%
28%
9/29/2000
13%
28%
10/31/2000
13%
29%
11/30/2000
13%
28%
12/29/2000
13%
28%
1/31/2001
12%
29%
2/28/2001
12%
28%
3/30/2001
12%
29%
4/30/2001
12%
28%
5/31/2001
12%
28%
6/29/2001
12%
28%
7/31/2001
12%
28%
8/31/2001
12%
28%
9/28/2001
13%
27%
10/31/2001
12%
30%
11/30/2001
12%
30%
12/31/2001
12%
30%
1/31/2002
12%
30%
2/28/2002
13%
29%
3/29/2002
13%
29%
4/30/2002
13%
30%
5/31/2002
13%
29%
6/28/2002
12%
28%
7/31/2002
12%
28%
8/30/2002
12%
28%
9/30/2002
12%
28%
10/31/2002
12%
30%
11/29/2002
12%
29%
12/31/2002
13%
28%
1/31/2003
13%
29%
2/28/2003
12%
29%
3/31/2003
12%
29%
4/30/2003
12%
30%
5/30/2003
12%
28%
6/30/2003
11%
28%
7/31/2003
11%
29%
8/29/2003
12%
29%
9/30/2003
12%
28%
10/31/2003
11%
29%
11/28/2003
12%
28%
12/31/2003
12%
28%
1/30/2004
11%
30%
2/27/2004
11%
29%
3/31/2004
11%
29%
4/30/2004
10%
31%
5/31/2004
10%
30%
6/30/2004
10%
30%
7/30/2004
10%
32%
8/31/2004
10%
31%
9/30/2004
11%
31%
10/29/2004
11%
31%
11/30/2004
11%
30%
12/31/2004
10%
29%
1/31/2005
10%
29%
2/28/2005
10%
29%
3/31/2005
9%
28%
4/29/2005
9%
29%
5/31/2005
9%
29%
6/30/2005
9%
28%
7/29/2005
9%
28%
8/31/2005
9%
28%
9/30/2005
10%
28%
10/31/2005
9%
28%
11/30/2005
10%
28%
12/30/2005
10%
27%
1/31/2006
11%
27%
2/28/2006
11%
27%
3/31/2006
11%
27%
4/28/2006
12%
26%
5/31/2006
11%
25%
6/30/2006
11%
25%
7/31/2006
11%
27%
8/31/2006
11%
26%
9/29/2006
10%
26%
10/31/2006
10%
27%
11/30/2006
10%
26%
12/29/2006
10%
26%
1/31/2007
10%
26%
2/28/2007
10%
26%
3/30/2007
10%
25%
4/30/2007
10%
25%
5/31/2007
9%
24%
6/29/2007
9%
24%
7/31/2007
9%
24%
8/31/2007
9%
24%
9/28/2007
10%
23%
10/31/2007
10%
24%
11/30/2007
10%
23%
12/31/2007
10%
23%
1/31/2008
11%
24%
2/29/2008
11%
23%
3/31/2008
10%
23%
4/30/2008
10%
23%
5/30/2008
10%
23%
6/30/2008
10%
22%
7/31/2008
10%
24%
8/29/2008
9%
25%
9/30/2008
9%
24%
10/31/2008
8%
30%
11/28/2008
9%
29%
12/31/2008
10%
29%
1/30/2009
10%
31%
2/27/2009
11%
31%
3/31/2009
10%
31%
4/30/2009
10%
32%
5/29/2009
11%
31%
6/30/2009
10%
30%
7/31/2009
10%
32%
8/31/2009
10%
31%
9/30/2009
10%
31%
10/30/2009
11%
31%
11/30/2009
12%
30%
12/31/2009
11%
30%
1/29/2010
11%
31%
2/26/2010
11%
31%
3/31/2010
11%
31%
4/30/2010
11%
31%
5/31/2010
12%
31%
6/30/2010
12%
31%
7/30/2010
11%
33%
8/31/2010
12%
33%
9/30/2010
12%
31%
10/29/2010
12%
31%
11/30/2010
12%
31%
12/31/2010
12%
31%
1/31/2011
12%
31%
2/28/2011
12%
30%
3/31/2011
12%
30%
4/29/2011
13%
29%
5/31/2011
12%
30%
6/30/2011
12%
29%
7/29/2011
13%
30%
8/31/2011
14%
29%
9/30/2011
13%
30%
10/31/2011
13%
29%
11/30/2011
14%
29%
12/30/2011
13%
30%
1/31/2012
14%
30%
2/29/2012
13%
30%
3/30/2012
13%
30%
4/30/2012
13%
31%
5/31/2012
12%
31%
6/29/2012
13%
31%
7/31/2012
13%
31%
8/31/2012
13%
31%
9/28/2012
13%
30%
10/31/2012
13%
31%
11/30/2012
13%
31%
12/31/2012
13%
31%
1/31/2013
13%
31%
2/28/2013
12%
31%
3/29/2013
12%
31%
4/30/2013
11%
30%
5/31/2013
11%
31%
6/28/2013
10%
32%
7/31/2013
10%
31%
8/30/2013
11%
31%
9/30/2013
10%
31%
10/31/2013
10%
31%
11/29/2013
10%
31%
12/31/2013
9%
31%
1/31/2014
9%
31%
2/28/2014
10%
30%
3/31/2014
10%
30%
4/30/2014
10%
30%
5/30/2014
9%
30%
6/30/2014
10%
30%
7/31/2014
10%
31%
8/29/2014
10%
30%
9/30/2014
9%
31%
10/31/2014
9%
31%
11/28/2014
9%
31%
12/31/2014
9%
31%
1/30/2015
10%
31%
2/27/2015
9%
32%
3/31/2015
9%
32%
4/30/2015
9%
32%
5/29/2015
9%
32%
6/30/2015
9%
32%
7/31/2015
9%
32%
8/31/2015
9%
33%
9/30/2015
9%
33%
10/30/2015
9%
32%
11/30/2015
9%
33%
12/31/2015
9%
33%
1/29/2016
10%
33%
2/29/2016
10%
33%
3/31/2016
10%
32%
4/29/2016
11%
32%
5/31/2016
10%
32%
6/30/2016
11%
32%
7/29/2016
11%
31%
8/31/2016
11%
31%
9/30/2016
11%
31%
10/31/2016
11%
30%
11/30/2016
10%
31%
12/30/2016
10%
31%
1/31/2017
10%
31%
2/28/2017
11%
31%
3/31/2017
11%
31%
4/28/2017
11%
32%
5/31/2017
11%
31%
6/30/2017
10%
31%
7/31/2017
11%
32%
8/31/2017
11%
31%
9/29/2017
11%
31%
10/31/2017
11%
31%
11/30/2017
11%
31%
12/29/2017
11%
30%
1/31/2018
11%
30%
2/28/2018
11%
30%
3/30/2018
11%
30%
4/30/2018
11%
30%
5/31/2018
11%
30%
6/29/2018
10%
30%
7/31/2018
10%
31%
8/31/2018
10%
31%
9/28/2018
10%
31%
10/31/2018
10%
31%
11/30/2018
10%
30%
12/31/2018
11%
30%
1/31/2019
11%
31%
2/28/2019
11%
31%
3/29/2019
11%
31%
4/30/2019
11%
31%
5/31/2019
11%
31%
6/28/2019
11%
30%
7/31/2019
11%
30%
8/30/2019
12%
30%
9/30/2019
12%
30%
10/31/2019
12%
30%
11/29/2019
12%
30%
12/31/2019
12%
29%
1/31/2020
13%
29%
2/28/2020
13%
29%
3/31/2020
13%
30%
4/30/2020
13%
29%
5/29/2020
14%
29%
6/30/2020
14%
29%
7/31/2020
15%
28%
8/31/2020
15%
28%
9/30/2020
14%
28%
10/30/2020
14%
28%
11/30/2020
14%
28%
12/31/2020
14%
27%
1/29/2021
14%
27%
2/26/2021
13%
28%
3/31/2021
13%
28%
4/30/2021
13%
28%
5/31/2021
14%
27%
6/30/2021
13%
28%
7/30/2021
14%
27%
8/31/2021
14%
27%
9/30/2021
13%
27%
10/29/2021
13%
27%
11/30/2021
13%
27%
12/31/2021
14%
27%
1/31/2022
14%
26%
2/28/2022
14%
26%
3/31/2022
15%
26%
4/29/2022
15%
26%
5/31/2022
14%
26%
6/30/2022
14%
27%
7/29/2022
14%
26%
8/31/2022
14%
26%
9/30/2022
14%
27%
10/31/2022
14%
27%
11/30/2022
14%
26%
12/30/2022
15%
26%
1/31/2023
15%
26%
2/28/2023
15%
26%
3/31/2023
15%
25%
4/28/2023
15%
25%
5/31/2023
15%
25%
6/30/2023
15%
26%
7/31/2023
15%
25%
8/31/2023
15%
25%
9/29/2023
15%
25%
10/31/2023
16%
26%
11/30/2023
16%
25%
12/29/2023
16%
25%
1/31/2024
16%
25%
2/29/2024
16%
25%
3/29/2024
17%
25%
4/30/2024
17%
25%
5/31/2024
17%
24%
6/28/2024
17%
24%
7/31/2024
18%
25%
8/30/2024
18%
24%
9/30/2024
19%
24%
10/31/2024
20%
23%
11/29/2024
19%
23%
12/31/2024
19%
23%
1/31/2025
20%
24%
2/28/2025
20%
24%
3/31/2025
22%
23%
4/30/2025
22%
23%
5/30/2025
22%
23%
6/30/2025
24%
23%

As political uncertainty and geopolitical risks continue to fuel safe-haven demand, this purchasing momentum has also lifted prices: gold surpassed $4,000 an ounce for the first time ever in October 2025.

Why “More Gold than Treasuries” Matters

Crossing above Treasuries signals that reserve managers are prioritizing durability, portability, and neutrality over yield.

According to the IMF, gold’s share of global reserves climbed to about 18% in 2024, up sharply from mid-2010s levels, reflecting a structural reweighting toward tangible assets.

Seen as an alternative to heavily indebted fiat currencies, especially the U.S. dollar, the share of gold in central bank reserves has increased most among emerging market economies. China, Russia, and Türkiye have been the largest official buyers over the past decade.

If you enjoyed today’s post, check out U.S. Dollar Index Falls 10.1% in 2025, Steepest Drop in Three Decades on Voronoi, the new app from Visual Capitalist.